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Question
a. adjustments k. highest and best use
b. appraisal l. income approach
c. buyer's market m. incurable depreciation
d. capitalize n. market approach
e. comparables o. net operating income (NOI)
f. cost approach p. operating expenses
g. curable depreciation q. physical deterioration
h. depreciation r. reproduction cost
i. functional obsolescence s. scheduled gross income
j. gross rent multiplier (GRM) t. subject property
1> properties similar to the subject property that have sold recently
2> cost at today's prices of constructing an exact replica of the subject improvements using the same or similar methods
3> a method of valuing property based on the prices of recent sales of similar properties
4> land value plus construction costs less depreciation
5> the property that is being appraised
6> corrections made to comparable properties to account for differences between them and the subject property
7> depreciation resulting from wear and tear of the improvements
8> depreciation resulting from improvements that are inadequate, overly adequate, or improperly designed for today's needs
9> the estimated rent a fully occupied property can be expected to produce on an annual basis
10> to convert future income to current value
11> gross income less operating expenses, vacancies, and credit losses
12> expenditures necessary to maintain the production of income
13> to estimate the value of something
14> a method of valuing property based on the monetary return it is expected to produce
15> a number that is multiplied by a property's gross rents to produce an estimate of its worth
16> depreciation that can be remedied at a reasonable cost
17> depreciation that cannot be remedied at a reasonable cost
18> a market where there are few buyers and many sellers
19> that use of a parcel of land that will produce the greatest current value for the parcel
20> loss in value due to deterioration and obsolescence
Answer
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