FRECI_15-2 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 15 – Lecture 2 Real Estate Appraisal Copyright, 2005 2 Lecture Preview What will you learn from this lecture? Discuss the “sales comparison approach” to property valuation Identify the types of properties best suited to this approach Identify the two categories of value adjustments Discuss the process of applying the weighted value of comparable properties Copyright, 2005 3 Vocabulary Terms Reconciliation Sales comparison approach Subject property Copyright, 2005 4 Three Approaches to Value 1. Sales comparison approach 2. Cost-depreciation approach 3. Income approach Copyright, 2005 5 1. Sales Comparison Approach Recent sale (up to 6 months is ideal) Do not use a comparable over 1 year old! Same (or similar) neighborhood Substantially similar to subject property Based on the Principle of Substitution Useful in platted subdivisions, or where
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FRECI_15-2 - Lecture Preview Florida Real Estate Commission...

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