Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing. by Eric Tyson and Robert S. Griswold Real Estate Investing FOR DUMmIES‰ 2ND EDITION Finally, the current real estate market has a large influence on how your home is appraised. It doesn’t affect the answer. Multiply all denominators together (the bottom number of the fraction): 2 x 4 x 4 = 32. Lucy is interviewing real estate agents before she lists her home for sale. Dec 9th 2010 1:43PM. Example: Comp #l has a 1-car garage and sold for $70,000. A method that will be covered on the Real Estate License Exam for appraising real estate based on its income is known as the income capitalization approach. Taking a state real estate exam is necessary for becoming a licensed real estate agent. Houses (12 days ago) Real estate appraisal or property valuation is the process of determining what a property is actually worth. Question 14 14. Home Appraisals for Dummies. 3. Homes appraised during a “seller's-market”, or a market that’s saturated with a ton of buyers and not enough inventory to … Additionally, the appraiser may look at county courthouse records and recent reports from the local real estate multiple listing service. Start analyzing real estate properties, we do the math for you. You need to cover a lot of ground in preparation for the test, but your efforts are well rewarded by a fun, exciting career. Appraiser ... “Real estate agent”: generic term for person who sells real estate (broker or salesperson) an appraisal. What is Real Estate Value and Valuation - dummies. A home appraisal is an unbiased report on the worth of a house in the fair market, performed by a trained and licensed individual. A real estate appraiser inspects the property, but this step isn’t the same as a home inspection commissioned by a buyer. Appraisers go under different names depending on where you are in the world; real estate appraiser, property valuer, and chartered surveyor are the most common names. Every state requires real estate agents to have a license — and to take and pass a state examination to get that license. Share. 2. If the comparable property is superior in a feature, you subtract value from the comparable. This may or may not be the same as its price. The Current Real Estate Market. One claims to have a 97% list-to-sell average while the other claims to have a 96% list-to-sell average. Find local real estate meetups and events in your area. This method converts the income of a property into an estimate of its value. Sales Comparison Approach A. Appraisers generally use this method for commercial buildings such as shopping centers, office buildings, […] Aol Real Estate Contributor, AOL.com. Your home is the place you reside in and share with loved ones. 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