Appraisals (Part 1 of 3) | Real Estate Exam Prep
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- čas přidán 30. 06. 2024
- This real estate exam prep video is Part 1 of 3 on the Appraisal Process. Video 1 is the Introduction to Appraisals. Key real estate terms discussed in this real estate exam prep video are:
Sales Comparison Approach to Value (Sales Comparison Appraisal) -
Market Data Approach to Value -
Cost Approach to Value (Cost Appraisal) -
Income Approach to Value (Income Appraisal) -
Market Value -
Market Price -
Competitive Market Analysis (CMA) -
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Paul Vojchehoske
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The Real Estate Classroom
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P.S. Nothing in this video shall be construed as legal or financial advice and is for INFORMATIONAL purposes only! Please consult with a competent attorney, financial advisor, and your broker before implementing anything you’ve learned from this video. Likewise, the issues discussed herein may not be applicable in your state or local jurisdiction.
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Related Video: Part 2 - Appraisals - czcams.com/video/wudblZaY8-M/video.html
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just passed yesterday and I know a lot of the hype is on ca real estate wizard and prep agent. But do not sleep on this guy! Teaches you the depth and conception behind these terms. For me he specifically helped with trust deeds, mortgages, and valuation, but you should watch all his informational videos. Thanks man and good luck everybody!
WOW! Thank you, Rondo! I really appreciate your testimonial. Thank you, so much! Congratulations on passing your real estate exam! That is awesome... and thank you for taking the time to leave me a comment. I wish the absolute best of luck in your new venture. It can be rough to start out but don't give up! Once the ball gets rolling great things will happen
Hello guys❤ I 100% agree with @lamiami. I am currently studying for my exam & I come here to reference each of Pauls lessons to gain more clarity on my current chapters. Very informal channel and i am SOOO appreciative to have found you Paul!! You are the best, and i look forward to the day that i can come here to say “I PASSED”😂… with your teaching’s i am sure to PASS on the first try😊
Thank you for doing these videos! I honestly don’t know how I would have past without watching these videos! I past my State MA portion 1-31-24 and this morning took the national part for the third time and passed! And that’s mostly in part of the help and knowledge you share with us here! THANK YOUUUUU
I love your videos!! Your content is clear and easy to understand
Thank you, Aaron. I appreciate the comments. Best of luck on the exam! :o)
All your videos are so good thank you so much sir!
Thank you and massive thumbs from Fiji in the Pacific Islands. Watching your videos for my Uni course in Valuation Methodology. Covid 19 has stopped all face to face classes and virtual classes isnt doing much good so your videos is really helping me to understand the 3 approaches to Valuation. Thank you so much
Hi Juny.... thank you I appreciate the comment and I am glad the videos are helpful Hopefully things get back to normal soon! Hope all is well in Fiji... beautiful place. I would love to visit their for sure!
Best Real Estate videos! TY!
You're welcome!
you are the person to teach this concept, thank you very much
Thank you... I appreciate you taking the time to leave a comment... Keep on studying!😀
Thank you so much for making all amazing tools for everyone
Much appreciated you
Hey this is great, I am an appraiser since 1999 and its I love it and hate it... It's hard, but I'm good at it... I appreciate your clear and concise teaching, I hope more people learn and understand it, especially peers in the business, realtors and mortgage people, even buyers and sellers, it would make my job easier, on the basis of communicating with them...
Hi Kurt... Thanks for the comment I appreciate you taking the time to leave it. AND... I totally agree!
Sir, Please I am currently making a research on different ways to do an appraisal on a property. Any ideas? Thank you.
Many Thanks for all Knowlogy. God Bless You and your chanal
Thank you, Eldon. I appreciate you leaving such a nice comment. Keep studying!
Can’t thank you enough
You're welcome
This is awesome channel. Thank you very much
You're welcome! Thank you for leaving us a comment. I really appreciate it 😁
Awesome thank you so much!
You're welcome
Thank you for your Job
You bet
Love your video
Thank you!
🙏🏻
This is great info.
Dies anyone know a channel for appraiser testing and training? Appreciate any help.
Im sorry but I do not off hand. Let me do some digging and see if I can find anything.
Sometimes the seller can order/purchase an appraisal. Why? In my market (a rural mountain community of eclectic homes), the sales comparison approach (often favored by realtors) grossly undervalues my unique custom built home. Only the cost or replacement approach will do just to the value. Even licensed appraisers don’t like doing the cost approach because it involves REAL ANALYTICAL work with materials and labor.
Hi Dan... thanks for leaving a comment! We do see unique incidents where a differnt approach is used. New construction widely uses a modified sales comparison approach by using plans and specs to determine value. Thanks, Dan! 😀
Looking forward for the next video
It's been posted... czcams.com/video/wudblZaY8-M/video.html
I'm a homeowner and have a question. What (procedure/manual/guideline), if any can I cite when I say "It's common practice for appraisers to .....i.e. Use comps within a mile, NOT cross major barriers (freeways). I hope I'm making myself clear. I know it's not USPAP or ANSI, but I can't find it
Than what happen when the price of the house is much lower not what the buyer thought would wanted to be.. what happens then or what happen when the price is much higher does the burger has to cough up the difference or do another apriasal....
If the appraised value is higher than the purchase price, nothing happens except the buyer discovers they have some equity. If the appraised value is lower, the typically what happens is the buyer and seller try and negotiate a new price. If it's a cash offer, then hopefully the purchaser put a contingency in the contract making it subject to a satisfactory appraisal. If not, the buyer is still obligated to the contract. If financing is involved, typically the purchaser can terminate the contract or the seller reduces the purchase price to the apprasied value. The buyer and seller can also negotiate a new purchase price and the purchaser must cover the difference..... :o)
@@TheRealEstateClassroom thank u so much I have one more question regarding MPI there was a question on the loan saying if the borrower the fault is that mean that MPI will pay the lender the entire loan back is that mean the borrower is insured or if the borrower defaults he doesn't have to pay anything.... I don't remember exactly the verbiage of the question but to my understanding and MPI will only pay partially to the lender.... Or is it okay to assume the lender is secured if the borrower defaults Is it okay to assume the lender will collect what's its own from MPI.. .... I am just trying to understand what would happen if the borrower defaults and he cannot pay then if the borrower has mPI what's in it for the borrower and what's for the lender Is that mean if I default I'm off the hook with MPI and I don't have to pay them back anything and the lender is secured because he collected what was owed.... God I hope I am making sense out of this question
what if subject house has 3 bedrooms and comparable house has 4 bed rooms. A room let’s say is $5000. Do you add $5k to subject or subtract $5k to comparable?
Always make changes to the comparable. Is generally a good rule of thumb
Are market valuations and an appraisals the same thing
Competitive Market Analysis (a.k.a. comparable market analysis) are done by real estate agents to determine market valuation, appraisals are done to establish the appraised value of a property and are done by a licensed appraiser
Does this apply in Arizona?
Sure does
In my book it says Comparative Market Analysis, you cay Competitive. Is it the same thing?
Both are correct. The two terms are used interchangeably... Great observation :o)
@@TheRealEstateClassroom Thank you :) your videos are great!
@@jurgitaswellness9277 welcome :o)
What book are you using?
I live In Texas. Does this apply to Texas as well?
For the National Side of your exam, yes.
How do I know Exactly what’s the national side of the exam?
@@judithvalero3564 Great question.... You only know based on the content the question relates to. For example, state side of the exam is typically based from your state specifc laws and regulations. The national side of the exam is content you learn in Principles & Practices. Another great resource is get the test outline from the testing company. For example, I'm in Nebraska and Nebraska uses PSI for testing. PSI has an awesome content outline which you can download online. Hope this helps!
California
Love California!
@@TheRealEstateClassroom is this material can be use in a state exam for California
@@plur2179 No it’s all National exam stuff
@@TheRealEstateClassroom the class is so detail to bad. Your videos are awesome
@@plur2179 Thank you!
Why does no one talk about the MAI? Every appraisal video I watch no one ever mentions it and it's a test question on the National Test
When you say MAi... do you mean Member, Appraisal Institute?
@@TheRealEstateClassroom yes, it was a question on my test and I failed by 2 questions and this one I know I got wrong bc I've never heard of it before.
So my career depended on if I knew a designation of a appraiser even though we are told that we don't have to know the appraisers job inside and out but apparently we do.
@@Honkers716 Interesting... The test makers do make changes and additions periodically. We don't know what those changes are until we get feed back from test takers like yourself. I appreciate the feedback. I will include it in new paterials for sure. You're the first that has mentioned it. What testing service was it? PSI?
@@TheRealEstateClassroom yes, PSI.
@@Honkers716 Thank you, very appreciative of the info...
Way too many ads to this video. The ads interrupt the video and the contents
Who pays for appraisel..and how many u can have it done
Typically, the purchaser is responsible for paying for the appraisal and typically only one is ordered... there are certain unusual circumstances when more than one is ordered such as an eminent domain case
@@TheRealEstateClassroom thank u..I have one more question I just recently took my exam I scored 74% one point away from passing score.... My exam has been rescheduled and hopefully this time around it will be a passing score but with that said I have one more question I remember on the exam there was a question about auctioneer that was selling the land and in the very last minute He was asked to auction the house on that land however the house did not sell but the land did the auctioneer break the law....I know u have to have real estate license to sell the house or auctioneer license will be good enough to sell the house and the land ... I am so confused with this question can you please help me to understand it and what would be the best answer
the comments at 9 minutes prove to me that you don't know how to do market time adjustments. if your market values are raising, you should be adjusting your comparables depending on the age of the contract dates.
I absolutely do know how to make adjustments for market time adjustments... the content at minute 9 had absolutely nothing to do with that topic.
Dont do it. Thankless job. Everyone hates you! Process is severely flawed. Want stress! Try this ludicrous job!
Can't argue with your logic lol