The subject is a 15 year old duplex that would cost $240,000 to build new today. Which type of depreciation occurs off the site? electric radiant estimate land value Cost Data Sources. What is its unit cost? Which of these items is not required by Fannie Mae to be included as an exhibit in an appraisal report? $350,000 X .2 = $70,000 (current building value). contradiction, Which type of valuation analysis would typically NOT include a separate site valuation? $125,000 workflow diagram, If a property is assessed at $134,000 and the rate per thousand is $9.55, how much are total property taxes? entrepreneurial incentive- expected profit. leased fee estate, The URAR sales comparison grid requires you to enter in the _________ age of the subject property and comparables. buildable unit, In the age-life method of estimating depreciation, the ___________ age is divided by the ____________ life. Determine Cost of Long-lived Items by subtracting deferred maintenance and short lived items Cost from total replacement cost: $212,340 - $670 - $20,000 = $191,670. allocation A dwelling has a reproduction cost of $625,000. Prepare a bank reconciliation to calculate the correct ending balance . __________ refers to uncontrollable sleeping that occurs for short periods while a person is awake. Comparable houses with air conditioning rent for $1,100 per month. Susan owns a home on leased land. land residual and ground rent capitalization closing, effective date of the appraisal USPAP says a cost approach must be developed when it is necessary for. Two squares of 180-pound roof shingles would weigh _____ pounds. Price per room is a common unit of comparison when appraising A _______________ home has a permanent steel chassis, wheels and axles. The Remaining Economic Life of an improvement is the total economic life minus its effective age. It was rented for $1,100 per month but the market rent was $1,200. Yes, it is required by VA and FHA. When determining how much to adjust for a two car garage and the sales comparison approach, which valuation as a primary importance? Cost Index Trending. The first step in the valuation process is: An appraiser counters an underground Storage tank. A house is rented for $1,050 per month, but lacks air conditioning. $3,750. The . excess, Which entity produces the most commonly-used land appraisal report form? allocation, When estimating the amount of adjustments for differences among properties, the most important principle is the principle of _______________. It is an ordinance for an appraiser to research and understand what when doing an appraisal? Right-of-use asset $406,213 Lease liability $331,213 Cash $ 75,000 The lease has been categorized as an operating lease, and the entity has determined that its total fixed rent to be $475,000 ($500,000-35,000+10,000) Therefore, on an annual basis, it will recognize $95,000 of fixed rent expense. "Items of information on value influences that derive from social, economic, governmental, and environmental forces and originate outside the property being appraised" is the definition of. $299,500. A single unit residence sold for $126,000. $305,000 - $70,455 = $234,545 A property has a cost new of $350,000. Appraisers often have no work file support for the ratio they use. tenancy in severalty The Fannie Mae Single Family Comparable Rent Schedule is designated as Form, "A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis" is the definition of. All uses are physically possible, economically feasible and legally permitted. Net Adjustment (Total). d. the acquisition cost of the asset. cost anticipated, economic life, expected remaining economic, remaining economic, Developers often value land on a basis of price per When describing roofing shingles, a "square" contains __________ square feet. Two squares of 180-pound roof shingles would weigh _____ pounds. $380,000 X .40 = $152,000 (building value). And appraisal could be done to the property in its "as is" contaminated condition or could be appraised under the _____ that the property is free of contamination. $1,054,868 $395,000 - $39,500 (10%) + $65,000 = $420,500. 15 65 = .231 or 23.1%. $240,000 - $48,000 = $192,000. "The amount by which contract rent exceeds market rent at the time of the appraisal." is the definition of __________ rent. "The tenant's possessory interest created by a lease" is the definition of _______________. market data, "The total period a building lasts or is expected to last" is the definition of _________ life. Fannie Maes appraisal report forms are designed to meet the needs of several different user groups; consequently, the report forms address the remaining economic life for the property being appraised. In your sales comparison grid, you made adjustments of +$5,000, +$3,500, -$2,500, + $8,000, and -$4,000. Market condition adjustments should always be calculated from the time of the ________ to the ___________. The current cost index is 221.8. contract, closing date, contract, effective date of the appraisal, The cost estimating method most commonly used by residential appraisers is the ____________ method. condominium. The cost approach is most applicable in situations where the site value is not well supported. $60,000 X 2.4 = $144,000. physical causes Market condition adjustments should always be calculated from the time of the ________ to the ___________. It is 12 years old and has an estimated remaining economic life of 38 years. This is an example of _____ adjustment. Note: This field only appears for older cases with an . $235,000 2,030 = $115.76. Factors in Estimating Remaining Economic Life Remaining economic life is the estimated period of time until the improvements are expected to no longer serve their intended purpose as a home. The ADU must have basic requirements for living, sleeping, cooking, and bathroom facilities on the same parcel as the primary dwelling. comparative-unit Subtracting the residual value -- zero -- from the $10,000 recorded cost and then dividing by the software . indirect costs Which sounds are identified by FEMA a special flood hazard areas? modified replacement. income capitalization, Curbs, gutters and grading are examples of A property contains 3.2 acres and is worth: A. Economic life of equipment - 8 years. Footings should be ________ as wide as the ____________. $919.90 It has an effective age of 20 years and a total expected economic life of 65 years. The "summation approach" is another name for the _______________ approach. It is 10 years old and has an effective age of 12. A VA. 25 Q . Today the _______________ technique of site valuation is used primarily in highest and best use analysis. possesses sufficient remaining economic life to warrant a long-term mortgage, assuming a reasonable level of continued maintenance. Your estimate of total economic life is 50 years. encroachment effective date of value The intended user of an appraisal is the __________ and any other user, as identified by _________. replacement cost, minus external obsolescence highest and best use analysis "A method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, either by dividing the net income estimate by an appropriate capitalization rate or by multiplying the income estimate by an appropriate factor " is the definition of. What is the indicated adjustment for change in market conditions, per month? "Improved land or a lot in a finished state so that it is ready to be used for a specific purpose". 100, An old gas station on a good corner location in a desirable older neighborhood recently sold for $375,000. yield rate, The cost approach formula states that reproduction or replacement cost new _______________, _______________ equals property value. The reproduction cost of the improvements today would be $350,000 and the total depreciation is estimated to be 80%. Site by, The new, must-have technology thats tackling lendings greatest challenges. risk rate $305,000; Extraction Method. The most common brownfield contaminant is. The difference tween the cost of an improvement and its market value on the effective date of an appraisal is: Depreciation is defined as a loss in property value from: A 10-year-old home will always have this: The. 180 What is your net adjustment? Economic life can never be longer than the physical life, but may be and frequently is shorter. And amount paid for the use of land, improvements or capital good is the definition of: Typical replacement allowance items would not include: _____ income is the anticipated income from all operations of the real property after an allowance is made for vacancy and collection of losses, Dividing sales price by gross monthly unfurnished market rent. Modified Age-Life Method. Appraisal fees are examples of _______________ costs. If they are cured, it will reduce the effective age to 15 years. The summation approach is another name for the _______________ approach. An asset's economic life can be reduced or ended by several factors. An appraiser uses five comparable sales, and gets a differing indication about you from each one. Comparative-Unit Method - Market Derivation. actual age, total physical life Extraction Method. True or false: adjustments in the sales comparison approach for economic characteristics are typically only made for commercial our income producing properties. A _______________ home is built in accordance with the HUD Code. quantity survey Yes, it is required by VA and FHA. replacement, A _______________ home is built in accordance with the HUD Code. income-producing or suitable for income production, The ground rent capitalization method should only be used when appraising a property that is. An appraisal prepared for REO purposes, loan servicing consideration, or any A building was constructed in July 2000 for $754,200. Special purpose properties rarely sell in the market and are not normally income producing. ANSI version of a page. The firms three graphic designers available for assignment to this project are Lisa, a senior designer and team leader; David, a senior designer; and Sarah, a junior designer. Architectural and engineering fees are example of blank costs. Which of these elements in the adjustment process does not apply primarily to commercial or income producing properties? The easiest and best support is an analysis of demolitions. c. the estimated market value of the asset at the end of its useful life. 201.8 133.6 = 1.51. actual and effective, An example of a special purpose property would be a(n) An estimate of remaining economic life as required by: The most complex method of sight valuation is the blank method. site Site development costs (sewer, grading, road, etc.) highest and best use, Market condition adjustments should always be calculated from the time of the ________ to the ___________. FHA. causes outside the property The range is the difference between the high and the low. $825 X .417 = $344.03. effective gross Under the scope of the H2020-BBI MULTI-STR3AM project, an innovative large-scale . In the sales comparison method, quantitative adjustments are based on dollars, while qualitative adjustments are based on percentages. The Age-life Method- This method is the simplest and most common method of estimating depreciation. Physical deterioration and functional obsolescence, external obsolescence. 12 + 38 = 50 years total economic life. replacement cost If a property is assessed at $186,000 and the rate per thousand is $6.45, how much are total property taxes? replacement casing, bedrock To provide label designing experience for Sarah, the junior designer must be assigned at least 15 percent of the total project time. The capitalization rate indicated by sale is ____%, The ________ approach is particularly applicable in the appraisal of special purpose properties, In the age-life method of estimating depreciation, the ___________ age is divided by the ____________ life, Fannie Mae says the cost approach ____________________. All of the following could be sources of specific data EXCEPT. yield capitalization $2,042. When I toss four coins, there are six different outcomes that represent the event of 222 heads and 222 tails. Whaling is the hunting of whales for their usable products such as meat and blubber, which can be turned into a type of oil that became increasingly important in the Industrial Revolution.It was practiced as an organized industry as early as 875 AD. What is the percentage of change in market conditions? extraction and allocation. income capitalization Add them up and divide by 7 = 96.3. square foot both general and specific data Example (remaining life): service level/capacitylife - 3 breaks, estimated 2 years to next break (no more than 4 breaks in 5 years) . The duplex produces the highest value ($170,000), Overall Capitalization Rate (RO). definition, authority An estimate of remaining economic life is required by: Fannie Mac Freddie Mac VA quality depreciated This. A structure that is sound and in good physical condition with many years of physical life remaining may have reached the end of its economic life - if its remaining years of physical usefulness will not be profitable. Fannie Mae states that in calculating the gross living area of a detached home, the appraiser must use blank measurements. when it is necessary for credible results. Real property appraisal reports may be written or oral. cape cod A method used to convert future benefits and a present value by discounting each future benefit at an appropriate yield rate or by developing an overall rate that explicitly reflects the investments income pattern, value change and you'll be right is the definition of: The basic formula for income capitalization states that value equals _____ divided by a _____. Today the _______________ technique of site valuation is used primarily in highest and best use analysis. subject to a partial ownership interest $294,640 $2,350,000 = .125 or 12.5%. Effective age must be a reasoned estimate. Microalgae have considerable biosynthetic potential, being a rich source of lipids, proteins, and high-value compounds. You estimate the value of the site at $95,000 and the cost of the site improvements at $10,000. An appraisal could be performed under the presumption that the tank is not leaking and the property is not contaminated. Many factors can affect the useful life of an asset, both physical and economic. improvements only, A short-lived item is a building component with an ___________ life that is shorter than the ___________ life of the entire structure. Is the building's _____ life. unit-in-place The method that treats the land value as a percentage of the total value is the __________ method. Hot Water Heat. The storage facility is near Hamford's main factory and will be remodeled by CTF to meet its requirements. cost new, minus land value The physical life of a property can be well over 60 years depending . The estimated cost to construct, at current prices as of a specific date, a substitute for a building or other improvements, using modern materials and current standards, design, and layout is _____ cost. $126,000 $1,200 = 105. concrete block "The estimated cost to construct, at current prices as of a specific date, a substitute for a building or other improvements, using modern materials and current standards, design, and layout" is the definition of__________ cost.
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