Example: Comp #l has a 1-car garage and sold for $70,000. Appraisals are needed to ensure the homebuyer, the home seller and the mortgage lender receive the accurate and true value of the real estate in question. 3. A real estate appraiser inspects the property, but this step isn’t the same as a home inspection commissioned by a buyer. Finally, the current real estate market has a large influence on how your home is appraised. Start analyzing real estate properties, we do the math for you. The Current Real Estate Market. Home Appraisals for Dummies. Appraisers generally use this method for commercial buildings such as shopping centers, office buildings, […] This may or may not be the same as its price. Your home is the place you reside in and share with loved ones. It doesn’t affect the answer. Lucy is interviewing real estate agents before she lists her home for sale. You need to cover a lot of ground in preparation for the test, but your efforts are well rewarded by a fun, exciting career. an appraisal. Find local real estate meetups and events in your area. Divide 640 by that answer, 640 / 32 = 20 acres. Aol Real Estate Contributor, AOL.com. Homes appraised during a “seller's-market”, or a market that’s saturated with a ton of buyers and not enough inventory to … Appraiser ... “Real estate agent”: generic term for person who sells real estate (broker or salesperson) The appraiser gathers information for the appraisal report from a number of sources, but the process often begins with a physical inspection of the property inside and out. Question 14 14. What is Real Estate Value and Valuation - dummies. This method converts the income of a property into an estimate of its value. Connect with 1,000,000+ real estate investors! One claims to have a 97% list-to-sell average while the other claims to have a 96% list-to-sell average. A home appraisal is an unbiased report on the worth of a house in the fair market, performed by a trained and licensed individual. Multiply all denominators together (the bottom number of the fraction): 2 x 4 x 4 = 32. Appraisers go under different names depending on where you are in the world; real estate appraiser, property valuer, and chartered surveyor are the most common names. Taking a state real estate exam is necessary for becoming a licensed real estate agent. A method that will be covered on the Real Estate License Exam for appraising real estate based on its income is known as the income capitalization approach. Sales Comparison Approach A. Additionally, the appraiser may look at county courthouse records and recent reports from the local real estate multiple listing service. 13. Your house is … Math Real Property Appraisals Mingle School of Real Estate – 2016 1 Math Relating to Real Property Appraisals 1. Share. 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