REM 300 Lecture Notes - Lecture 16: Fide, General Linear Model, Appraisal Institute

• School: Ryerson University
• Department: Real Estate Management
• Course: REM 300
• Professor: David Scofield

Document Summary

What is an appraisal: an appraisal is a written estimate of the market value of a property as of a specified date, fair and unbiased. Appraisal purpose: transfer of ownership, extension of credit, compensation for damage or loss, taxation, land use or feasibility studies. Why are they necessary: few transactions available to indicate value (price points, every property is unique. Many and varied attributes: large value of assets makes errors costly. Becoming an appraiser in canada: professional designation cra (for residential) or aaci (for all property types) Steps in appraisal process: define the problem. The purpose of the appraisal standard market value estimation or taxation, extension of credit, etc. Any limiting conditions or assumptions circumstances under which the appraisal is carried out: preliminary inspection and planning the work. Visit the site and do a preliminary inspection to identify all structures and improvements on the site, property type, and location.