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respond to cj. with 150. words
BRE-120 Real Estate Appraisals
Charlie
11/28/23
respond to cj. with 150. words
BRE-120 Real Estate Appraisals
Charlie
11/28/23
Walt Huber
Chapters 11 & 12
Overview:
After going over the basics of both chapters, I see chapter 11 should be interesting to learn about the reconciliation which I need to know about for the last part on the 1004 form. Chapter 12 dwells into the function of an appraisal report, like what is stands for and the whole purpose of an appraisal report. In all the prep I think I will gain more vital key concepts on appraisals and the reports.
Chapter 11:
A reconciliation is the term that has two similar, but different meanings to them. “Reconciliation refers to the particular step in the appraisal process when the appraiser arrives at a final opinion,” (Huber, p. 344). A reconciliation also is required in three types of situations such as in different comparable properties, different units of comparison, and different appraisal techniques.
Chapter 12: In chapter 12, there is a definition called scope of work rule that caught my eye. It is pretty much the amount of necessary research and reporting that is required for a credible report, (pg. 361). There are also oral and written appraisal reports as well, like the federal loan transactions must be written, however, both written and oral reports can be in the form of an appraisal report or a restricted report which is something I didn’t know, but good to know now.
Chapter 11: Going back to chapter 11, I wanted to get into reconciliation again, after reading the process of doing it caught my attention. The process of reconciliation starts with reviewing the appraisal, that goes to extent of double checking, assess the reliability of the given value indicator, and to consider all relevant data, (pg.347). The level of accuracy plays a role as well being the quality of a value indicator. Then lastly, there is relevance which influences the appraisers judgement as it is passed on the reconciliation judgment for the final value.
Summary: For both chapters being pretty short, I learned a great deal of information from reconciliation to opinion of value. Then also in chapter 12 from the function of an appraisal report, the scope of work rule, and an overview of the three pages of the uniform residential appraisal report (URAR). I understood both chapters and going on to really understand the full basics of appraisals.
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