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"Heterogeneous" means that something is made up of different parts or elements that are not alike. In the context of real estate appraising, it refers to properties or characteristics that are dissimilar, or not the same. This can make it more challenging to determine the value of a property, as there may be fewer comparable properties or sales to use as a basis for comparison.
For example, a real estate appraiser may find it difficult to determine the value of a mixed-use property that includes both residential and commercial units, as there may be fewer comparable properties that have a similar mix of uses. Similarly, appraising properties in different neighborhoods or cities can be challenging, as the local real estate markets may have different characteristics and demand factors.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Heterogeneous means that things aren't the same,
They're different in parts, they're not part of a game.
In real estate, it means that properties too,
Can have differences, which can make things askew.
Appraising a property that's quite diverse,
Can be tricky, and you might feel like you're in reverse.
Mixed-use or unique, there may be few,
Comps to compare, and value to pursue.
So remember, my friend, when things aren't quite right,
Heterogeneous might be causing a fright!
But with careful analysis, and skills to behold,
You can appraise any property, whether hot or cold!