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Comparables
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 methods, when performing a real estate appraisal. Factors Five factors are usually considered when determining comparables: * ''Conditions of Sale'': Did the comparable recently transact under conditions (e.g. arm's length, distress sale, estate settlement) which are consistent with the standard of value under which the appraisal is being performed? * ''Financing Conditions'': Was the comparable transaction influenced by non-market or other favorable (or even unfavorable) financing terms? For example, if the comparable sold with a below-market interest rate provided by the seller, and if the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Appraisal
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 centralized Walrasian auction like a stock exchange is unrealistic). The location also plays a key role in valuation. However, since property cannot change location, it is often the upgrades or improvements to the home that can change its value. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property. Besides the mandatory educational grade, which can vary from Finance to Construction Technology, most, but not all, countries require appraisers to have the license fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Agent
A real estate agent or real estate broker is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency. Many states require written disclosures to be signed by all parties outlining the duties and obligations. Generally, real estate brokers or agents fall into four categories of representation: *Seller's agents, commonly called "listing brokers" or "listing agents", are contracted by owners to assist with marketing property for sale or lease. *Buyer's agents are brokers or salespersons who assist buyers by helping them purchase property. *Dual agents help ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Analysis
A market analysis studies the attractiveness and the dynamics of a special market within a special industry. It is part of the industry analysis and thus in turn of the global environmental analysis. Through all of these analyses the strengths, weaknesses, opportunities and threats (SWOT) of a company can be identified. Finally, with the help of a SWOT analysis, adequate business strategies of a company will be defined. The market analysis is also known as a documented investigation of a market that is used to inform a firm's planning activities, particularly around decisions of inventory, purchase, work force expansion/contraction, facility expansion, purchases of capital equipment, promotional activities, and many other aspects of a company. Market segmentation Market segmentation is the basis for a differentiated market analysis. Differentiation is important. One main reason is the saturation of consumption, which exists due to the increasing competition in offered products. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Value
Market value or OMV (Open Market Valuation) is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with ''open market value'', '' fair value'' or ''fair market value'', although these terms have distinct definitions in different standards, and differ in some circumstances. Definition International Valuation Standards defines market value as "the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion". Market value is a concept distinct from market price, which is "the price at which one can transact", while market value is "the true underlying value" according to theoretical standards. The concept is most commonly invoked in inefficient markets or disequilibrium situations where prevailing market prices ar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Standard Costing
Standard cost accounting is a traditional cost accounting method introduced in the 1920s, as an alternative for the traditional cost accounting method based on historical costs. Adolph Matz (1962) ''Cost accounting.'' p. 584. Overview Standard cost accounting uses ratios called efficiencies that compare the labor and materials actually used to produce a good with those that the same goods would have required under "standard" conditions. As long as actual and standard conditions are similar, few problems arise. Unfortunately, standard cost accounting methods developed about 100 years ago, when labor comprised the most important cost of manufactured goods. Standard methods continue to emphasize labor efficiency even though that resource now constitutes a (very) small part of the cost in most cases ". Standard cost accounting can hurt managers, workers, and firms in several ways. For example, a policy decision to increase inventory can harm a manufacturing manager's performance eva ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John A
Sir John Alexander Macdonald (January 10 or 11, 1815 – June 6, 1891) was the first prime minister of Canada, serving from 1867 to 1873 and from 1878 to 1891. The dominant figure of Canadian Confederation, he had a political career that spanned almost half a century. Macdonald was born in Scotland; when he was a boy his family immigrated to Kingston in the Province of Upper Canada (today in eastern Ontario). As a lawyer, he was involved in several high-profile cases and quickly became prominent in Kingston, which elected him in 1844 to the legislature of the Province of Canada. By 1857, he had become premier under the colony's unstable political system. In 1864, when no party proved capable of governing for long, Macdonald agreed to a proposal from his political rival, George Brown, that the parties unite in a Great Coalition to seek federation and political reform. Macdonald was the leading figure in the subsequent discussions and conferences, which resulted in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brownfields
In urban planning, brownfield land is any previously developed land that is not currently in use. It may be potentially contaminated, but this is not required for the area to be considered brownfield. The term is also used to describe land previously used for industrial or commercial purposes with known or suspected pollution including soil contamination due to hazardous waste. Examples sites include abandoned factories, landfills, dry cleaning establishments and gas stations. Typical contaminants include hydrocarbon spillages, solvents and pesticides, as well as heavy metals like lead, tributyl tins and asbestos. Many contaminated brownfield sites sit unused for decades as involuntary parks because cleaning cost is more than land worth after redevelopment. Previously unknown underground wastes can increase the cost for study and clean-up. Acquisition, adaptive re-use, and disposal of a brownfield site requires advanced and specialized appraisal analysis techniques. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michael Gerrard
Michael Burr Gerrard is an American legal scholar. He is the Andrew Sabin Professor of Professional Practice at Columbia Law School. Biography Gerrard was born in New York City, where his parents were graduate students at Columbia University, and grew up in Charleston, West Virginia. His father, Nathan L. Gerrard, was a professor of sociology at the University of Charleston, and his mother, Louise B. Gerrard, was the executive director of the West Virginia Council on Aging. He received his B.A. from Columbia in 1972, followed by a J.D. from the New York University School of Law in 1978 as a Root-Tilden Scholar. From 1979 to 2008, he was a lawyer at Arnold & Porter and served as the partner in charge of its New York City office. He was known for his environmental practice before departing the partnership to join the faculty of Columbia Law School. His specialty includes environmental law, regulation, and climate change policy. Gerrard founded and directed the law school's Cent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comp Check
A Comp Check (also known as a "look-up") is a request made to a State Licensed or Certified real estate appraiser, sometimes to assure a minimum opinion of value before an order (typically for lending purposes), is placed. Because providing an opinion of value is the definition of an appraisal in the United States, the practice of the look-up, when excess care is not taken, runs a greater risk of being in violation of the Uniform Standards of Professional Appraisal Practice (USPAP) than an assignment with a more thorough Scope of Work. Standard practices Due to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), licensed and certified real estate appraisers in the United States who are involved in a federally related transaction are required to follow federally accepted, uniform standards, known as USPAP, which are promulgated by the Appraisal Standards Board (ASB) of the Appraisal Foundation. In the Appraisal Foundation's "Advisory Opinion 19" (A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Standards Of Professional Appraisal Practice
Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ... and its territories. USPAP, as it is commonly known, was first developed in the 1980s by a joint committee representing the major U.S. and Canadian appraisal organizations. As a result of the savings and loan crisis, the Appraisal Foundation (TAF) was formed by these same groups, along with support and input from major industry and educational groups, and TAF took over administration of USPAP. The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) authorize ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
