please respond to. Angie. with. 200 words Course: BRE 100, Real Estate Principl

please respond to. Angie. with. 200 words
Course: BRE 100, Real Estate Principles
Student Name: ANGIE J GOMEZ RODRIGUEZ
Today’s Date: 10/24/2023
Textbook Author: Huber & Lyons
Chapter # 1 AND 2
Overview
The importance of Appraisal is a vital function for society since we use it in different ways, private and government sectors, practically the result of this price evaluation gives orders to the real estate market. The appraisal is a process that gives an opinion of a value, it can be done formally or informally, formally it is entering a result with the USPAP regulations, informally it will be delivering a URAR form that is for only the interest of a property but not with in order to close a contract. In order to have a correct Appraisal we base ourselves on factors such as design, location, economic changes in the marketplace, and anticipated change in use.’
Additionally, appraisal is instrumental in making informed investment decisions. Investors rely on accurate appraisals to assess the potential return on investment for a particular property.
Key Concept from Chapter 1
The concept of purposes and uses appraisal in real estate plays a vital role in determining the value of a property. Appraisal is an essential tool used by real estate professionals to estimate the worth of a property, taking into consideration various factors such as location, condition, and market trends.One of the primary purposes of appraisal in real estate is to facilitate buying and selling transactions. When a property is put on the market, both buyers and sellers need to know its fair market value to negotiate a suitable price.s. When a property is put on the market, both buyers and sellers need to know its fair market value to negotiate a suitable price. Appraisal provides an unbiased and objective assessment of the property’s worth, ensuring fairness and transparency in the transaction .
Key Concept from Chapter 2
Chapter 2 key concept Property valuation may be considered the heart of all real estate activity , certified appraiser, by reason of professional training, experience, and ethics is responsible for facilitate buying and selling transactions. When a property is put on the market, both buyers and sellers need to know its fair market value to negotiate a suitable price. Appraisal provides an unbiased and objective assessment of the property’s worth, ensuring fairness and transparency in the transaction.
Summary
this 2 chapters show the concept fair market value of the property, appraisal ensures that property taxes are levied in a fair and equitable manner. Incorrect valuations can result in underpayment or overpayment of taxes, leading to financial discrepancies for both property owners and local governments. Appraisal provides a systematic and consistent approach to determining property values, thus ensuring fairness in taxation and revenue collection. Additionally, appraisal is instrumental in making informed investment decisions. Investors rely on accurate appraisals to assess the potential return on investment for a particular property. By considering various market factors, including supply and demand, economic conditions, and development plans, appraisal helps investors identify opportunities and risks associated with acquiring or selling real estate .