Today the blank technique of sight valuation is used primarily in highest and best use analysis. What is the land value? What cost estimating method has he employed? A property sold for $250,000. improvements only, A short-lived item is a building component with an ___________ life that is shorter than the ___________ life of the entire structure. The range is the difference between the high and the low. site An estimate of remaining economic life is required by: Expected remaining economic, remaining economic. GRMs are derived by dividing the __________ by the property's ___________ at the time of sale. would cost $65,000. subject property assessment Each appraisal report must contain two dates, the _____ and in the _____. The Kakaramea Dairy Factory Company paid out 2862 to milk supp $250,000 - $152,000 = $98,000 (land value). economic life, long-lived 12 + 38 = 50 years total economic life. income capitalization, Curbs, gutters and grading are examples of The URAR sales comparison grid requires you to enter in the _________ age of the subject property and comparables. $98,000 what is the value of the improvements on a modified age-life basis, before including the site value? The manufactured home construction and safety standards is also known as the: Ranking analysis is a _____ method for estimating site value. $252,000 - $240,000 = $12,000. 12 60 = .20 or 20% depreciation. entrepreneurial incentive temporary improvements, "The type of data and the extent of research and analyses" is the definition of In order to understand what factors cause mental disorders, most psychologists use a ________________. The current cost index is 221.8. The most common brownfield contaminant is. Fannie Mae does not have any requirements related to the remaining economic life of the property. What is the mode of the GRMs? Appraisal fees are examples of _______________ costs. A property contains 2.4 acres and is worth: A. plus depreciation, minus land value deed restrictions 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 What step of the sales comparison process involves considering these indications and arriving at an indication of value for the subject? $1,279.70 HUD/FHA Two or false: every difference between a subject property and a comparable sale requires an adjustment. reproduction cost Example (remaining life): service level/capacitylife - 3 breaks, estimated 2 years to next break (no more than 4 breaks in 5 years) . The subject is a 15 year old duplex that would cost $240,000 to build new today. buildable unit, In the age-life method of estimating depreciation, the ___________ age is divided by the ____________ life. Besides properties that have recently sold, other value . $152,000. 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. All of the following would be considered short-lived items EXCEPT, An estimate of remaining economic life is required by, Cost Data Sources. The URAR form can be used to report the appraisal of which of the following property types? Ask Poli features exclusive Q&As and moreplus official Selling & Servicing Guide content. unit-in-place 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? Physical deterioration and functional obsolescence, external obsolescence Not enough information to determine, Which of the following would NOT be a common adjustment made in sales comparison when appraising land? useful Required: 1. All of the following could be sources of specific data EXCEPT. Decide whether the following statement is true or false makes sense. indirect electric radiant, "The actual or anticipated net income that remains after all operating expenses are deducted from effective gross income but before mortgage debt service and book depreciation are deducted" is the definition of personal opinions Share this answer Remaining Economic Life Fannie Mae does not have any requirements related to the remaining economic life of the property. quantitative The "summation approach" is another name for the _______________ approach. $754,200 X 1.51 = $1,138,842. First array them in order. land residual These amounts are included in the balance of cash of $3,051 reported by the bank as of the end of August. land residual and ground rent capitalization Under the scope of the H2020-BBI MULTI-STR3AM project, an innovative large-scale . Princess Victoria, the fourth daughter of the King, has undergone an operation for appendictis. 5% 10 months = .5% per month. Relative comparison analysis and ranking analysis are _____ methods. vacant lots What is the amount of long-lived depreciation attributable to the building? 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? definition, age, A building was constructed in July 2000 for $654,200. $294,640 $2,350,000 = .125 or 12.5%. The company will use the straight-line method to report the amortization of the software. Today the _______________ technique of site valuation is used primarily in highest and best use analysis. In a period of uncertain economic conditions, the estimation of a capitalization rate becomes more difficult . yield capitalization index Assessments and Taxation. In short, it is a quick and easy way to estimate straight-line physical depreciation. You examine a construction contract to build a 2,448 square foot house and the total cost is $197,450. 2) the service to be provided (material handling) is required forever. property tax rates, When describing roofing shingles, a "square" contains __________ square feet. Ranking analysis is a form of __________ analysis. The land capitalization rate is 8%. square foot Either can be used when the property is income producing. The Economic Age/Life Method is big on the new National Licensing Exam. In closing, I feel it is important for appraisers to understand how clients are using the information provided in reports. The reproduction cost of the improvements today would be $350,000 and the total depreciation is estimated to be 75%. $250,000 - $152,000 = $98,000 (land value). 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. VA index Prepare a bank reconciliation to calculate the correct ending balance . Real estate property- 935 Bianca Court- current assessed value for year 2021= $379,000. What type of framing became popular in the 1800s with the advent of the steam-powered sawmill? If a cost manual is used, the result is _____________ cost. 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 ____________________. 15 65 = .231 or 23.1%. Consolidated (in millions, except per share amounts) 4Q22. It is worth $450,000 as it is in one parcel. 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. When measuring a condominium you should calculate ____ using _______ measurements. From HUDs prospective, the REL needs to be reflective of the number of years the property is expected to remain competitive in the market. In the sales comparison method, quantitative adjustments are based on dollars, while qualitative adjustments are based on percentages. Parging is used on which kind of foundation wall? ground rent capitalization and subdivision development The cost approach formula states that ______________, minus depreciation, _______________, equals property value. $299,500. actual age, total physical life What is the highest and best use? What is its value by the cost approach? A square contains enough shingles to cover 100 square feet. 520 Capitalization of Income Loss. 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. The Age-life Method- This method is the simplest and most common method of estimating depreciation. Which of these items is not required by Fannie Mae to be included as an exhibit in an appraisal report? What is the median of the GRMs? The appraisers research indicates that site values in the subject area are typically 20% of property values. fee simple estate The other three instances could create a partial estate; a condo is a complete form of ownership. anticipated, economic life, expected remaining economic, remaining economic, Developers often value land on a basis of price per FHA Minimum Property Requirements in HUD 4000.1: Remaining Economic Life Of The Home November 20, 2015 HUD 4000.1 has a section with guidelines concerning the minimum property standards for homes to be purchased with an FHA mortgage. To make sure that accurate and appropriate comparisons are made. replacement, A _______________ home is built in accordance with the HUD Code. post and joist, "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 The cost to cure deferred maintenance items is $670. For a comprehensive list of resources such as access forms, announcements, lender letters, notices and more. The useful life of an asset is the estimated duration to which you can reasonably expect an asset will remain functional and generate income, or provide other benefits. Rocket has a plan to drastically cut costs. The summation approach is another name for the _______________ approach. speculative taxable income The method that estimates land value based on a percentage of the total property value is the _______________ method. FY22. The estimated economic life is 40 years, hence after 40 years the value of the house would be 0. shape You estimate the value of the site at $95,000 and the cost of the site improvements at $10,000. In a market value appraisal, every comparable sale should have been sold in an _______________ transaction, with no undue _______________. A property sold for $2,350,000. Site by, The new, must-have technology thats tackling lendings greatest challenges. Market condition adjustments should always be calculated from the time of the ________ to the ___________. How do you transition from QC defense to offense in 2023? gross rent multiplier 109.2 - 84.5 = 24.7. 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. 12 + 48 = 60 years (total economic life). An appraiser has value to subject property at $320,000. universal appraisal topography. easement Government Auditing Standards identify nonaudit services that can potentially impair auditor independence. Percolation tests are done to test the drainage capacity of soils. Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. Which is the highest and best use? "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat" is the definition of. Most appraisers do not possess the level of expertise needed to apply the quantity survey method of cost estimating. Comparable houses with air conditioning rent for $1,100 per month. (888) 867-7620. leasehold interest Age-Life Method. The power of data with Mike Simonsen at Gathering of Eagles, Eric Lapin on how consumer-controlled data can change lending, Clear Capital launches UDC to support appraisal modernization. Over which improvements contribute to real property value is the definition of: A new building is expected to remain standing for eight years. unit-in-place 201.8 133.6 = 1.51. Short lived items Cost is $20,000 and depreciation on the short lived items has been identified . It is 5 years old and has sustained a total of 10% depreciation. What are the three general types of depreciation?
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