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Simple English definitions for legal terms

appraisal trinity

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A quick definition of appraisal trinity:

Appraisal Trinity: The three main ways to figure out how much a piece of property is worth are called the appraisal trinity. These methods are the market approach, the cost approach, and the income approach. The market approach looks at how much similar properties in the area have sold for. The cost approach considers how much it would cost to rebuild the property from scratch. The income approach looks at how much money the property could make if it were rented out.

A more thorough explanation:

The appraisal trinity refers to the three most commonly used methods for appraising real property. These methods are:

  • Market Approach: This method involves comparing the property being appraised to similar properties that have recently sold in the same area. The appraiser will take into account factors such as location, size, and condition to determine the value of the property.
  • Cost Approach: This method involves determining the cost of rebuilding the property from scratch, taking into account factors such as materials, labor, and depreciation. The appraiser will then adjust this value based on the age and condition of the property.
  • Income Approach: This method is used primarily for commercial properties and involves estimating the income that the property is capable of generating. The appraiser will take into account factors such as rental rates, vacancy rates, and operating expenses to determine the value of the property.

For example, if an appraiser is valuing a residential property using the market approach, they will look at recent sales of similar homes in the same neighborhood to determine the value of the property. If they are using the cost approach, they will estimate the cost of rebuilding the home from scratch and adjust this value based on the age and condition of the property. If they are using the income approach, they will estimate the rental income that the property is capable of generating and use this to determine the value of the property.

appraisal remedy | appraisement

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[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
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