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Helping Out. Market Rent Definition

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Michigan CG said:
Sitting behind me about six feet is the Dictionary of Real Estate Appraisal, 6th Edition and I don't need to pull that out or the Dictionary of Real Estate Appraisal 4th Edition (which you cited) that is buried somewhere in my office to tell you that you will not find the term RENT APPRAISAL or the term SUB-APPRAISAL in either of those books.
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I trust you.

Did AI change the definition from the 4th?

And is a rent appraisal an appraisal? If not then I need more education. If it is, then in a GPRES (Actually any) environment, isn’t it a sub appraisal?

So I attached a rent value, to a fee simple value. Is it just 1 Appraisal? I’m confused.
 
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Addie said:
I trust you.

Did AI change the definition from the 4th?

And is a rent appraisal an appraisal? If not then I need more education. If it is, then in a GPRES (Actually any) environment, isn’t it a sub appraisal?

So I attached a rent value, to a fee simple value. Is it just 1 Appraisal? I’m confused.
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The answer to you question is hiding in plain sight within your OP.
 
Addie said:
I trust you.

Did AI change the definition from the 4th?

And is a rent appraisal an appraisal? If not then I need more education. If it is, then in a GPRES (Actually any) environment, isn’t it a sub appraisal?

So I attached a rent value, to a fee simple value. Is it just 1 Appraisal? I’m confused.
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Addie, see my post 52 in the income approach. And then look at a URAR form, under the sales comparison approach bottom of page. It lists the results: 1) Sales comparison approach value indicator is X$, 2) Cost approach value indicator is Y$,
3) Income approach is Z $. If appraiser develops all 3 approaches, they reconcile the 3 value indicators for their Market value opinion. An appraiser per client needs or what is in the market can only develop one approach to value in the appraisal.
 
J Grant said:
Addie, see my post 52 in the income approach. And then look at a URAR form, under the sales comparison approach bottom of page. It lists the results: 1) Sales comparison approach value indicator is X$, 2) Cost approach value indicator is Y$,
3) Income approach is Z $. If appraiser develops all 3 approaches, they reconcile the 3 value indicators for their Market value opinion. An appraiser per client needs or what is in the market can only develop one approach to value in the appraisal.
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To answer your question as asked, appraiser appraised a fee simple value ( by sales comparison approach ) and "attached" ( developed ) an additional "rent" value ) the income approach. The income approach is, in a sense a sub appraisal but we don't call it that, it is part of the development of value for a property ( unless it is the only development of value. Normally the different approaches to value are reconciled for one value opinion in one appraisal.

Example : sales comparison value indicator ( of the fee simple ) is $150,000. Income approach indicator ( of leased fee rental return) is $157,000. The appraiser reconciles the 2 approaches for their opinion of market value of $ 153,000 .
 
Addie said:
That’s fine.

Spent my whole life judged, and discriminated against as a woman. Nothing new to me.

Here’s the rub. Read who the source is. Now go raise Hell to them. I chose my words very carefully. “I typed this”

For all the females, trainees out there. We will take our answer off the air.

I simply posted this to save your from typing.

And let me see your last rent appraisal. I bet you $1mm it doesn’t have rent definition nor a source. (Per USPAP) but you already knew that.

Anyone in an office situation. Go look at rent appraisals? They define what rent value is? They give a source? Nope. USPAP violation.
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Addie the minute you played the gender card my brain went dead and unfortunately I could no longer be objective about your form. The only thing that kept popping into my brain is the line in the movie blazing saddles - You know they are simple people of the land - you know ( MORONS ) This is good for you because in California we have anti-discrimination laws and even morons are a protected class.
 
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