BRE 120 ARUCC Real Estate Appraisal Discussion
Description
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Respond to Salma:
Overview
Chapter Three of our textbook focuses on the appraisal process and goes into detail about its eight steps. Steps one and two focus on identifying property, and analyzing the process of appraisal. Chapter Four focuses on the three methods of legal description for example the Metes and Bounds system.
Key Concept from Chapter 3
A key concept from Chapter Three is step one out of eight of the appraisal process, defining the appraisal problem. The appraisal process is used by appraisers to create an accurate fair opinion of value (p.73). The initial step is centered around four essential questions: “what?”, “when?”, “why?”, and “how?”. As an appraiser, it is important to accurately identify the property to be certain of the accurate and fair property value. The URAR helps describe the property’s specific details required to determine the value, including zip code, legal description, tax years, etc. (p.76)
Key Concept from Chapter 4
Chapter Four focused on the property description and appraisal math, including methods of legal descriptions that are used depending on local law and custom. The key concept for Chapter Four is one of these methods, The Metes and Bounds System. The Metes and Bounds System identifies the properties concerning boundaries, distance, and angles from a given starting point (p.111-112). The system works with starting points and is best when the property is oddly shaped. Each boundary set on the property sets the course and the distance.
Key Concept from Chapter 3 or 4
The second step of the eight steps of an appraisal process is the preliminary analysis. The preliminary analysis involves five steps including, identifying the necessary data and the sources of data. The data can be classified as general, specific, primary, and/or secondary data, each depending on sources and property (p.93). The appraiser can identify the data with a personal inspection or by interviewing different positions in the transaction to then create a plan to finish the process (p.94).
Summary
These chapters introduced us to different methods an appraiser has the ability to use and the process to achieve an accurate fair value. It was interesting to see the diagrams and reports needed to complete/use in the process and how every detail provides a say on the appraiser’s opinion of the value. Knowing which analysis and method to take can easily help you or make the process more difficult, it helps us see how an appraiser has to work/think.
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