Basic Appraisal Principles Study Guide Rated A+

Basic Appraisal Principles Study Guide Rated A+ 4 factors of value - Utility - Scarcity - Desire - Effective Purchasing Power 4 Factors of Production - Capital - Entrepreneurial Coordination - Land - Labor Forces that influence real property markets - Social Forces - Economic circumstances - Governmental controls and regulations - Environmental Conditions Life Cycle of a Market Area - Growth - Stability - Decline - Revitalization Bundle of Rights - Right to sell - Right to lease - Right to occupy - Right to mortgage - Right to give it away 4 Powers of Government - Police Power - Eminent domain - Taxation - Escheat 4 Forms of Ownership - Community Property - Joint Tenancy - Tenancy by the entirety - Tenancy in common community property System of ownership; each spouse has an equal interest in property acquired during marriage: separate property is that acquired before marriage USPAP current standards of the appraisal profession utility the ability of a product to satify a human want, need or desire. scarcity the present or anticipated under supply of an item relative to the demand for it desire a purchasers wish for an item to satisfy human needs effective purchasing power the ability of an individual or group to participate in a market Market Value the most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably