an estimate of remaining economic life is required by
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. A property contains 2.4 acres and is worth: A. front foot general data only By extraction, what is the value of the land? For appraisals prepared using the UAD, quality of construction for the subject and comparables is rated using: The Fannie Mae URAR form is designed to report an appraisal of: An appraisal of which of these types of properties would not be reported using the Fannie Mae URAR form? reproduction cost If they cost manual us use the result is _____ cost. The first step in the valuation process is: Extraordinary assumption An appraiser counters an underground Storage tank. vacant lots What is the highest and best use? Once bedrock is reached, the sides of drilled hole in the rock serves as a casing, to prevent collapse. What type of property is most likely to be appraised using a gross income multiplier? 360 The cost to cure deferred maintenance items is $670. the subject property and the comparable sales, Fannie Mae requires a single-unit residential appraisal report to include photographs of, contract, effective date of the appraisal. Keyways are employed in which type of foundation walls? A hard refresh will clear the browsers cache for a specific page and force the most recent The cost index at that time was 138.5. cost 2) the service to be provided (material handling) is required forever. Determine depreciation percentage by diving effective life by total economic life: 12 / (12 + 38 = 50) = 24%. effective Depreciation was computed on the sum-of-the-years'-digits method. When using the sales comparison method and valuing aside, adjustments should be made for differences that are _____. 50 External obsolescence and physical deterioration, functional obsolescence, Physical deterioration and functional obsolescence, external obsolescence, The ground rent capitalization method should only be used when appraising a property that is comparative-unit mass appraisal, An appraisal with an effective date at some point in the future is called a(n) ___________ appraisal. contradiction, Which type of valuation analysis would typically NOT include a separate site valuation? $197,450 2,448 = $80.66. Asset wear, degradation, or damage reduces an asset's economic life. The reproduction cost of the improvements today would be $350,000 and the total depreciation is estimated to be 80%. It is 5 years old and has sustained a total of 10% depreciation. $1,118,800 $305,000 Saudi Arabia Saudi Arabia,[c] officially the Kingdom of Saudi Arabia (KSA),[d] is a country on the Arabian Peninsula in Western Asia. definition, authority 100, An old gas station on a good corner location in a desirable older neighborhood recently sold for $375,000. closing, effective date of the appraisal The income approach is only required if the appraiser determines that it is necessary to develop credible assignment results. For things should be at least _____ average frost penetration levels. When describing roofing shingles, a "square" contains __________ square feet. Which cost estimating method is the most detailed and time-consuming to develop? definition of value $350,000 - $45,000 = $305,000. HUD/FHA requirements for market value estimates are as follows: o The appraiser must appraise the property to determine market . Multiply the Cost of the Long-Lived Items by the depreciation percentage: $191,760 X 24% = $46,000. Segregated cost method is another name for the _________ method. The ADU must have basic requirements for living, sleeping, cooking, and bathroom facilities on the same parcel as the primary dwelling. The . land residual and subdivision development You examine a construction contract to build a 2,448 square foot house and the total cost is $197,450. The second phase of the neighborhood lifecycle is: True or false: an appraiser can adjust the comparable sale to account for differences and the motivation of the buyer or seller in the transaction. $50 X 75 = $3,750. encroachment Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. financing The company will use the straight-line method to report the amortization of the software. minus depreciation, plus indexed costs State and Local condominium. Certain classes of assets, like machinery, come with an expiration date. cost Is the building's _____ life. "The amount by which contract rent exceeds market rent at the time of the appraisal." is the definition of __________ rent. land residual and ground rent capitalization percolation What is the highest and best use? A home sells in January for $240,000 and sells again in November for $252,000. "Improved land or a lot in a finished state so that it is ready to be used for a specific purpose". ANSI leased fee estate, The URAR sales comparison grid requires you to enter in the _________ age of the subject property and comparables. 10 50 = .20 or 20% depreciation. United Nations, What type of framing became popular in the 1800s with the advent of the steam-powered sawmill? ground rent capitalization property tax rates, When describing roofing shingles, a "square" contains __________ square feet. Comparable houses with air conditioning, rent for $1,100 per month. The estimated economic life is 40 years, hence after 40 years the value of the house would be 0. Which of the following would NOT be a common adjustment made in sales comparison when appraising land? USPAP says a cost approach must be developed when it is necessary for. would cost $65,000. cash equivalency, "Expenditures or allowances for items other than labor and materials that are necessary for construction, but are not typically part of the construction contract" is the definition of A house is rented for $1,050 per month, but lacks air conditioning. fee simple hot water $235,000 2,030 = $115.76. Hot Water Heat. In most residential appraisals, the appraiser values, sale price, gross monthly unfurnished market rent. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on SMS (Opens in new window), 2006-2023 HW Media, LLC. The reproduction cost of the improvements today would be $350,000 and the total depreciation is estimated to be 80%. estimate land value Soil maps produced by the natural resources conservation service or based on: If an appraiser uses a cost manual to estimate cost new for a property, the result is: The summation report is another name for the blank approach. potential net Marshall and Swift categorizes reinforced concrete frame commercial structures as class blank. Does it go far enough? The summation approach is another name for the _______________ approach. potability The physical life of a property can be well over 60 years depending . A comparable new house just sold for $340,000. ), the report date (Date Reported), and the name of the subdivision (Subdivision). 1 - Radon, Mold, a, FL Trainee Appraiser - Ch. To make sure that accurate and appropriate comparisons are made. owner of record hypothetical condition Most appraisers do not possess the level of expertise needed to apply the quantity survey method of cost estimating. A house cost $395,000 to build new. However, their remaining economic life can be low if it is more profitable to remove the dated improvements and build a new structure that provides the modern features and amenities the market demands. "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. 109.2 - 84.5 = 24.7. Estimated Remaining Economic Life of this property is . It has 2,030 square feet of GLA. Either can be used when the property is income producing. The first step in the valuation process is: An appraiser counters an underground Storage tank. log home wood vinyl Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. A management fee usually is based on a percentage of the _________ income. When developing an appraisal, you calculate the following GRMs for comparable properties: 94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. Susan owns a home on leased land. consumption The cost approach is primarily based on which valuation principal? depreciated cost, plus site value The Economic Age/Life Method (also called the straight-line method) is the most common depreciation technique employed by residential appraisers. If Remaining Economic Life is 40 years, the market is paying 67% of replacement cost (40 / 60). With you and capitalization the overall value is estimated by adding together the _____ and the _____ of the reversion of capital. $75,000 X 2 units = $150,000. $250,000 - $152,000 = $98,000 (land value). A house has a total cost new of $212,340. Want to know what the data says about how long you'll live? Which of these is not one of the traditional coat estimating methods? Condemnation occurs when a municipality exercises, An estimate of remaining economic life is required by. From HUDs viewpoint, maybe not. 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. If a comparable property sells with atypical financing, we may have to make an adjustment for ___________. anticipated, economic life, expected remaining economic, remaining economic, Developers often value land on a basis of price per Actual age of property is 11 years. unit-in-place, The ________ approach is particularly applicable in the appraisal of special purpose properties. 15 65 = .231 or 23.1%. J-bolts are used to anchor the _________ to the __________. d. the acquisition cost of the asset. Having Issues with Seeing this Page Correctly? personal opinions A VA. 25 Q . Find the probability that an individual from this group is taller than 1.83. Both Appraisals and a praise all review assignments. Gross building area (GBA) is used as a unit of measurement: True or false: it a residential appraisal, the comparable sales must always be located in the same market area As the subject.
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