Probable sales price - What a broker calculates when preparing a comparative market analysis, Market price - The amount a property actually sells for, Market value - An estimate by the appraiser good for one day, Market data approach - Used by an appraiser to calculate the value of a residential property, Supply and demand - The amount of inventory impacts property prices, Income approach - Value = NOI / Cap Rate, Cost approach - Value = New - Depreciation + Land + Improvements, Substitution - This valuation principle is the basis for the sales comparison approach, Conformity - This valuation principle states that when a property is similar to surrounding property the value is maximized, Reconciliation - An appraiser considers the use of all three approaches and weights the outcome, Contribution - The amount a specific item adds to the value of a property, Subject is superior - Adjust the comparable property up, Subject is inferior - Adjust the comparable property down, Total anticipated revenue - Another term for effective gross income, Steps to calculate net operating income - Gross income - vacancy & collection - operating expenses,

Unit 7 Real Estate Valuation

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