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The sales comparison approach (SCA) is a real estate appraisal valuation method that relies on the assumption that a matrix of attributes or significant features of a property drive its value. For examples, in the case of a single family residence, such attributes might be floor area, views, location, number of bathrooms, lot size, age of the ...
A Uniform Residential Appraisal Report or URAR is one of the most common forms used in United States real estate appraisals.It was created to allow for standard reporting and analysis of single-family dwellings or single-family dwellings with an "accessory unit".
Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States and its territories. USPAP, as it is commonly known, was first developed in the 1980s by a ...
In a narrow sense, the term real estate benchmarking refers to the specific real estate indicators used to measure the real estate properties. The individual indicators are referred to as key performance indicators, or KPI for short. Examples include the net cash flow, total rental incomes, or the internal rate of return.
For example, assume that "House B" has a value as a house of $200,000, and a site value as a commercial lot of $250,000 with a cost to demolish the house and prepare the site at $25,000. The highest and best use of the site is to demolish the house and sell the site as a commercial lot.
The methodology of the American Measurement Standard was compiled and edited by a consensus of real estate professionals including real estate agents, appraisers, assessors, home builders and architects, and is based on the exterior dimensions of a dwelling. The AMS contains over three times more specific home measurement details than any other ...
The effect of real estate market adjustments tend to be mitigated by the relatively large stock of existing buildings. Heterogeneity. Every unit of real estate is unique in terms of its location, the building, and its financing. This makes pricing difficult, increases search costs, creates information asymmetry, and greatly restricts ...
The distinction between extraordinary assumptions and hypothetical conditions can be a matter of law or professional standards in the field of real estate appraisal in the United States where the distinction is not only codified in USPAP, but enforced by various state real estate appraiser commissions or professional boards. However, the ...