Multiply the Cost of the Long-Lived Items by the depreciation percentage: $191,760 X 24% = $46,000. The most common type of framing in residential construction today is. index $2,106. A property contains 3.2 acres and is worth: A. 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. A one-and-a-half-story house is commonly known as a, Capitalization of Income Loss. actual age, total physical life A house is rented for $1,050 per month, but lacks air conditioning. Fannie Mae does not have any requirements related to the remaining economic life of the property. Over 25% year-over-year growth in Solar Energy Capacity Installed The other three instances could create a partial estate; a condo is a complete form of ownership. A parcel is valued at $450,000 as a single unit. Microalgae have considerable biosynthetic potential, being a rich source of lipids, proteins, and high-value compounds. property tax rates, When describing roofing shingles, a "square" contains __________ square feet. . determine the scope of work, Depreciation is defined as "a loss in property value from _________. " neither site or land The Remaining Economic Life of an improvement is the total economic life minus its effective age. The Remaining Economic Life is the estimated number of years that an improvement will continue to contribute to property value. Remaining Economic Life (REL) AND Remaining Useful Life is the difference between Economic Life and Effective Age. "The age of property that is based on the amount of observed deterioration and obsolescence it has sustained" is the definition of ____________ age. $375,000 - $70,000 = $305,000 (land value). "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. Statistical analysis will be of little use. The new machine has an estimated useful life of nine years and the salvage value was estimated to be $75,000. An appraisal Report must contain sufficient information to allow _____ to understand the scope of work. The number of years that have a lab since the building was constructed is it's: Effective age is the same as chronological age. qualitative market Assuming that he spends equal amounts on both goods, draw an indifference curve showing the optimum choice. Which is true reguarding the situation? $4,750 Who wants to make a 30-year mortgage on a residential property if the physical structure isnt expected to last more than 20 years? statistical, The most common heating systems in residential construction today are If Remaining Economic Life is 40 years, the market is paying 67% of replacement cost (40 / 60). An appraisal could be performed under the presumption that the tank is not leaking and the property is not contaminated. prospective net rent multiplier The cost to cure deferred maintenance items is $670. if they are cured, it will reduce the effective age to 15 years. "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 _______________. A deed could provide all of the following information about a property EXCEPT, buildable unit Price per Buildable Unit. These amounts are included in the balance of cash of $3,051 reported by the bank as of the end of August. 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? minus depreciation, plus indexed costs GLA includes _______________ but not _______________. acre electric radiant What is your net adjustment? That is used in a hot water system; as water expands as it is heated. 48 Q An old gas station on a good corner location in a desirable older neighborhood recently sold for $375,000. A property sold for $2,350,000. Having Issues with Seeing this Page Correctly? Just think about it: From a mortgage perspective, this concern is reasonable. Superfund site 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. 3. vinyl Relative comparison analysis and ranking analysis are _____ methods. "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. allocation, When estimating the amount of adjustments for differences among properties, the most important principle is the principle of _______________. Half of Q4 2022 transactions had wire and title fraud risks. The reproduction cost of the improvements today would be $350,000 and the total depreciation is estimated to be 80%. It is an ordinance for an appraiser to research and understand what when doing an appraisal? 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. 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. unit in a PUD. True or false? Keyways are employed in which type of foundation walls? Estimate the market rent of the subject property. $1,098,253 $299,500. 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. A method of estimating land value in which the depreciated cost of the improvements on the 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 blank method of sight valuation. A management fee usually is based on a percentage of the _________ income. Besides properties that have recently sold, other value . $252,000 - $240,000 = $12,000. extraction and allocation. $305,000 X .231 = $70,455. conditions of sale Rocket has a plan to drastically cut costs. It is 5 years old and has sustained a total of 10% depreciation. hot water J-bolts are used to anchor the _________ to the __________. Does it go far enough? $126,000 $1,200 = 105. Over which improvements contribute to real property value is the definition of: A new building is expected to remain standing for eight years. c. the estimated market value of the asset at the end of its useful life. there are curable items totaling $45,000. $294,640 $2,350,000 = .125 or 12.5%. forced warm air. effective age, total economic life cost new, plus site value, Appraisal fees are examples of _______________ costs. Capitalization of Income Loss. Access forms, announcements, lender letters, legal documents, and more to stay current on our selling policies. Physical deterioration, functional obsolescence Which would NOT be a sub-step in defining the problem? Capitalization of Income Loss. comparative-unit The right-of-use asset is equal to the lease liability plus the $500 rent paid on the lease commencement date ($16,518). What is another name for the cost approach? leased fee estate, The URAR sales comparison grid requires you to enter in the _________ age of the subject property and comparables. manufactured, A deed could provide which of the following information about a property? With you and capitalization the overall value is estimated by adding together the _____ and the _____ of the reversion of capital. An appraisal prepared for REO purposes, loan servicing consideration, or any Agriculture encompasses crop and livestock production, aquaculture, fisheries and forestry for food and non-food products. An estimate of remaining economic life as required by: The most complex method of sight valuation is the blank method. 4. "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. $152,000. You estimate the value of the site at $95,000 and the cost of the site improvements at $10,000. d. the acquisition cost of the asset. depreciated cost, plus site value Footings need to be _______________ below average frost penetration levels. For things should be at least _____ average frost penetration levels. Execution, Learning 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. A short-lived item is a building component with an ___________ life that is shorter than the ___________ life of the entire structure. actual and effective, An example of a special purpose property would be a(n) A cement mixture that is applied to the exterior of a foundation wall is called. condominium. $8,465. 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. It is based on the buildings effective age divided by its economic life. 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 remaining economic life is used in the Age-life Method of estimating depreciation. balloon frame effective $155,000 as single home site; B. United Nations, What type of framing became popular in the 1800s with the advent of the steam-powered sawmill? Which entity produces the most commonly-used land appraisal report form? casing, bedrock Its land value is $60,000. $560,000 - $65,000 = $495,000. cost approach We recommend that you use the latest version of FireFox or Chrome. 201.8 133.6 = 1.51. hot water Two squares of 180-pound roof shingles would weigh _____ pounds. Age-Life Method. In the sales comparison method, quantitative adjustments are based on dollars, while qualitative adjustments are based on percentages. $85,000 per unit as a site for a duplex and C. $60,000 per acre as a retail site. The Age-life Method- This method is the simplest and most common method of estimating depreciation. direct Hourly wage rates are $30 for Lisa,$25 for David, and $18 for Sarah. A method used to convert future benefits and a present value by discounting each future benefit at an appropriate yield rate or by developing an overall rate that explicitly reflects the investments income pattern, value change and you'll be right is the definition of: The basic formula for income capitalization states that value equals _____ divided by a _____. definition, age, A building was constructed in July 2000 for $654,200. $85,000 X 2 = $170,000. A house has a total cost new of $212,340. -Rehabilitation is not feasible. __________ refers to uncontrollable sleeping that occurs for short periods while a person is awake. The _______________ method has good application in valuing land in rural areas and in older, urban areas. It was rented for $1,100 per month but the market rent was $1,200. The total remaining economic life of a home is calculated by subtracting the effective age of the home from its total economic life. By the capitalized value method, how much is the depreciation attributable to the lack of air conditioning? all data that is needed to produce a credible appraisal, An expansion tank is part of a ___________ heating system. suitable for a single-family homesite 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. cost What cost estimating method has he employed? For additional information, see B4-1.3-05, Improvements Section of the Appraisal Report. SUBJECT SECTION New Construction: For new construction, when property taxes have not yet been assessed on the For site condos reported on the 1004 form, only the 'Opinion of Site Value' and 'Estimated Remaining Economic Life' are required. $1,186.20 It is easy to use and easy to explain to a client. land residual and ground rent capitalization When describing roofing shingles, a "square" contains __________ square feet. When measuring a condominium you should calculate blank using blank measurements. LOCAL and GENERAL. "The estimated cost to construct, at current prices as of a specific date, a substitute for a building or other improvements, using modern materials and current standards, design, and layout" is the definition of__________ cost. 12 + 38 = 50 years total economic life. "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. condominium A short-lived Item is a building component with an _____ that is shorter than the _____ life of the entire structure. direct indirect reproduction replacement direct $1,100 - $1,050 = $50 rent loss. All uses are physically possible, economically feasible and legally permitted. type, definition The appropriate gross rent multiplier is 75. An appraiser observes that an underground tank is leaking. This. potential net 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. retail stores, Basic Appraisal Procedures Ch. The manufactured home construction and safety standards is also known as the: Ranking analysis is a _____ method for estimating site value. $125,000 hot water 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 What is the percentage of change in market conditions? 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 ______________. (Requirements No. If a cost manual is used, the result is _____________ cost. Access to Appraisal Reports VA staff, lenders, agents, servicers, and other requesters with VA issued ID numbers that are associated with the loan number will be able to retrieve the appraisal from E-Appraisal for review, issuance of the Notice of Value (NOV), or other functions. Which entity produces the most commonly used land appraisal report form? Written by Bill Waltenbaugh, as originally published in The Reverse Review. modified replacement. Certain classes of assets, like machinery, come with an expiration date. Multiple listing services can be utilized for gathering _______________. A dwelling has a reproduction cost of $625,000. The term of the non-cancelable lease is 3 years with no renewal or bargain purchase option. It sits on a lot worth $65,000. It is common in appraisal reports to include a map that shows the location of the _______________. 4Q21. Segregated cost method is another name for the _________ method. site improvements Which cost estimating method is the most detailed and time-consuming to develop? An estimate of remaining economic life is required by . 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. By the 16th century, it had risen to be the principal industry in the Basque coastal regions of Spain and France. Which would NOT be an appropriate legal description of a subject property? Both Appraisals and a praise all review assignments. Modified Age-Life Method. What amount should be shown in Carson's balance sheet at December 31, 2007, net of accumulated depreciation, for this machine? 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. There are curable items totaling $45,000. The cost approach is most applicable in situations where the site value is not well supported. $400,000 - $50,000 = $350,000. $240,000 X .20 = $48,000 depreciation. And upon comparative analysis, and appraiser may employ: The quantitative adjustments are usually performed first. 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.
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