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an estimate of remaining economic life is required by

Capitalization of Income Loss. That is what builders are concerned about - how many building lots can I get, Developers often value land on a basis of price per. type, scope What is its indicated value by the cost approach? Economic Age-Life Method C The economic age-life method is a quick and easy method to apply and may be used in form reports to give an estimate of the buildings depreciated value. When the home resold it had not been improved at all. identification of the property rights It is a generic form, The summation approach is another name for the _______________ approach. ground rent capitalization and subdivision development It is an ordinance for an appraiser to research and understand what when doing an appraisal? Decide whether the following statement is true or false makes sense. $919.90 J-bolts are used to anchor the _________ to the __________. Microalgae represent a promising solution in addressing the impacts associated with the current agricultural and manufacturing practices which are causing irreparable environmental damage. partial interest, An appraiser must not allow the intended use of an assignment or a client's objectives to cause the assignment results to be __________. What is another name for "indirect costs"? 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? Hot Water Heat. 201.8 133.6 = 1.51. $126,000 $1,200 = 105. Do you think the total benefits outweigh the total costs, or vice versa? square foot land residual and subdivision development actual and effective, An example of a special purpose property would be a(n) log home First array them in order. suitable for a single-family homesite Many factors can affect the useful life of an asset, both physical and economic. front foot modified replacement. A 5 year old water heater with an expected life of 12 years and a replacement cost of $825 will have experienced depreciation of $__________. closing, effective date of the appraisal What is the median of the GRMs? electric radiant The result of a _____ test will determine if there is suitable drainage and the size of the drainfield that will be required for a septic systems: What is the most common type of framing today? That is an instance where the cost approach has good applicability. Effective date of the appraisal, date of the report. 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 _________. rotary drills, shale . capitalization rate ), Selling, Securitizing, and Delivering Loans, Research 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. Example 1. casing, bedrock income capitalization $85,000 X 2 = $170,000. Real property appraisal reports may be written or oral. The reproduction cost of the improvements today would be $350,000 and the total depreciation is estimated to be 80%. 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. The most common unit of comparison for land in rural areas is price per _______. market data, "The total period a building lasts or is expected to last" is the definition of _________ life. retrospective $625,000 - $125,000 = $500,000. 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 ____________________. Qualitative Methods. $1,100 - $1,050 = $50 rent loss. HUD A square contains enough shingles to cover 100 square feet. "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. Separate site valuations would likely be required in the following situations except for: "The total period a building lasts or is expected to last" is the definition of _________ life. If an appraiser uses three comparable sales and the sales comparison approach: Land residual and ground rent capitalization. condominium $350,000 - $45,000 = $305,000. Which is the highest and best use? The "summation approach" is another name for the _______________ approach. FHA. Cost Approach Formula. Percolation tests are done to test the drainage capacity of soils. physical causes Its land value is $60,000. report the final opinion of value The method that treats the land value as a percentage of the total value is the __________ method. Physical deterioration and functional obsolescence, external obsolescence. $754,200 X 1.51 = $1,138,842. The summation approach is another name for the _______________ approach. & Insights, Pricing & Determine depreciation percentage by diving effective life by total economic life: 12 / (12 + 38 = 50) = 24%. personal property "The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease" is the definition of _______________. risk rate What is the land value? The Estimated Remaining Economic Life will automatically be calculated based on the Effective Age of the property in all FHA and VA reports. taxable income All 3 I purchased a value must be used in every real property appraisal. land residual and ground rent capitalization $2,980 Over which improvements contribute to real property value is the definition of: A new building is expected to remain standing for eight years. $1,054,868 Contract, effective date of the appraisal. actual age, remaining economic life, "The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease" is the definition of _______________. size A house cost $395,000 to build new. Which is true reguarding the situation? ), the report date (Date Reported), and the name of the subdivision (Subdivision). A management fee usually is based on a percentage of the _________ income. What is the indicated value of the subject site by the allocation method? plus depreciation, plus site value GLA, exterior 11 (Reconcilia, FL Trainee Appraiser - Ch. income-producing or suitable for income production A comparable new house just sold for $340,000. c. the estimated market value of the asset at the end of its useful life. 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? 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. $305,000 - $70,455 = $234,545. By the capitalized value method, how much is the depreciation attributable to the lack of air conditioning? $2,042. $4,750 yield capitalization 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. The cost approach formula states that ______________, minus depreciation, _______________, equals property value. "Improved land or a lot in a finished state so that it is ready to be used for a specific purpose". It is easy to use and easy to explain to a client. Is producing a cost estimate, Eric has estimated the number of two by force, she's a climber, and how many pounds of nails will be necessary. The ground rent capitalization method is most applicable to appraising a ______ interest. hot water Inflation is high, so why arent mortgage rates higher? Fill, grading and permits are examples of improvements that create a. Modular homes are constructed to meet __________ code requirements. tenancy by the entirety, The most common unit of comparison for land in rural areas is price per _______. Zoning allows it to be subdivided into 8 lots and it is estimated that each lot could sell for $50,000. 3. The most commonly used method for valuing sites is the ____________ method. Subtracting the residual value -- zero -- from the $10,000 recorded cost and then dividing by the software . closing, date of the appraisal report If a cost manual is used, the result is _____________ cost. sales comparison $50 X 75 = $3,750. Those are the correct limits. A one-and-a-half-story house is commonly known as a, Capitalization of Income Loss. If the property does not warrant a long-term "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. GRM Uses monthly rent, while GIM uses annual income. It is 10 years old and has an effective age of 12. An old gas station on a good corner location in a desirable older neighborhood recently sold for $375,000. Any rate used to convert income and the value is the definition of _____ rate. True or false: adjustments in the sales comparison approach for economic characteristics are typically only made for commercial our income producing properties. direct capitalization A single parcel is valued at $450,000. "The age of property that is based on the amount of observed deterioration and obsolescence it has sustained" is the definition of ____________ age. statistical appraisal Paired Data Analysis. Quantitative or qualitative techniques, either separately or in combination. 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 ______________. joint tenancy (Requirements No. Today the _______________ technique of site valuation is used primarily in highest and best use analysis. economic Prepare a bank reconciliation to calculate the correct ending balance . 20% remaining By the 16th century, it had risen to be the principal industry in the Basque coastal regions of Spain and France. neither site or land The estimated economic life is 40 years, hence after 40 years the value of the house would be 0. manufactured, A deed could provide which of the following information about a property? Comparable houses with air conditioning, rent for $1,100 per month. The most common brownfield contaminant is. economic life, long-lived "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. percolation. The cost approach is most applicable in situations where the site value is not well supported. general data only By the capitalized value method, how much is the depreciation attributable to the lack of air conditioning? "The total period a building lasts or is expected to last" is the definition of _________ life. The cost index at that time was 138.5. unemployment rates Due to other project commitments, Lisa has a maximum of 50 hours available to work on this project. $305,000 X .231 = $70,455. "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. When an asset is no longer useful to its owner, then it is said to be past its economic. An appraiser observes that an underground tank is leaking. reproduction cost The current cost index is 221.8. both general and specific data It changes due to market conditions and the building's overall maintenance. Each of these is a variable expense EXCEPT. That defines yield capitalization - discounting of future cash flows. The relationship or ratio between the sale price or value of a property and it's periodic gross rental income is the definition of: Modular homes are constructed to meet blank requirements. 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 appraisers research indicates that site values in the subject area are typically 20% of property values. any cause These amounts are included in the balance of cash of $3,051 reported by the bank as of the end of August. By the capitalized value method, how much is the depreciation attributable to the lack of air conditioning? The range is the difference between the high and the low. Which entity produces the most commonly-used land appraisal report form? 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. A property sold for $2,350,000. owner of record $197,450 2,448 = $80.66. Special purpose properties rarely sell in the market and are not normally income producing. replacement, A _______________ home is built in accordance with the HUD Code. $50 X 75 = $3,750. The cost index at that time was 133.6. That is the most complex and involves discounted cash flow analysis. square foot An appraisal Report must contain sufficient information to allow _____ to understand the scope of work. Functional obsolescence, physical deterioration all of the above, Fannie Mae says the appraiser must base his or her analysis and any adjustments to comparable sales on Visit Selling and Servicing Guide Communications and Forms. Superfund site entrepreneurial profit, Building permits and worker's compensation are examples of __________costs. 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? brownfield, "The amount an entrepreneur expects to receive for his or her contribution to a project" is the definition of A property contains 3.2 acres and is worth: A. type, definition quality heat pump $350,000 X .2 = $70,000 (current building value). This type of data is different for each appraisal assignment. ordinary assumption excess, Which entity produces the most commonly-used land appraisal report form? List three prohibited nonaudit services that are considered management responsibilities. Market condition adjustments should always be calculated from the time of the ________ to the ___________. $8,491. useful, anticipated The storage facility is near Hamford's main factory and will be remodeled by CTF to meet its requirements. net leasable, A house is rented for $1,050 per month, but lacks air conditioning. 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. one unit residences Accordingly, it is appropriate for PPE Corp to record depreciation commensurate with one year of economic life, or $3,000 ($32,000 original cost less $2,000 original estimated salvage divided by the economic life of 10 years) over the remaining year of useful life. Multiple listing services can be utilized for gathering _______________. leasehold interest $350,000 X .2 = $70,000 (current building value). gross rent multiplier. However, to fully understand REL and how users like HUD employ this information, we also need to consider the following: -PHYSICAL LIFE The total period a building lasts or is expected to last -ECONOMIC LIFE The period over which improvements to real property contribute to property value. Overall Capitalization Rate (RO). Remaining Economic Life Change Date February 22, 2019 This Chapter has been revised in its entirety. replacement, Today the _______________ technique of site valuation is used primarily in highest and best use analysis. depreciated cost market When appraising a duplex, an appraiser should use __________ area. extraction and allocation. If Remaining Economic Life is 40 years, the market is paying 67% of replacement cost (40 / 60). A deed could provide which of the following information about a property? 2-4 unit residential properties 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. Architectural and engineering fees are examples of _____________ costs. cost 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. What are the three general types of depreciation? An estimate of remaining economic life is required by: Fannie Mac Freddie Mac VA An appraiser uses five comparable sales, and gets a differing indication about you from each one. panelized Remaining Economic Life (REL) AND Remaining Useful Life is the difference between Economic Life and Effective Age. 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. The most complex method of site valuation is the _______________ method, In most residential appraisals, the appraiser values. Most appraisers do not possess the level of expertise needed to apply the quantity survey method of cost estimating. Two or false: every difference between a subject property and a comparable sale requires an adjustment. new leased fee interest $60,000 X 2.4 = $144,000. $240,000 X .20 = $48,000 depreciation. What is the indicated adjustment for change in market conditions, per month? Segregated cost method is another name for the _________ method. $98,000 In the sales comparison method, quantitative adjustments are based on dollars, while qualitative adjustments are based on percentages. Besides properties that have recently sold, other value . minus depreciation, plus indexed costs quantity survey If you have additional questions, Fannie Mae customers can visit Ask Poli to get The first step in the valuation process is: Extraordinary assumption An appraiser counters an underground Storage tank. Capitalization of Income Loss. However, this method does not consider individual short-term items like the 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. 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. The other three are common adjustments, but quality adjustments would be made to improvements - not land. if they are cured, it will reduce the effective age to 15 years. encroachment buildable unit, In the age-life method of estimating depreciation, the ___________ age is divided by the ____________ life.

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