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Fundamentals of real estate appraisal

Author: William L Ventolo; Martha R Williams
Publisher: Chicago, IL : Dearborn Real Estate Education, ©2005.
Edition/Format:   Print book : CD for computer   Computer File : English : 9th edView all editions and formats
"Fundamentals of Real Estate Appraisal helps you understand today's ever-changing appraisal marketplace. Using an effective blend of theory and practice, this accessible, best-selling textbook explores relevant legislation, key environmental considerations, and the increasing role of technology in the industry. Book jacket."--Jacket.
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Material Type: Internet resource
Document Type: Book, Computer File, Internet Resource
All Authors / Contributors: William L Ventolo; Martha R Williams
ISBN: 1419505181 9781419505188
OCLC Number: 61361523
Notes: Includes index.
Description: xiv, 445 pages : illustrations, map ; 28 cm + 1 CD-ROM (4 3/4 in.)
Details: Systems requirements for accompanying CD-ROM: Windows PC or compatible computer.
Contents: Chapter 1. The Appraisal Profession --
The Appraiser's Work --
Qualifications of an Appraiser --
Assignments Available --
Employment Opportunities --
Appraiser Compensation --
Licensing and Certification --
Firrea --
Appraiser Licensing --
The Appraisal Foundation --
Other Federal Regulation --
Fair Housing --
Environmental Concerns --
Professional Standards of Practice --
Professional Societies --
The Modern Appraisal Office --
Chapter 2. Real Estate and Its Appraisal --
What Is a Real Estate Appraisal? --
Real Estate and Real Property --
Personal Property --
Legal Descriptions of Land --
Lot and Block System --
Metes and Bounds System --
Rectangular Survey System --
Legal Rights and Interests --
Freehold Estates --
Nonfreehold Estates --
Other Interests --
Forms of Property Ownership --
Individual Ownership --
Co-Ownership --
Other Forms of Ownership --
Special Forms of Ownership --
Transfer of Title --
Types of Deeds --
Recordation --
Chapter 3. The Real Estate Marketplace --
The Market for Real Estate --
Characteristics of Real Estate Markets --
Market Analsyis --
The Cost of Credit --
How Real Estate Is Financed --
Elements that Create Value --
Influences on Real Estate Value --
Basic Value Principles --
Anticipation --
Balance --
Change --
Competition --
Conformity, Progression, and Regression --
Externalities --
Four Agents of Production --
Growth, Equilibrium, Decline, and Revitalization --
Highest and Best Use --
Law of Increasing Returns and Law of Decreasing Returns --
Opportunity Cost --
Substitution --
Supply and Demand --
Surplus Productivity --
Chapter 4. The Appraisal Process --
Steps in the Appraisal Process --
Beginning the Appraisal Process --
Purpose and Use of the Appraisal --
Interest(s) to Be Appraised --
Date of the Opinion of Value --
Limiting Conditions --
FHA Appraisals --
Valuation Approaches --
Sales Comparison Approach --
Cost Approach --
Income Capitalization Approach --
Relationship of Approaches --
Chapter 5. Building Construction and the Environment --
Part I. Planning and Design --
Regulation of Residential Construction --
Plans and Sepcifications --
Building Measurement --
House Styles --
Traditional Styles --
Contemporary Styles --
House Types --
Orientation: Locating the House on the Site --
Topography --
Facing to the South --
View --
Part II. Construction Details --
Termite Protection --
Radon Gas --
Exterior Structural Walls and Framing --
Exterior Walls --
Insulation --
Roof Framing --
Exterior Trim --
Exterior Windows and Doors --
Types of Windows --
Types of Doors --
Interior Walls and Finishing --
Plumbing --
Plumbing Fixtures --
Water Heater --
Heating and Air-Conditioning --
Electrical System --
Power Requirements --
Electric and Magnetic Fields --
Chapter 6. Data Collection --
Step 1. State the Problem --
Property Rights Conveyed --
Step 2. List the Data Needed and the Sources --
Step 3. Gather, Record, and Verify the Necessary Data --
The Data Source List --
Kinds of Data Needed --
Data Forms --
Neighborhood Data --
Site Data --
Building Data --
Data for Sales Comparison Approach --
Recent Sales --
Similar Features --
Financing Terms --
Arm's-Length Transactions --
Chapter 7. Site Valuation --
Separate Site Valuations --
Cost Approach --
Assessments and Taxation --
Condemnation Appraisals --
Income Capitalization --
Highest and Best Use --
Site Data --
Environmental Concerns --
Methods of Site Valuation --
Chapter 8. The Cost Approach-Part I: Reproduction/Replacement Cost --
Cost Approach Formula --
Reproduction Cost versus Replacement Cost --
Determining Reproduction/Replacement Cost --
Index Method --
Square-Foot Method --
Unit-in-Place Method --
Quantity Survey Method --
Chapter 9. The Cost Approach-Part II: Depreciation --
Accrued Depreciation --
Age-Life Method --
Observed Condition Method --
Capitalized Value Method --
Market Extraction Method --
Itemizing Accrued Depreciation --
Cost Approach Using the URAR Form --
Chapter 10. The Sales Comparison Approach --
Step 3. Gather, Record, and Verify the Necessary Data (Continued) --
Comparison Grid --
Step 4. Determine Highest and Best Use --
Step 5. Estimate Land Value --
Step 6. Estimate Value by Sales Comparison Approach --
Data Analysis --
Net Adjustments --
Value Estimate --
Application of Sales Comparison Approach --
Chapter 11. The Income Capitalization Approach --
The Income-Based Approaches to Appraisal --
Income Capitalization and the Principle of Anticipation --
Potential Gross Income --
Rent --
Outside Economic Factors --
Other Income --
Gross Income and Gross Rent Multipliers --
Effective Gross Income --
Net Operating Income --
Classification of Operating Expenses --
Expenses for Accounting Purposes versus Expenses for Appraisal Purposes --
Reconstructing the Operating Statement --
Applying the GRM to Residential Properties --
Income Approach Using the URAR Form --
Operating Statement Ratios --
Chapter 12. Direct and Yield Capitalization --
Direct Capitalization Formula --
Capitalization Rate --
Building a Capitalization Rate --
Selecting the Rate for Capital Recapture --
Selecting the Interest Rate by the Market Extraction Method --
Band of Investment Method-Mortgage and Equity Elements --
Relationship of Capitalization Rate and Risk --
Capitalization Techniques Using Residual Income --
Building Residual Technique --
Land Residual Technique --
Valuing the Land and Building as a Whole --
Yield Capitalization --
Value of One Dollar --
Annuity Method of Capitalization --
Building Residual Technique --
Valuing the Property as a Whole --
Recapture Rates --
Ellwood Tables --
Chapter 13. Reconciliation and the Appraisal Report --
Definition of Reconciliation --
The Process of Reconciliation --
Review of the Three Approaches --
Weighing the Choices --
Reconciliation Is Not ... --
Types of Appraisals --
Types of Appraisal Reports --
Styles of Written Appraisal Reports --
Form Style Report --
Narrative Style Report --
Suppositions of the Appraisal --
Presentation of Data --
Data Analyses and Conclusions --
Supporting Material --
Sample Appraisal Report --
Form 2075 --
Chapter 14. Appraising Partial Interests --
Types of Partial Interests --
Condominiums --
Planned Unit Developments --
Fannie Mae Form 1073: Individual Condominium Unit Appraisal Report --
Time-Share Projects --
Manufactured Homes --
Other Forms of Ownership --
Appraising Lease Interests --
Definition of Terms --
Creation of Lease Interests --
Leased Fee and Leasehold Valuations --
Chapter 15. Appraisal Math and Statistics --
Calculators --
Percents --
Converting Percents to Decimals --
Converting Decimals to Percents --
Percentage Problems --
Problem-Solving Strategy --
Interest --
Simple Interest --
Compound Interest --
Area and Volume --
Area of Squares and Rectangles --
Area of Triangles --
Area of Irregular Closed Figures --
Living Area Calculations --
Statistics --
Population and Sample --
Organization of Numerical Data --
Measures of Central Tendency --
Measures of Dispersion --
Regression Analysis-An Old Technique with a New Use --
Appendix A. State Real Estate Appraiser Licensing/Certification Boards --
Appendix B. Web Sites --
Appendix C. State Appraisal Requirements --
Appendix D. Uniform Standards of Professional Appraisal Practice.
Responsibility: William L. Ventolo, Jr., Martha R. Williams ; Dennis S. Tosh, William B. Rayburn, consulting editors.


"Fundamentals of Real Estate Appraisal helps you understand today's ever-changing appraisal marketplace. Using an effective blend of theory and practice, this accessible, best-selling textbook explores relevant legislation, key environmental considerations, and the increasing role of technology in the industry. Book jacket."--Jacket.
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