The REL is the remaining expected economically productive life span of the structure. Estimate the market rent of the subject property. Economic life is the expected period of time during which an asset remains useful to the average owner. $85,000 X 2 = $170,000. $350,000 X .2 = $70,000 (current building value). Which of these items is not required by Fannie Mae to be included as an exhibit in an appraisal report? required data Physical deterioration and functional obsolescence, external obsolescence A property sold for $2,350,000. 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. "Improved land or a lot in a finished state so that it is ready to be used for a specific purpose". report the final opinion of value Which of the following would NOT be general data? gross building $126,000 $1,200 = 105. 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. easement By the capitalized value method, how much is the depreciation attributable to the lack of air conditioning? The cost to cure deferred maintenance items is $670. An ADU is generally an additional living area independent of the primary dwelling that may have been added to, created within, or detached from the primary dwelling. The total remaining economic life of a home is calculated by subtracting the effective age of the home from its total economic life. $305,000 X .231 = $70,455. The area associated with a subject property that contains it's direct competition is the definition of: General data includes items of information on value influences that originate outside the property being appraised. financing An appraisal could be performed under the presumption that the tank is not leaking and the property is not contaminated. What is the land value? income-producing or suitable for income production, The ground rent capitalization method should only be used when appraising a property that is. Drilled wells need to use __________ until the drilling enters ___________. The anticipated income from all operations of the real property after an allowance is made for vacancy and collection losses is the definition of blank income. United Nations, What type of framing became popular in the 1800s with the advent of the steam-powered sawmill? It is easy to use and easy to explain to a client. consumption "A method of estimating land value in which the depreciated cost of the improvements on an improved property is calculated and deducted from the total sale price to arrive at an estimated sale price for the land" is the definition of the ___________ method of site valuation. When measuring a condominium you should calculate ____ using _______ measurements. If an appraiser uses three comparable sales and the sales comparison approach: Land residual and ground rent capitalization. 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? specific data only credible True or false: qualitative analysis is used for elements that cannot be given a numerical value. quantity survey Explain your reasoning. definition of value pH A comparable new house just sold for $340,000. net operating income, "The estimated cost to construct, at current prices as of the effective appraisal date, an exact duplicate or replica of the building being appraised, using the same materials" is the definition of _______________ cost. fee simple estate Short lived items Cost is $20,000 and depreciation on the short lived items has been identified . These amounts are included in the balance of cash of $3,051 reported by the bank as of the end of August. There are curable items totaling $45,000. Events, B4-1.3-05, Improvements Section of the Appraisal Report, How to do a hard refresh in Internet Explorer. Comparable houses with air conditioning, rent for $1,100 per month. forced warm air. 4. True or false: expense ratio information is easier to obtain on single unit residential properties than commercial properties. When using the sales comparison method and valuing aside, adjustments should be made for differences that are _____. $560,000 - $65,000 = $495,000. The method that treats the land value as a percentage of the total value is the __________ method. expected remaining economic, remaining economic unit-in-place, The ________ approach is particularly applicable in the appraisal of special purpose properties. By extraction, what is the value of the land? quality Center, Apps vacant lots "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, A partial estate could be created by the existence of all the following EXCEPT. A single parcel is valued at $450,000. fee simple indirect Which would not be a sub-step in defining the problem? subdivision development 201.8 133.6 = 1.51. Site development costs (sewer, grading, road, etc.) 3. What is the land value? quantity survey 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. What are the three general types of depreciation? In short, it is a quick and easy way to estimate straight-line physical depreciation. grayfield ), the report date (Date Reported), and the name of the subdivision (Subdivision). An appraisal prepared for REO purposes, loan servicing consideration, or any What step of the sales comparison process involves considering these indications and arriving at an indication of value for the subject? The company will use the straight-line method to report the amortization of the software. any cause. That is the most complex and involves discounted cash flow analysis. And what type of heating system would you find an expansion tank? depreciated cost, plus site value $375,000 - $70,000 = $305,000 (land value). 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. When measuring a condominium you should calculate blank using blank measurements. $305,000 - $70,455 = $234,545. The URAR sales comparison grid requires you to enter in the _________ age of the subject property and comparables. a. the total amount to be charged (debited) to expense over an asset's useful life. That is the standard today. economic Market conditions adjustment to comparable sale should always be calculated from the time of the _____ to the _____. It has an effective age of 20 years and a total expected economic life of 65 years. This is an example of _____ adjustment. plus depreciation, plus site value site ground rent capitalization and subdivision development It is common and appraisal reports to include a map that shows the location of the: Map stats is a feature of which agency federal website? Which would not be an example of a sales or financing concession-when the seller: The total adjustment to each comparable sale price calculated in absolute terms is the definition of _____ adjustment. balloon frame What type of framing became popular in the 1800s with the advent of the steam-powered sawmill? When the home resold it had not been improved at all. Mode. leasehold interest cost new, plus site value, Appraisal fees are examples of _______________ costs. The most commonly used method for valuing sites is the ____________ method. Income can be capitalized into value by dividing by a _____ or multiplying by a _____. "The estimated cost to construct, at current prices as of the effective appraisal date, an exact duplicate or replica of the building being appraised, using the same materials" is the definition of _______________ cost. Segregated cost method is another name for the _________ method. 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. 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. useful True or false? 10 __________ occurs within a property; while _________occurs off the site. A house is rented for $1,050 per month, but lacks air conditioning. Hot Water Heat. -Rehabilitation is not feasible. Which of these elements in the adjustment process does not apply primarily to commercial or income producing properties? Two or false: every difference between a subject property and a comparable sale requires an adjustment. The most common type of framing in residential construction today is. actual A square contains enough shingles to cover 100 square feet. Remaining Economic Life Change Date February 22, 2019 This Chapter has been revised in its entirety. If they cost manual us use the result is _____ cost. "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. pier, A property sold for $250,000. Market condition adjustments should always be calculated from the time of the ________ to the ___________. 8,000 square foot residence After all, the borrower should be able to sell the property at a reasonable rate as determined by current market conditions at any point during the lifetime of the FHA loan. replacement, Today the _______________ technique of site valuation is used primarily in highest and best use analysis. Today the _______________ technique of site valuation is used primarily in highest and best use analysis. sales comparison If the property does not warrant a long-term The company estimates that 150 hours will be required to complete the project. Inflation is high, so why arent mortgage rates higher? Early ductless heating systems were called, "An element of comparison in the sales comparison approach; comparable properties can be adjusted for differences in the motivations of either the buyer or a seller in a transaction" is the definition of, "Details about the property being appraised, comparable sale and rental properties, and relevant local market characteristics" is the definition of, 8 X $50,000 = $400,000. Besides properties that have recently sold, other value . $305,000 The most common unit of comparison for land in rural areas is price per _______. Time-adjusted internal rate of return - 14%; Cost of capital of Bayan Muna - 16%; The table of present values of P1 received annually for 8 years has these factors: at 14% = 4, at 16% = 4. It is a generic form, The summation approach is another name for the _______________ approach. effective date of value "Industrial Designs has been awarded a contract to design a label for a new wine produced by Lake View Winery. Example 1. net leasable, A house is rented for $1,050 per month, but lacks air conditioning. Those are the correct limits. expected $197,450 2,448 = $80.66. "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. condemnation appraisals It has 2,030 square feet of GLA. Since both the lease payments required during the lease and the purchase option price are fixed, Lessee Corp can combine these cash flows with its estimate of the property's fair value to determine that the interest rate Lessee Corp incurs during the lease is 9. . When it cannot do what it is required to do . deed restrictions What is another name for the cost approach? $294,640 $2,350,000 = .125 or 12.5%. capital d. the acquisition cost of the asset. suitable for a single-family homesite Draw the budget constraint showing the trade-off between dining hall meals and Cups O Soup. tenancy in common A short-lived item is a building component with an ___________ life that is shorter than the ___________ life of the entire structure. 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. Which of the stages in the life cycle of a market area does not always occur? HUD/FHA requirements for market value estimates are as follows: o The appraiser must appraise the property to determine market . GBA, exterior, Which of the following would NOT be general data? The current cost index is 221.8. builder's profit What amount should be shown in Carson's balance sheet at December 31, 2007, net of accumulated depreciation, for this machine? Why does an appraiser need as much information as he can get about rental comparables? Site by, The new, must-have technology thats tackling lendings greatest challenges. estimates and will comment on the methodology used to estimate depreciation, effective age and remaining economic life. 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. $75,000 X 2 units = $150,000. GRMs are derived by dividing the __________ by the property's ___________ at the time of sale. Mean. highest and best use analysis $4,750 What is its value by the cost approach? determine the scope of work, Which would NOT be a form of concurrent ownership? The number of years that have a lab since the building was constructed is it's: Effective age is the same as chronological age. easements If appraisers report this information, lenders do not need to consider remaining economic life because any related property deficiencies will be discussed in the sections of the appraisal report that address the improvements analysis and comments on the condition of the property. 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. An estimate of remaining economic life is required by. replacement, A _______________ home is built in accordance with the HUD Code. 201.8 133.6 = 1.51. While humans started gathering grains at least 105,000 years ago, nascent farmers only . buildable Condos in your market area sold for a median price of $195,320 twelve months ago and the median price of condos for the current month is $219,540. Maybe equal to, greater then, or less than. improvements only, A short-lived item is a building component with an ___________ life that is shorter than the ___________ life of the entire structure.

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