Episode Details

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The crucial rule of adjusting the comparable property, not the subject, using the 'CBS, CIA' mnemonic (Comparable Better Subtract, Comparable Inferior Add). - The distinct difference between Reproduction Cost (an exact replica) and Replacement Cost (the same utility with modern materials). - How to identify the three types of depreciation: physical deterioration, functional obsolescence, and external obsolescence. - Why external obsolescence is always considered incurable from the property owner's perspective, a common exam scenario. - The cost approach formula and the fundamental principle that land value is added at the end and is never depreciated. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep