Chapter 18: Real Estate Appraisal
WHAT IS AN APPRAISAL?
Appraisal: An unbiased written estimate of the fair
market value of a property, usually referred to as the
subject property, at a particular time.
An appraisal is an opinion of v
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Combine Internal Structure and External Market Rates
At this point, two parts of the total pay model have merged.
Their relationship to each other can be seen in the next slide.
In the above exhibit, the internally aligned structure is shown on the
Pure market pricing carried to this extreme ignores internal alignment
This approach de-emphasizes internal alignment.
There is no attempt to align the internal pay structure with the
business strategy and work performed.
1. Sometimes differences arise because a shortage of a particular skill has
driven up the market rate for a job when compared with its internal
1.a. However, reclassifying a market-sensitive job into a higher salary
grade, where it will
It is unlikely that a company would pay associates and professionals with
business degrees the same as associates and professionals with engineering
Usually external market differences exist, so the different functions or groups
a. Titles used to label each band reflect these major breaks, such as
associate (entry-level individual contributor), professional (experienced,
knowledgeable team member), leader (project or group supervisor),
director, coach, or even visionary.
1. They foster cross-functional growth and development in these new
1.a. Employees can move laterally across functions within a band in
order to gain depth of experience. (E.g., global operations such as
3M and Medtronic use bands to
a. Determining the optimal overlap between grades is a judgment call.
a.1. It ought to be large enough to induce employees to seek promotion
into a higher grade.
a.2. However, there is virtually no research to indicate how much of a
a. Some compensation managers use the actual survey rates, particularly
the 75th and 25th percentiles, as the range maximums and minimums.
b. Others ensure that the proposed range includes at least 75% of the rates
in the survey data.
c. Still other
a. Determining which jobs are substantially equal and therefore slotted into
one grade involves examining the original job evaluation results. Each
grade will have its own pay range, and all the jobs within a single grade
will have the same pay rang
From Policy to Practice: Grades and Range
A. The next step is to design pay grades and ranges. These analyses are usually
done with base pay data, since base pay reflects the basic value of the work
rather performance levels of employees.
B. Why Bot
Principles of Real Estate Study Guide 1. Physical Characteristics of land a. Indestructible b. Non-homogeneity: no 2 alike c. Immobility- reason taxed 2. Economic Characteristics of land a. Scarcity b. Fixity: can't be moved, paying on it c. Situs: prefer