Chapter 25

Appraisal and value

What makes a property worth what it is, and how an appraiser shows it

An explorable chapter on appraisal and value for the real estate exam: value, price and cost, the four elements of value, substitution, contribution, conformity and highest and best use, which of the three approaches fits which property, physical, functional and external depreciation, reconciliation, and how an appraisal differs from a CMA.

1. 25.1
   Value, price and costThree numbers that are easy to confuse
2. 25.2
   The principles of valueWhy buyers pay what they pay
3. 25.3
   Three approaches, and which fitsMatch the method to the property
4. 25.4
   Depreciation: three causesWorn out, out of date, or in the wrong place
5. 25.5
   From data to a reported valueReconcile, report, and know what an appraisal is

1 interactive 3D scene · 0 slider tasks · 3 practice sets · 18 questions