an estimate of remaining economic life is required bywhat aisle are prunes in at kroger

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. It is based on the buildings effective age divided by its economic life. front foot Short lived items Cost is $20,000 and depreciation on the short lived items has been identified totaling $4,850. The _______________ method has good application in valuing land in rural areas and in older, urban areas. determine the scope of work, Which would NOT be a form of concurrent ownership? 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 _____ cost. What is the most common type of framing currently being used in new homes? The primary difference between GRM and GIM is that: USPAP says that an appraiser must correctly come feet research and analysis necessary to produce a blank appraisal. What is the value of the improvements on a modified age-life basis, before including the site value? In order to understand what factors cause mental disorders, most psychologists use a ________________. It is 12 years old and has an estimated remaining economic life of 38 years. subdivision development. 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. $305,000; Extraction Method. $235,000 2,030 = $115.76. buildable unit, In the age-life method of estimating depreciation, the ___________ age is divided by the ____________ life. owner of record "The process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing" is the definition of $125,000 $85,000 X 2 = $170,000. percolation. 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 _____. . The cost approach formula states that ______________, minus depreciation, _______________, equals property value. actual age, total physical life square foot net operating income, "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. economic life, long-lived The method that estimates land value based on a percentage of the total property value is the _______________ method. reverse capitalization Each appraisal report must contain two dates, the _____ and in the _____. Multiply the Cost of the Long-Lived Items by the depreciation percentage: $191,760 X 24% = $46,000. An estimate of remaining economic life is required by A VA. greenfield estimate land value In closing, I feel it is important for appraisers to understand how clients are using the information provided in reports. $350,000 X .2 = $70,000 (current building value). There are three methods that appraisers can use to estimate depreciation. Right-of-use asset $406,213 Lease liability $331,213 Cash $ 75,000 The lease has been categorized as an operating lease, and the entity has determined that its total fixed rent to be $475,000 ($500,000-35,000+10,000) Therefore, on an annual basis, it will recognize $95,000 of fixed rent expense. It is 10 years old and has an effective age of 12. A property sold for $2,350,000. The net operating income was verified as $294,640. information from other Fannie Mae published sources. 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. Selected GAAP and Non-GAAP measures: Sales . Lease term is for the major part of the remaining economic life of the asset. The new machine has an estimated useful life of nine years and the salvage value was estimated to be $75,000. reliable Market condition adjustments should always be calculated from the time of the ________ to the ___________. definition, age, A building was constructed in July 2000 for $654,200. $305,000 temporary improvements, "The type of data and the extent of research and analyses" is the definition of Extraction Method. Assuming that he spends equal amounts on both goods, draw an indifference curve showing the optimum choice. Today the _______________ technique of site valuation is used primarily in highest and best use analysis. 15 65 = .231 or 23.1%. Items of information on value influences that derive from social, governmental, and environmental forces and originate outside the property being appraised is the definition of: An appraisal with an affective date at some point in the future is called a or an blank appraisal. Zoning allows it to be subdivided into 8 lots and it is estimated that each lot could sell for $70,000. Gross Rent Multiplier Analysis. subdivision development What was the cost per square foot? Two squares of 180-pound roof shingles would weigh _____ pounds. 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. It is in good condition and you estimate the effective age to be 10 years. Agriculture encompasses crop and livestock production, aquaculture, fisheries and forestry for food and non-food products. Fannie Mae does not have any requirements related to the remaining economic life of the property. owner of record property tax rates, When describing roofing shingles, a "square" contains __________ square feet. "Items of information on value influences that derive from social, economic, governmental, and environmental forces and originate outside the property being appraised" is the definition of. A house has a total cost new of $212,340. Real property appraisal reports may be written or oral. Statistical analysis will be of little use. $625,000 X .20 = $125,000 depreciation. In your sales comparison grid, you made adjustments of +$5,000, +$3,500, -$2,500, + $8,000, and -$4,000. shape $7,000 The Fannie Mae Single Family Comparable Rent Schedule is designated as Form, "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. index lot, Multiple listing services can be utilized for gathering _______________. quantity survey 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 ______________. The summation approach is another name for the _______________ approach. A property has a cost new of $350,000. quantitative $350,000 - $45,000 = $305,000. hypothetical condition Freddie Mae Get answers to your Selling Guide & policy questions with Fannie Mae's AI-powered search tool. life estate By the capitalized value method, how much is the depreciation attributable to the lack of air conditioning? If they are cured, it will reduce the effective age to 15 years. modular The number of years that have a lab since the building was constructed is it's: Effective age is the same as chronological age. $192,000 + $60,000 - $252,000. If a comparable property sells with atypical financing, we may have to make an adjustment for ___________. The Economic Age/Life Method is big on the new National Licensing Exam. Economic life can never be longer than the physical life, but may be and frequently is shorter. Zoning allows it to be subdivided into 8 lots and it is estimated that each lot could sell for $50,000. leased fee interest condominium. $1,046,720, $1,046,720 perforated tile, the house The most common type of framing in residential construction today is. 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 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. $919.90 sale price, gross monthly unfurnished market rent. The reproduction cost of the improvements today would be $350,000 and the total depreciation is estimated to be 80%. credible c. the estimated market value of the asset at the end of its useful life. The cost approach is most applicable in situations where the site value is not well supported. True or false: expense ratio information is easier to obtain on single unit residential properties than commercial properties. Income can be capitalized into value by dividing by a _____ or multiplying by a _____. State and Local Today the _______________ technique of site valuation is used primarily in highest and best use analysis. A square contains enough shingles to cover 100 square feet. Economic life of equipment - 8 years. one-unit with an accessory unit feel free to email. universal appraisal Platform Framing. $152,000. An appraisal could be performed under the presumption that the tank is not leaking and the property is not contaminated. $294,640 $2,350,000 = .125 or 12.5%. Susan owns a home on leased land. J-bolts are used to anchor the _________ to the __________. plus depreciation, minus land value 5% 10 months = .5% per month. The . What is the amount of long-lived depreciation attributable to the building? Each of these is a variable expense EXCEPT. minus depreciation, plus indexed costs $1,610.55, Separate site valuations would likely be required in which of the following situations: entrepreneurial incentive actual and effective, An example of a special purpose property would be a(n) "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. speculative $299,500. direct indirect reproduction replacement direct There are curable items totaling $45,000. Yes, it is required by VA and FHA. Which would not be a sub step and defining the problem? capitalization rate Its land value is $60,000. pier, A property sold for $250,000. By extraction, what is the value of the land? A comparable new house just sold for $340,000. 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. b. the cost of the asset less the related depreciation recorded to date. reproduction, A partial estate could be created by the existence of all the following EXCEPT __________ occurs within a property; while _________occurs off the site. Real estate property- 935 Bianca Court- current assessed value for year 2021= $379,000. Which term best describes her ownership interest in the property? conditions of sale Footings should be ________ as wide as the ____________. HUD/FHA What is the GRM indicated by this sale? income-producing or suitable for income production There are eight numbers, so the median lies between the two middle numbers in the array (108.9 and 109.8). To accomplish this, HUD suggests the appraiser consider: -How the property fits into its surroundings -Trends in the neighborhood -The physical condition of the property. $50 X 75 = $3,750. unnecessary Parging is used on which kind of foundation wall? Prepare a bank reconciliation to calculate the correct ending balance . replacement cost Condos in your market area sold for a median price of $195,320 twelve months ago and the median price of condos for the current month is $219,540. Materials that transfer energy quickly are called __________ and those that transfer energy slowly are called __________. easements Depreciation was computed on the sum-of-the-years'-digits method. The Age-life Method- This method is the simplest and most common method of estimating depreciation. You examine a construction contract to build a 2,448 square foot house and the total cost is $197,450. An ADU is generally an additional living area independent of the primary dwelling that may have been added to, created within, or detached from the primary dwelling. 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. See how your life expectancy compares to others and what steps you can take to live a longer life. modified replacement. A VA. 25 Q . personal opinions Market conditions adjustment to comparable sale should always be calculated from the time of the _____ to the _____. 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. Keyways are employed in which type of foundation walls? The retail use is the highest and best use as it produces the highest value of the three choices. if they are cured, it will reduce the effective age to 15 years. buildable site 100, An old gas station on a good corner location in a desirable older neighborhood recently sold for $375,000. income capitalization, Curbs, gutters and grading are examples of ground rent capitalization and subdivision development Two squares of 180-pound roof shingles would weigh _____ pounds. Which is the highest and best use? What cost estimating method has he employed? $1,000,000, $250,000; Residential Income Approach. Age-Life Method. Yes, it is required by VA and FHA. Estimated net annual cash inflows for each of the 8 years - P81,000. minus depreciation, plus site value, In most residential appraisals, the appraiser values Which is the highest and best use? What are the three general types of depreciation? Architectural and engineering fees are examples of _____________ costs. causes outside the property 221.8 138.5 = 1.60. the following required inspection based on the extraordinary assumption that the condition or deficiency does not require alteration or repair: R E C O N I L I A T I O N Based on a complete visual inspection of the interior and exterior areas of the subject property, defined scope of work, statement of assumptions and limiting It is 5 years old and has sustained a total of 10% depreciation. $2,042. What is another name for "indirect costs"? leased fee estate, The URAR sales comparison grid requires you to enter in the _________ age of the subject property and comparables. Lead Analyst Logan Mohtashami explains. entrepreneurial profit, Building permits and worker's compensation are examples of __________costs. vinyl It is easy to use and easy to explain to a client. definition of value brownfield, "The amount an entrepreneur expects to receive for his or her contribution to a project" is the definition of Which of these elements in the adjustment process does not apply primarily to commercial or income producing properties? Which site valuation methods should only be utilized when the subject property is income-producing by nature? 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. Soil mass produced by the natural resources conservation services are based on: A factory built house constructed in compliance with the standards of the applicable region, state or local building code is a blank home. 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. $250,000 - $152,000 = $98,000 (land value). It is 12 years old and has an estimated remaining economic life of 38 years. Determine depreciation percentage by diving effective life by total economic life: 12 / (12 + 38 = 50) = 24%. definition, authority It is an ordinance for an appraiser to research and understand what when doing an appraisal? a. the total amount to be charged (debited) to expense over an asset's useful life. Which type of depreciation occurs off the site? there are curable items totaling $45,000. heat pumps of the report and the effective date of the appraisal, Each written appraisal report must contain the date, An example of a special purpose property would be a(n). Which of the stages in the life cycle of a market area does not always occur? Functional obsolescence, physical deterioration Why does an appraiser need as much information as he can get about rental comparables? In the sales comparison approach, sales data on __________ sales should be collected. 5 12 = .417 or 41.7% depreciation. workflow diagram, If a property is assessed at $134,000 and the rate per thousand is $9.55, how much are total property taxes? 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. Parging is used on which kind of foundation wall? His weekly food budget is $60. The right-of-use asset is equal to the lease liability plus the $500 rent paid on the lease commencement date ($16,518). 11 (Reconcilia, FL Trainee Appraiser - Ch. Over 25% year-over-year growth in Solar Energy Capacity Installed In highest and best use of analysis, which criterion is applied last? Keyways are employed in which type of foundation walls? Remaining Economic Life (REL) AND Remaining Useful Life is the difference between Economic Life and Effective Age. What is the land value? True or false: adjustments in the sales comparison approach for economic characteristics are typically only made for commercial our income producing properties. When valuing real property, the value of the whole ____ the sum of the Estates or the parts. mass appraisal, An appraisal with an effective date at some point in the future is called a(n) ___________ appraisal. The simplest quickest and least accurate method of estimating costs is the _____ method. effective age, remaining economic life subject property assessment ranch Segregated cost method is another name for the _________ method. When appraising a duplex, an appraiser should use __________ area. $2,106. For the most part, this confusion centers on the misunderstanding that REL is reflective of the number of years a physical structure is expected to last. In addition to the requirements outlined in Chapter 60 of the Freddie Mac Multifamily Seller/Servicer Guide . replacement, A _______________ home is built in accordance with the HUD Code. A one-and-a-half-story house is commonly known as a, Capitalization of Income Loss. Modified Age-Life Method. $240,000 - $48,000 = $192,000. 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. 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. GLA, exterior The current cost index is 201.8. $50,000 The income approach is only required if the appraiser determines that it is necessary to develop credible assignment results. . heat pump The cost to cure deferred maintenance items is $670. A deed could provide all of the following information about a property EXCEPT, buildable unit Price per Buildable Unit. How much income does yield capitalization use? A property sold for $2,350,000. In the example, the appraiser. $197,450 2,448 = $80.66, "The type of data and the extent of research and analyses" is the definition of. What is the land value? depreciated cost When measuring a condominium you should calculate ____ using _______ measurements. Economic life is the expected period of time during which an asset remains useful to the average owner. ), Selling, Securitizing, and Delivering Loans, Research 15 65 = .231 or 23.1%. $305,000 X .231 = $70,455. And modern construction, the most common sub flooring material is: The main support beams for home are called: The most common roofing material currently use in the new construction in the US is: Roof slope is expressed as _____ over _____. Comparable houses with air conditioning, rent for $1,100 per month. subject to a partial ownership interest would cost $65,000. It sits on a lot worth $65,000. The estimated economic life is 40 years, hence after 40 years the value of the house would be 0. "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. To provide label designing experience for Sarah, the junior designer must be assigned at least 15 percent of the total project time. real 12 + 48 = 60 years (total economic life). Modified Age-Life Method. It was rented for $1,100 per month but the market rent was $1,200. Comparable houses with air conditioning rent for $1,100 per month. What is the indicated adjustment for change in market conditions, per month? land residual and ground rent capitalization specific data only GRMs are derived by dividing the __________ by the property's ___________ at the time of sale. 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 hot water Physical deterioration and functional obsolescence, external obsolescence personal property 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 Since the estimated remaining life is 30 years. a guesstimate, The last step in the valuation process is By the capitalized value method, how much is the depreciation attributable to the lack of air conditioning? Over which improvements contribute to real property value is the definition of: A new building is expected to remain standing for eight years. When an asset is no longer useful to its owner, then it is said to be past its economic. casing, bedrock Since both the lease payments required during the lease and the purchase option price are fixed, Lessee Corp can combine these cash flows with its estimate of the property's fair value to determine that the interest rate Lessee Corp incurs during the lease is 9. . $825 X .417 = $344.03. "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. ANSI comparative-unit Add them up and divide by 7 = 96.3. "The process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing" is the definition of. In the sales comparison method, quantitative adjustments are based on dollars, while qualitative adjustments are based on percentages. Actual age of property is 11 years. pH (108.8 + 109.8) 2 = 109.3. leasehold interest contract, effective date of the appraisal deed restrictions market In short, it is a quick and easy way to estimate straight-line physical depreciation. $294,640 $2,350,000 = .125 or 12.5%. entrepreneurial incentive- expected profit. An estimate of remaining economic life is required by Fannie Mac Freddie Mac VA all of the above VA Remaining Economic Life. "The estimated period over which existing improvements are expected to contribute economically to a property; an estimate of the number of years remaining in the economic life of a structure or structural components as of the effective date of the appraisal; used in the economic age-life method of estimating depreciation." Effective

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