Champions School of Real Estate Exam Questions & Answers 100% Accurate

Functional obsolescence - ANSWER-Refers to the loss in desirability of the style, layout. or function of an element of a property over time Sales Comparison - ANSWER-the approach used as the best indicator of value for existing properties Highest and best use - ANSWER-the legal use for property that gives the greatest return in money and/or amenities Market Value - ANSWER-the price a willing seller will sell for, and the price a willing buyer will pay External obsolescence - ANSWER-the loss in value of a property caused by factors outside of the property itself loan to value ratio - ANSWER-the percentage of value or sales price that a lender is willing to finance an appraisal that is less than the sales price will generally result in - ANSWER-Termination of the transaction Reduction of the sales price by the seller to match appraised value payment of the difference between that sales price and the appraised value by the buyer/borrower Desk review - ANSWER-simple desk review, normally done at the lenders desk Field review - ANSWER-third-party appraiser will be contracted to review the appraisal report