REE-4103 Lecture 4: Ch 4 Valuation Notes
26 Jan 2018
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Document Summary
The valuation process: valuation process, a procedure followed by appraisers to determine real property value, the objective of most appraisals is to determine market value for the subject property, the procedure is accomplished by following specific steps. Identification of the appraisal problem: develop a clear understanding of the problem. In appraisal to id the problem involves identifying the following: client and intended users. Intended use of the appraisal: type of value and its definition, effective data of the appraisal. Id the characteristics of the property and the property rights. Id assignment conditions: extraordinary assumptions, hypothetical conditions, general assumptions and limiting conditions, scope of work determination, the extent of the process of collecting, confirming, analyzing and reporting appraisal data. If any of the traditional approaches to value were excluded, the exclusion must be explained. Ideal improvement: site/land value opinion, determining land value may be a separate step in the valuation model depending on the defined appraisal problem.
