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BRE 120, Real Estate Appraisal Salma Ca
please respond to Salma. with 150. words
BRE 120, Real Estate Appraisal Salma Caceres 11/28/2023Huber & Messick Chapter #11 & 12OverviewThe process an appraiser uses after applying the three approaches to value is reconciliation.
Chapter 11 focuses on Reconciliation and Final Value Opinion, mentioning the use of reconciliation in appraisals and the reconciliation process. Chapter 12 focuses on The Appraisal Report which is governed by standard 2 of the Uniform Standards of Professional Appraisal Practice, the chapter goes over the Uniform Residential Appraisal Report (URAR).
Key Concept from Chapter 11
There are three types of situations where reconciliation is used in appraisals. The first step is when there are different comparable properties, different units of comparison, and different appraisal techniques (pg.345). On page 345 it also says that it is common for appraisers to reconcile value from different comparables when comparable sales data is used in an appraisal reconciliation is required every time. For the sales comparison approach, it is common to have reconciliation as a requirement when different units of comparison are used.
Key Concept from Chapter 11
Unlike the past methods we’ve read about reconciliation isn’t a mathematical process instead it evaluates the evidence of the different value indicators and comes to a fair conclusion according to the value of the subject property (pg.346). Under Chapter 11 we see the two steps of reconciliation, that help the appraiser come to a reasonable conclusion. The two steps of the process are reviewing the processes that led to the different value indicators and making the reconciliation judgment (pg.347). The process has the base of reviewing and double checking every step taken is perfect, with no mistakes.
Key Concept from Chapter 12
Chapter 12 explains the URAR, going into the role of every page and section of the report; it is the most common report that is used in the appraisal industry. The first page of the report has 5 sections. The first section is the subject section, like the property address name of the borrowers, owner of a public record, etc. (pg. 363). The second section explains the current Contract of Sale, details like contract price and the date of the contract are expected (pg.364). Going to the third section we read about the neighborhood section, where the property is located. Section 4 is the site section and section 5 is the improvement section. The sections go over in detail the state of the property.
SummaryChapters 11 and 12 help us understand what reconciliation is and the function of every section in the URAR, both necessary tools needed for appraisals. It is interesting to keep reading about the accuracy of the data needed to make reasonable decisions of value as an appraiser. Overall these Chapters help us understand some of the last processes an appraiser would need to take.
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