RE-160 Lecture Notes - Lecture 28: Life Estate, Convenience Store, Externality
18 Dec 2020
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Document Summary
Bpo broker"s price opinion (can just be a drive by) Usually less extensive than a cma sometimes only a drive by. Cma competitive market analysis - buyers and sellers (compares property with other similar area sales) Cannot be used if the matter involves a federally related transaction that requires an appraisal and/or the transaction occurs in a state that requires an appraisal. (rental, insurable, assessed, investment, replacement, loan, condemnation, liquidation) (fee simple, life estate, qualified fee determinable, restrictive covenants, water, mineral) (just real or also personal property, partner share or entire, just water or easement, etc. ) (possibly earlier date estate tax, insurance claim etc. ) To use for market analysis - externalities. Reach an understanding of the subject property market (economic, social, governmental, environmental) Data about the improvements on the site (structures, roads etc. ) Two analyses are required to determine whether the existing use is likely to continue, or some alternative use is more likely.
