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The Appraisal Institute ( AI ), headquartered in Chicago, Illinois, is an international association of professional real estate appraisers. [1] It was founded in January 1991 when the American Institute of Real Estate Appraisers (AIREA) and the Society of Residential Appraisers merged. The AIREA and the Society were respectively founded in 1932 ...
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value).Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a ...
The distinction between the two lies in the potential veracity of the assumption. A hypothetical condition assumes a condition which is known to be contrary to fact whereas an extraordinary assumption assumes a condition or a fact which is merely unknown or uncertain. The results of an analysis involving any hypothetical conditions are known to ...
Understanding property descriptions. The Lot and Block system is perhaps the simplest of the three main survey systems to understand. For a legal description in the Lot and Block system a description must identify: the individual lot, the block in which the lot is located, if applicable, a reference to a platted subdivision or a phase thereof,
Comparables (or comps) is a real estate appraisal term referring to properties with characteristics that are similar to a subject property whose value is being sought. This can be accomplished either by a real estate agent who attempts to establish the value of a potential client's home or property through market analysis or, by a licensed or certified appraiser or surveyor using more defined ...
Income approach. The income approach is one of three major groups of methodologies, called valuation approaches, used by appraisers. It is particularly common in commercial real estate appraisal and in business appraisal. The fundamental math is similar to the methods used for financial valuation, securities analysis, or bond pricing.
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