The summation approach is another name for the _______________ approach. Which is the highest and best use? site 201.8 133.6 = 1.51. By the 16th century, it had risen to be the principal industry in the Basque coastal regions of Spain and France. When the property being appraised is a one-family property that will be used as an investment property, Fannie Mae requires that the appraiser must prepare a ______________. Market conditions adjustments are referred to buy some appraisers as blank adjustments. financing The most common brownfield contaminant is. This. Drilled wells need to use blank until the drilling enters blank. 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. Zoning allows it to be subdivided into 8 lots and it is estimated that each lot could sell for $70,000. -Rehabilitation is not feasible. site 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. The cost to cure deferred maintenance items is $670. leased fee interest Fannie Mae customers! report the final opinion of value HUD Physical deterioration, functional obsolescence Name of the licensed appraiser, if applicable. In the sales comparison approach, sales data on __________ sales should be collected. The subject is a 15 year old duplex that would cost $240,000 to build new today. $155,000 as single home site B. $1,100 - $1,050 = $50 rent loss. $8,491. reliable What is the mode of the GRMs? define the problem Special purpose properties rarely sell in the market and are not normally income producing. That defines yield capitalization - discounting of future cash flows. $299,500. $380,000 X .40 = $152,000 (building value). A building was constructed in July 2000 for $754,200. split-entry, "Real property for which the expansion, redevelopment, or reuse of the real estate may be complicated by the presence of environmental contamination that needs to be remediated to appropriate regulatory standards " is the definition of Multiply the Cost of the Long-Lived Items by the depreciation percentage: $191,760 X 24% = $46,000. income capitalization Which sounds are identified by FEMA a special flood hazard areas? A home sells in January for $240,000 and sells again in November for $252,000. estimate land value the URARForm can be used to report the appraisal of all of the following property types except: A deed could provide all of the following information about a property except: All of the following could be sources of specific data except: The blank method has good application and evaluating land in rural areas and an older, urban areas. actual age, total physical life a. the total amount to be charged (debited) to expense over an asset's useful life. hot water An asset's economic life can be reduced or ended by several factors. It is bordered by the Red Sea to the west; Jordan, Iraq, and Kuwait to the north; the . The cost to cure deferred maintenance items is $670. prospective The order in which quantitative adjustments are applied to the sale price of comparable properties is the: What adjusting a comparable sale for financing terms in an FHA appraisal, FHA instructs the appraiser to adjust: According to the requirements of that uniform appraisal data set, and appraiser is required to write a location as: An appraiser uses a sale that sold is the result of the owners bankruptcy, and the appraiser adjust the sale because it is not an arms length transaction. Lessee Corp is required to pay $500 per month for three years, so the total lease payments are $18,000 ($500 36 months). It is a generic form, The summation approach is another name for the _______________ approach. An appraiser uses five comparable sales, and gets a differing indication about you from each one. An appraisal Report must contain sufficient information to allow _____ to understand the scope of work. Drilled wells need to use __________ until the drilling enters ___________. A house has a total cost new of $212,340. It is in good condition and you estimate the effective age to be 10 years. unit-in-place, The ________ approach is particularly applicable in the appraisal of special purpose properties. replacement, Today the _______________ technique of site valuation is used primarily in highest and best use analysis. Fannie Mae says that has it adjustments for sales or financing concessions are: Converting an estimate of a single years expected income into an indication of value is: Any rate used to convert and come into value is the definition of: If an apartment building is operating at only 50% occupancy, this should mean that _____ expenses would be lower. The new machine has an estimated useful life of nine years and the salvage value was estimated to be $75,000. gross living $2,042. Half of Q4 2022 transactions had wire and title fraud risks. What amount should be shown in Carson's balance sheet at December 31, 2007, net of accumulated depreciation, for this machine? What is its indicated value by the cost approach? 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. A property contains 3.2 acres and is worth: A. full interest ), the report date (Date Reported), and the name of the subdivision (Subdivision). A deed could provide which of the following information about a property? The method that treats the land value as a percentage of the total value is the __________ method. 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. cost 19 - Florida Requi, General Appraiser Site Valuation and Cost App, General Appraiser Market Analysis Highest and, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. Income can be capitalized into value by dividing by a _____ or multiplying by a _____. -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. log frame perforated tile, the house replacement All 3 I purchased a value must be used in every real property appraisal. Economic life of equipment - 8 years. $85,000 X 2 = $170,000. Appraisal fees are examples of _______________ costs. Hypothetical condition The ground rent capitalization method is most applicable to appraising a ______ interest. replacement, A _______________ home is built in accordance with the HUD Code. Add them all up and the net adjustment is the difference between the total positive and negative adjustments - in this case +$10,000. So, in this case, let's say that the total economic life of the home is 57 years and it has an effective age of 15 years. One year of the economic life of the asset will be utilized over the next 12 months. 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. State and Local Documentation necessary to support an appraiser's analysis, opinions, and conclusion is the appraisers: What appraisal term is defined as the type and extent of research and analyses and an assignment? actual and effective, An example of a special purpose property would be a(n) Which would NOT be an appropriate legal description of a subject property? If you still have Technical Support questions, The cost index at that time was 138.5. $294,640 $2,350,000 = .125 or 12.5%. 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 Over which improvements contribute to real property value is the definition of: A new building is expected to remain standing for eight years. allocation, When estimating the amount of adjustments for differences among properties, the most important principle is the principle of _______________. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. Construction materials and workers' wages are examples of __________costs. All uses are physically possible, economically feasible and legally permitted. Extraction Method. 15 65 = .231 or 23.1%. Events, B4-1.3-05, Improvements Section of the Appraisal Report, How to do a hard refresh in Internet Explorer. Appraisers are cautioned to identify the exact _______________ of market value, and its _______________, applicable in each appraisal completed for the purpose of market value. define the problem What step of the sales comparison process involves considering these indications and arriving at an indication of value for the subject? The appraisers research indicates that site values in the subject area are typically 20% of property values. It is common in appraisal reports to include a map that shows the location of the _______________. Having Issues with Seeing this Page Correctly? See how your life expectancy compares to others and what steps you can take to live a longer life. potential net Which site evaluation methods should only be utilized when the subject property is income producing thing by nature? Theres never any lack of confusion when it comes to the topic of estimating Remaining Economic Life (REL). PRESS RELASE _ Nexans steered for growth Steady EBITDA performance and net income turnaround unlocking value creation Outperformance in ROCE and free cash flow, 10-year low Net Debt, setting strong financial footingNexans transformation anchored In full-year 2020, amidst the global pandemic: Resilient standard sales1 of 5,713 million euros, down by -8.6% organically2Steady EBITDA3 of 347 . $12,000 $240,000 = .05 or 5%. In addition to the requirements outlined in Chapter 60 of the Freddie Mac Multifamily Seller/Servicer Guide . LOCAL and GENERAL. yield capitalization When describing roofing shingles, a "square" contains __________ square feet. 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? Once bedrock is reached, the sides of drilled hole in the rock serves as a casing, to prevent collapse. "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. Estimated useful life = % remaining physical life = 1.0 - % physical life consumed . Which would not be a sub step and defining the problem? Comparable houses with air conditioning, rent for $1,100 per month. closing, date of the appraisal report Do you think the total benefits outweigh the total costs, or vice versa? Which of these is not one of the traditional coat estimating methods? Those are the correct limits. $305,000 X .231 = $70,455. gross rent multiplier. 10-9 A graduate of an engineering economy course has complied the following set of estimated costs and salvage values for a proposed machine with a first cost of $15,000; however, he has forgotten how to find the most economic life. condemnation appraisals 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. Which cost estimating method is the most detailed and time-consuming to develop? The company will use the straight-line method to report the amortization of the software. Which cost estimating method is the most detailed and time-consuming to develop? FY22. The cost approach is primarily based on which valuation principal? . There are eight numbers, so the median lies between the two middle numbers in the array (108.9 and 109.8). 8. land residual and subdivision development Which was the earliest form of electrical wiring? 1 - Radon, Mold, a, FL Trainee Appraiser - Ch. Princess Victoria, the fourth daughter of the King, has undergone an operation for appendictis. percolation casing, bedrock anticipation The "summation approach" is another name for the _______________ approach. vinyl one-unit with an accessory unit contract, closing date, contract, effective date of the appraisal, The cost estimating method most commonly used by residential appraisers is the ____________ method. What is the percentage of change in market conditions? The _______________ method has good application in valuing land in rural areas and in older, urban areas. $1,046,720, $1,046,720 All of the following could be sources of specific data EXCEPT. All uses are physically possible, economically feasible and legally permitted. For things should be at least _____ average frost penetration levels. effective gross income These amounts are included in the balance of cash of $3,051 reported by the bank as of the end of August. $50 X 85 = $4,250. Keyways are employed in which type of foundation walls? causes outside the property $50,000 The term of the non-cancelable lease is 3 years with no renewal or bargain purchase option. A _______________ home has a permanent steel chassis, wheels and axles. $87,500 cost new, plus site value, Appraisal fees are examples of _______________ costs. 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. There are curable items totaling $45,000. hot water The cost index at that time was 133.6. physical, "The relationship or ratio between the sale price or value of a property and its gross annual rental income" is the definition of The difference between the cost of a value on the effective date of the appraisal is: The amount on your expects to receive or his or her contribution to a project is: Feesimple ownership is not subject to the governmental powers of police power and escheat. 12 + 48 = 60 years (total economic life). How many hours should each graphic designer be assigned to the project?