Real Estate Markets and Analysis

Key termsTérminos clave

appraisal

An appraisal is an unbiased professional opinion of a property's value, typically conducted by a certified or licensed appraiser.

Sales Comparison Approach

This approach estimates a property's value by comparing it to similar properties that have recently sold, adjusting for differences.

Uniform Standards of Professional Appraisal Practice (USPAP)

USPAP is a set of standards for appraisers that governs the ethical and professional conduct of appraisal practice.

Cost Approach

The Cost Approach estimates value based on the cost to replace the property minus depreciation, useful for new or unique properties.

Income Approach

The Income Approach evaluates a property's value based on the income it generates, often used for investment properties.