Transcription of 15. Appraisal and Valuation
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15. Appraisal and Valuation
15 Appraisal and Valuation Property Valuation may be considered the heart of all real estate activity. Only a practical understanding of real estate values will enable real estate brokers and salespersons to carry out their functions in a useful and dependable manner in serving their clients and in meeting their obligations to the general public. Brokers and salespersons should have a good understanding of: the theoretical concepts of value; the forces which influence value; and the methods by which such value may be estimated most accurately. Probably the question most frequently asked brokers by clients is, How much do you think the property is worth? It is a daily occurrence for the real estate broker to have clients ask about the fair price, fair rental, fair basis for trade, or a proper insurance coverage for property.
An appraisal report is usually a written statement of the appraiser’s opinion of value of an adequately described property as of a specified date. It is a conclusion which results from the process of research and analysis of factual and relevant data.
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