Property Valuation
What is a 'market study' versus a 'marketability study' in Delaware real estate?
ABoth terms describe the same type of analysis
BA market study analyzes supply and demand in a general market; a marketability study focuses on a specific property's competitive position and likely absorption in that market✓ Correct
CA market study is for land; a marketability study is for improvements
DA market study is conducted by brokers; a marketability study is conducted by appraisers
Explanation
A market study provides broad analysis of supply and demand conditions in a real estate market. A marketability study is more focused, analyzing how a specific property's characteristics position it competitively and how quickly it might sell or lease at what price.
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Key Terms to Know
Comparable Sales (Comps)
Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
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