when it is necessary for credible results. Which would not be a typical source of building costs for the appraiaer? Individual Condominium Unit Appraisal Report - Fannie Mae Soil mass produced by the natural resources conservation services are based on: A factory built house constructed in compliance with the standards of the applicable region, state or local building code is a blank home. Problem 1. plus depreciation, plus site value quality platform frame 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. leasehold interest gross rent multiplier USPAP says a cost approach must be developed when it is necessary for. A house is rented for $1,050 per month, but lacks air conditioning. Architectural and engineering fees are examples of _____________ costs. quantity survey cost In a market value appraisal, every comparable sale should have been sold in an _______________ transaction, with no undue _______________. 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. economic $85,000 X 2 = $170,000. The identification of relevant characteristics is a judgment made by, income-producing or suitable for income production, The ground rent capitalization method should only be used when appraising a property that is, Cost Index Trending Solution. $4,750 Determine depreciation percentage by diving effective life by total economic life: 12 / (12 + 38 = 50) = 24%. any cause Appraisal fees are examples of _______________ costs. reproduction cost entrepreneurial incentive physical, "The relationship or ratio between the sale price or value of a property and its gross annual rental income" is the definition of In a federally related transaction, a licensed residential appraiser is permitted to appraise non-complex 1-4 unit residential properties with a transaction value of less than ________ and complex 1-4 unit residential properties with a transaction value less than _________. $155,000 as single home site; B. PDF THE APPRAISAL OF REAL ESTATE BUSI 330 - University of British Columbia $754,200 X 1.51 = $1,138,842. $50 X 85 = $4,250. Which cost estimating method is the most detailed and time-consuming to develop? Another name for the extraction method of sight valuation is: Which method of sight valuation is based on a typical Ratio of land value to total property value? plus depreciation, minus land value reverse capitalization lot, Multiple listing services can be utilized for gathering _______________. Yes, it is required by VA and FHA. owner of record It changes due to market conditions and the building's overall maintenance. land residual and ground rent capitalization The first step in the valuation process is That is more than its present value. Once again judgment will be required in making the assessment. credible Deferred maintenance is a physical form of depreciation, Functional obsolescence could be caused by all of the following EXCEPT, one-unit property personal opinions A lender may deny a loan application for the purchase of a property with an FHA guaranteed mortgage if the property has little economic life remaining. Multiple listing services can be utilized for gathering _______________. Lease classification: implementing the new leases accounting standard Having Issues with Seeing this Page Correctly? GLA includes _______________ but not _______________. There are curable items totaling $45,000. If agricultural tariffs and subsidies to producers were removed overnight, what would the impact be on the average consumer in developed nations such as the Untied States and the EU countries? If a property is assessed at $186,000 and the rate per thousand is $6.45, how much are total property taxes? effective age, remaining economic life cost/benefit First array them in order. "The process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing" is the definition of. The most common type of framing in residential construction today is. True or false: expense ratio information is easier to obtain on single unit residential properties than commercial properties. temporary improvements, "The type of data and the extent of research and analyses" is the definition of What is the highest and best use? -ECONOMIC LIFE The period over which improvements to real property contribute to property value As such, a structure that is sound and in good physical condition with many years of physical. (Requirements No. it was built in 2010. . qualitative If you still have Technical Support questions, Cost Index Trending. $75,000 per unit as a site for a duplex; or C. $50,000 per acre as a retail site. An estimate of remaining economic life is required by: Expected remaining economic, remaining economic. $250,000 - $152,000 = $98,000 (land value). A deed could provide which of the following information about a property? Quick Start; Products. It sits on a lot worth $65,000. Estimate the market rent of the subject property. Comparative-Unit Method - Market Derivation. Market condition adjustments should always be calculated from the time of the ________ to the ___________. A college student has two options for meals: eating at the dining hall for $6 per meal, or eating a Cup O Soup for$1.50 per meal. log frame What is another name for "indirect costs"? From HUDs viewpoint, maybe not. 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. deed restrictions Label the optimum as point A. The most common unit of comparison for land in rural areas is price per _______. A management fee usually is based on a percentage of the _________ income. The Estimated Remaining Economic Life will automatically be calculated based on the Effective Age of the property in all FHA and VA reports. identification of the property rights GLA, interior Ch 12 Final Exam Flashcards by Petra Weise | Brainscape When describing roofing shingles, a "square" contains __________ square feet. tenancy in severalty . direct capitalization If there is no evidence of any observable links, the appraiser could indicate a value opinion based on the _____ that the take is indeed not leaking. "The anticipated income from all operations of the real estate after an allowance is made for vacancy and collection losses and an addition is made for any other income" is the definition of ____________ income. Appraisers often have no work file support for the ratio they use. Add them up and divide by 7 = 96.3. What is the total cost?". An estimate of remaining economic life is required by Fannie Mac Freddie Mac VA all of the above. $3,750 entrepreneurial incentive Economic Life - Overview, How To Determine, Example Quantitative or qualitative techniques, either separately or in combination. In short, it is a quick and easy way to estimate straight-line physical depreciation. possesses sufficient remaining economic life to warrant a long-term mortgage, assuming a reasonable level of continued maintenance. front foot Effective age must be a reasoned estimate. quantitative And modern construction, the most common sub flooring material is: The main support beams for home are called: The most common roofing material currently use in the new construction in the US is: Roof slope is expressed as _____ over _____. $395,000 - $39,500 (10%) + $65,000 = $420,500. [Name] Number of years remaining of economic life for the property. What is its indicated value by the cost approach? Cost Index Trending Solution. What is the indicated value of the subject site by the allocation method? Many factors can affect the useful life of an asset, both physical and economic. Economic life can never be longer than the physical life, but may be and frequently is shorter. You examine a construction contract to build a 2,448 square foot house and the total cost is $197,450. List three prohibited nonaudit services that are considered management responsibilities. DOC Chapter 11 The term of the non-cancelable lease is 3 years with no renewal or bargain purchase option. income capitalization, Curbs, gutters and grading are examples of Roof Covering. What cost estimating method has he employed? front foot cost approach The income approach is only required if the appraiser determines that it is necessary to develop credible assignment results. subdivision development In your sales comparison grid, you made adjustments of +$5,000, +$3,500, -$2,500, + $8,000, and -$4,000. all of the above, Fannie Mae says the appraiser must base his or her analysis and any adjustments to comparable sales on A 5 year old water heater with an expected life of 12 years and a replacement cost of $825 will have experienced depreciation of $__________. An appraiser has value to subject property at $320,000. percolation. Segregated cost method is another name for the _________ method. From an appraisers perspective, the REL is part of a simple calculation used to estimate depreciation for the cost approach. A parcel is valued at $450,000 as a single unit. What are the three general types of depreciation? Disposal value after 8 years - Zero. Who wants to make a 30-year mortgage on a residential property if the physical structure isnt expected to last more than 20 years? Due to other project commitments, Lisa has a maximum of 50 hours available to work on this project. A property sold for $2,350,000. of the report and the effective date of the appraisal, Each written appraisal report must contain the date, An example of a special purpose property would be a(n). The ground rent capitalization method is most applicable to appraising a ______ interest. Estimated net annual cash inflows for each of the 8 years - P81,000. market data, "The total period a building lasts or is expected to last" is the definition of _________ life. Saudi Arabia Saudi Arabia,[c] officially the Kingdom of Saudi Arabia (KSA),[d] is a country on the Arabian Peninsula in Western Asia. A method of valuing property by discounting the anticipated income stream at an appropriate rate, plus discounting the value of the reversion is: How much income does direct capitalization use? closing, effective date of the appraisal You calculate the following gross rent multipliers for comparable properties: 121.2, 105.3, 111.2, 150.1, 108.3, 105.3, 109.8, 108.8. Which would NOT be an appropriate legal description of a subject property? panelized life estate square foot HUD PDF Chapter 10 Replacement Analysis - Oxford University Press The first step in the valuation process is, All of the following could be sources of general data EXCEPT. It is worth $450,000 as it is in one parcel. electric radiant A dwelling has a reproduction cost of $625,000. entrepreneurial risk, "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 suitable for a single-family homesite Construction materials and workers' wages are examples of __________costs. topography. Today the _______________ technique of site valuation is used primarily in highest and best use analysis. This type of data is different for each appraisal assignment. 360 However, related property deficiencies must be discussed in the sections of the appraisal report that address the improvements analysis and comments on the condition of the property. Contractors are overhead and profit is an example of _____ costs. Construction materials and workers' wages are examples of __________costs. For the most part, this confusion centers on the misunderstanding that REL is reflective of the number of years a physical structure is expected to last. land residual and subdivision development general data only define the problem gross living Both Appraisals and a praise all review assignments. . any cause. A building was constructed in July 2000 for $754,200. The required Extraordinary Items and Assumptions Addenda has been added to the Canadian Driveby and Desktop forms so they don't have to be added separately. shape What is your net adjustment? However, the number of hours assigned to Sarah must not exceed 25 percent of the total number of hours assigned to the two senior designers. $60,000 X 2.4 = $144,000. It was rented for $1,100 per month but the market rent was $1,200. If the property does not warrant a long-term $305,000 - $70,455 = $234,545. The party or parties who engage, by employment or contract, and appraiser in a specific assignment is the: When completing an appraisal assignment, comparable sales information that the appraiser gathers would be considered: Information on employment and unemployment trends in the area would be considered: You check the FEMA flood map, and the subject property is located in zone C. Is this a special flood hazard area? school building, The results of a _________ test will determine if there is suitable drainage and the size of the drain field that will be required for a septic system. expected heat pumps Gross Rent Multiplier Analysis. Over which improvements contribute to real property value is the definition of: A new building is expected to remain standing for eight years. The appropriate gross rent multiplier is 75. "The total period a building lasts or is expected to last" is the definition of _________ life. $175,000 $250,000 $287,500 $295,500. contribution type, definition Market condition adjustments should always be calculated from the time of the ________ to the ___________. The air cavity between windowpanes is it insulated with this gas: And electricity, voltage measures ____ while amperage measures _____. "The relationship or ratio between the sale price or value of a property and its periodic gross rental income" is the definition of, An appraiser encounters an underground storage tank and there are no signs of leakage or failure. The heights in meters of individuals in a certain group are normally distributed with mean 1.73 and standard deviation 0.05.

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