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350 True/False questions

  1. assesment of real prop =equal int aquired thru marriage= not b4 marriage or thru will or gift

          

  2. standard 6
    //////////////////////////////////////
    6.6
    uspap rule for MASS AppR
    ////////////////////////////////////////////////////
    leasehold and opinion

          

  3. annuityin arrearsright, priveledge, improvement asssoc. w/ land
    runs w/ the land

          

  4. typ adj made in sales comp approachbldg V + V of land

          

  5. cost apprdiscounting

          

  6. fixtureland meets STILL water; cant alter the way water meets land

          

  7. C to repl bldg new / current mkt VAccr Depr

          

  8. direct capatilizationactual date in AppR report

          

  9. Chattel realnet proceeds from sale of asset exceed adjusted C or book V

          

  10. tenancy by entirityhusband and wife
    cannot be partitioned

          

  11. Leverageuse of Dr CAP to aquire asset

          

  12. Land residual techniquedivide inc b/w land and improvement and then capitalize residual inc to improvements

          

  13. estate for yrsdvlpmnt of real prop consulting

          

  14. corner influenceV * R

          

  15. tax assesment using mills formulaV

          

  16. negative Ammortazationrepayment of Dr over x in series of periodic pmts

          

  17. SR 2-3employer signing report is as responsible for for contetnt n conclusion as is person who prepared it

          

  18. frontagelgl form of ownership, hold int in common A, fee int in units, occupy air lots, state laws= horiz prop, strata title, condo act
    part of horiz prop regime
    DOESNT SPECIFY STYLE OR TYPE

          

  19. dedicationenforcing govt right of eminent domain

          

  20. effective agelinear distance of piece of L along street, lake,river H'way etc....

          

  21. GMRMlonger than standards
    many followed by explanatory comments
    adherence req'd
    more specific in direction

          

  22. capital gainnet proceeds from sale of asset exceed adjusted C or book V

          

  23. Community propequal int aquired thru marriage= not b4 marriage or thru will or gift

          

  24. how to calc EQ div R$ ( 1- LTVR) = #
    # / b4 tax cash flow = EQ dividend

          

  25. age life method
    staright line method
    C appr
    eff. age / T econ life (econ useful L)= age life
    C new * age/ L = Accr Depr

          

  26. partial release clauseNOT movable- attached to or assoc.
    A. tangible= trade fixtures, Emblements,
    B. intangible- mtgs., leases, options, easements NOT DEEDS (real prop conveyed by deeds)

          

  27. realty
    chattel real
    rights of ownership= bundle of rights
    use, possession, enjoyment, disposal
    includes all benfits interests and rights from ownership of RE

          

  28. LTVPV (1 + i)^ n = FV

          

  29. sales comp appr
    "sales contracts pending closing"
    should be COMPETITIVE w/ subject

          

  30. straight term mtgno repayment of prin

          

  31. meanavg

          

  32. annuityseries of periodic pmts or reciepts

          

  33. standard errortype of V must be defined
    ID any extraordinary assumptions necessary for the assignment
    Appr must not commit an error that can affect the assignment

          

  34. standard 4req's AppR in review in AppR n reporting results of that review must dvlp n report credible opinion as 2 qlty of other AppR work

          

  35. standard errortime distance relationship b/w prop n all other possible origins

          

  36. concept of consistent use75% of sales have Mc 10%
    25% remaining req.15% EQ.DIV.R
    (.75.1) + (.25.15)= R
    .075 + .0375 = .1125
    (# %) + (# %) = R
    used to calc Ro (overall rate)

          

  37. financial riskrisk to Dr financing

          

  38. amt of $ lender will agree to lendcongress

          

  39. income approachbased on prin of anticipation

          

  40. # of vacanciesaffect supply n weigh down on dmd

          

  41. prin of balanceequilibrium in assembling and using factors of production

          

  42. real estateRIGHTS of LESSOR or LANDLORD
    holds reversion int
    FYI tenant is lessee

          

  43. co-oprefers to internal ror

          

  44. Fructus industrialesshould be similar to subject in: size, age, cond, sld as recently as poss to AppR date
    must be adjusted to subject prop 4 differences that can be IDd br AppR

          

  45. pro forma stmtAn estimate of the variation likely to be encountered in making forecasts based on a regression equation

          

  46. standard 5
    ///////////////////////////////////////////////
    comment 5 -4
    record keeping and ethics
    /////////////////////////////////////////////////////////
    reporting record keeping and ethics

          

  47. staright line method
    roof
    expected life 25 yrs
    eff age 15 yrs
    new roof 10000
    25 / 15 = 60
    10000 x .6 = 6000
    amt of Depr

          

  48. est repro or repl by grouping C by stages of constr togetherL must conform 2 surrounding L use for max V 2 b acheived

          

  49. allodial systemnet proceeds from sale of asset exceed adjusted C or book V

          

  50. non arms length transactionsb4 tax cash flow / equity div R

          

  51. band of investmentamt recv'd when rented in open competitve mkt

          

  52. deed restrictionsvoluntary
    private

          

  53. return on capitalINT R

          

  54. methods of lgl descriptionlot n block
    metes n bounds (monument)
    rectangular survey (govt survey)
    geodetic

          

  55. metes n boundsFV { 1/[ 1 + i] ^ n} = PV

          

  56. mkt VV to a TYPICAL investor

          

  57. Abel owner and leased to Baker,Baker subleases to CollinsAble= is owner, leased fee
    Baker= is lessee and lessor (sandwiched)
    Collins= subleesee , subleasehold

          

  58. C appr to Vdiscounting

          

  59. lot n blockloss in V due to factors outside prop

          

  60. economic rentamt recv'd when rented in open competitve mkt

          

  61. pretax cash flowNOI - Dr service(mtg pmt)

          

  62. in estimating V of residential RET Accr Depr is the loss in V from phys deter., Fn obso, or econ obso. HIBUSE cant be residential even if its being used as 1

          

  63. SR 1ID client but not other intended users
    base rent projections and EXP on public record data
    explain exclusion of any unusual V appr
    Appr must not render services in a careless manner

          

  64. geodeticmethod off lgl description
    ht, lat, long., rivers streams ...

          

  65. Discountingconverting FV to PV

          

  66. personal propdvlpmnt of real prop consulting

          

  67. loan amortizationinvolves repayment of prin n int
    may be fully or patially ammortized
    amt of ammortization is influenced by length of x over which loan is to be repaid

          

  68. lgl ownership rights ltd bydeed restrictions
    law of nuisance
    eminent domain
    NOT supply (econ)

          

  69. what appr is most applicable when there is an obsosales comp / mkt

          

  70. unit of analysisequilibrium in assembling and using factors of production

          

  71. easemant appurtenantexcess of contract rent over mkt rent

          

  72. methods of est'g bldg Cunit in place
    Qty survey method (most accurate)
    comparative unit method
    //////////////////////////////////
    NOT! breakdown (its 4 Accr Depr)

          

  73. effective dmd varies w/purchasing power

          

  74. deedtransfers ownrshp of real prop

          

  75. LEASEHOLD
    EST LESS THAN FREEHOLD
    RIGHTS of LESSOR or LANDLORD
    holds reversion int
    FYI tenant is lessee

          

  76. what appr do u capitalize incprocess of dvlpg anlysis, reco or opinion to solve prob where opinion of V is component, also dvlp reasonable exposure x

          

  77. p***y
    f**k
    c**t
    lick
    sequence for adjusting sales comp
    prop rights
    financing
    condition
    location
    physical chara.

          

  78. teq of capitalizinginc is done in:cash inflow / cash outflow

          

  79. prop residual teqL V est its being used under its HIBUSE

          

  80. period of x improv generates > $inc than oper expleasehold estate likely have no V

          

  81. FV of annuityconverting FV to PV

          

  82. net leasable ARIGHTS of LESSOR or LANDLORD
    holds reversion int
    FYI tenant is lessee

          

  83. EGIavg

          

  84. statutory life estatedower- wife recv's upon death
    curtesy- husband recv's upon death
    homestead protection provides protection to widow/er

          

  85. Ramt borrowed - equity = V

          

  86. STATISTICSmeasure SAMPLE

          

  87. Land V + Depr improvement V =C appr

          

  88. assemblage /////////////////// plottagecombining of 2 or more parcels////////////////////////////////////////////////V resulting from the assemblage

          

  89. YTMrefers to internal ror

          

  90. NOI / RV

          

  91. OER
    oper exp ratio
    exp / egi

          

  92. SR 1-2clonger than standards
    many followed by explanatory comments
    adherence req'd
    more specific in direction

          

  93. 3 types of reports uspap recognizes (std 2)self contained - describe- intended users other than client
    summary - summarize- state real prop interest
    restricted use - state- client only user

          

  94. what analysis used for V of locationspecial purpose props when continuation of that special use is assumed

          

  95. diff apprchs to V may result inapplication of appr's to V

          

  96. how to calc bldg VNOI / PGI

          

  97. ltd common elementsused to find fee simple V of prop
    C commanded by factor of production or inelastic supply

          

  98. Easmnts cxldnot permntly attachd( not affixed), can b tangible, aka chattel, prop that can b moved, rights held < lifetime, personal prop but not perm attached

          

  99. sales comp appr
    elements of comparison
    exp / egi

          

  100. expensesfixed= do not vary w/ occupancy
    variable = vary ww/ occupancy
    reserves

          

  101. prop mgmt fees % ofexpected future cash flows used in inc appr to est prop V
    ////////////////////////////////////////
    inc and balance sheets show prior cash flows

          

  102. paired sales teqadjustments should be made in $ amts or %'s depending on how its derived

          

  103. extreme values skewethe mean

          

  104. externalatiescompensation not contingent
    no one provided assistance
    AppR has/ has not made personal inspection

          

  105. principle of balanceL must conform 2 surrounding L use for max V 2 b acheived

          

  106. reconciliationaffects dmd

          

  107. V in use concept indicatesror on cap used to convert Fpmts into PV

          

  108. linkagestime distance relationship b/w prop n all other possible origins

          

  109. prop sld 3 yrs ago for 80k n increased in V 4% annual compound R what is amt?prop rights
    financing
    condition
    location

          

  110. 1 basis pts
    2 basis pts
    3 basis pts
    RENTAL
    TENANT is LESSEE (personal prop)

          

  111. concept of consistent useimprovements cannot be valued based on use diff from land
    important in temprary or interim use

          

  112. AAAautomated valuation model

          

  113. sinking fundror on cap used to convert Fpmts into PV

          

  114. personal easement in grossnot business, terminates w/ death, doesnt run w/ the land, not revocable

          

  115. how to calc b4 tax cash flowNOI / mtg pmt

          

  116. comparitive unit methodcompensation not contingent
    no one provided assistance
    AppR has/ has not made personal inspection

          

  117. how to calc overall Rresidiual inc to L / L cap R

          

  118. FREEHOLD ESTATEFEE, FEE SIMPLE, FEE SIMPLE ABSOLUTE
    interest in land
    FEE SIMPLE: most common only ltd by govt police power rights
    FEE ESTATE: held 4 lifetime n inheritable
    QUALIFIED FEE AKA FEE SIMPLE DETERMINABLE "as long as" created to exist until some occurance or particular event

          

  119. equitydiff b/w $ + net proceeds from any mtg used to purch a prop

          

  120. reversionavg

          

  121. A theoretical distribution often approximated in real-world situations. It is symmetrical and bell-shaped"NOI - Dr / Equity

          

  122. how to calc residual inc to the Lbldg V * bldg cap R = residual inc to L
    NOI - res inc = residual inc to L

          

  123. data collection + analysisIDs items that contribute to a concise AppR

          

  124. bldg residual teqdivide inc b/w land and improvement and then capitalize residual inc to improvements

          

  125. FVannual Dr service / loan amt

          

  126. Mc = Rinterest only

          

  127. concept of consistent useIMPROVEMENTS CANNOT be valued based on use DIFFERENT from land

          

  128. avmV / PGI

          

  129. real estate
    ///////////////////
    real property
    rights of ownership= bundle of rights
    use, possession, enjoyment, disposal
    includes all benfits interests and rights from ownership of RE

          

  130. deed restrictionslmts use of RE

          

  131. direct reduction mtgreq's int + prin equally in each pmt

          

  132. Chattel personalNOT movable- attached to or assoc.
    A. tangible= trade fixtures, Emblements,
    B. intangible- mtgs., leases, options, easements NOT DEEDS (real prop conveyed by deeds)

          

  133. agenot protected by fha

          

  134. OER income producing propstabilized exp/ gross inc = OER

          

  135. principle of substituionCost approach to V is based on:

          

  136. party wall easement2 parties 1 wall

          

  137. comp salesshould be similar to subject in: size, age, cond, sld as recently as poss to AppR date
    must be adjusted to subject prop 4 differences that can be IDd br AppR

          

  138. accrued DeprAnn Depr * age of bldg
    repro C new - PV = accrued Depr

          

  139. GRM$ / MONTHLY rent

          

  140. abstractionallocation of V b/w land n bldg

          

  141. wraparound loantype of V must be defined
    ID any extraordinary assumptions necessary for the assignment
    Appr must not commit an error that can affect the assignment

          

  142. participation mtgreq's int + prin equally in each pmt

          

  143. easement in grosspersonal right to use land of another
    only has servient estate
    utility companies(transfers w/ sale)

          

  144. non conforming usea pre existing use that doesnt conform to zoning

          

  145. metro statistical ARelease= easmnt holder gives release 2 servient est (quitclaim deed)
    Abandonment= easmnt holder fails to use for specfc time
    Vacation= by court when no need exists
    Merger= dom n serv come under 1 ownrshp
    Expiration= expires after spec x

          

  146. EGIM
    effective gross income multiplier
    req's int + prin equally in each pmt

          

  147. condolgl form of ownership, hold int in common A, fee int in units, occupy air lots, state laws= horiz prop, strata title, condo act
    part of horiz prop regime
    DOESNT SPECIFY STYLE OR TYPE

          

  148. divisibilityprotects against forged docs, defctv title, encumbrances, liens= most cover mtgee (mtg co)

          

  149. excess rentrent that is above guaranteed minimum rent resulting from % lease

          

  150. standard 9
    ////////////////////////////////
    standard 10
    uspap rule for MASS AppR
    ////////////////////////////////////////////////////
    leasehold and opinion

          

  151. GIM$ales price/ income

          

  152. descriptiveimprovements
    the phys structure n attachments

          

  153. net inc multiplierrecipricol of overall R
    if R = 8%
    1/ .08 = 12.5

          

  154. fructus naturalestrees n uncultivated veg + landscaping- REAL PROP landscapng

          

  155. eminent domaingovt right to aquire prop w/out consent of owner 4 public use via compensation

          

  156. LEASED FEERIGHTS of LESSOR or LANDLORD
    holds reversion int
    FYI tenant is lessee

          

  157. does uspap req appraiser to use all 3 apprno

          

  158. economic rentused to find fee simple V of prop
    C commanded by factor of production or inelastic supply

          

  159. econ obsoannual Dr service / loan amt

          

  160. diff b/w face amt of loan n amt recv'dleasehold estate likely have no V

          

  161. equityint or V owner has in RE

          

  162. recertification of Vdone aafter all 3 appr complete

          

  163. methods of est Accr Deprannual NOI / annual mtg pmts
    most often used 4 investment criterion

          

  164. excess rentratio of props 1st yr cash flow to amt of EQ recv'd

          

  165. ammortizationrepayment of Dr over x in series of periodic pmts

          

  166. $ales price / rent2 parties 1 wall

          

  167. QTY survey methodMOST PRECISE 4 est repl/ repro C
    system of estimating bldg C by duplicating contractors methods
    DIRECT C: material, labor, equip, etc...
    INDIRECT C: taxes, permits, insurance, surveys, etc...

          

  168. fully ammortized mtgprin to be repaid during life of mtg

          

  169. which can be used in the sales comp appr to est Vpaired data set

          

  170. relationship of final V est to mkt perceptions should be consideredregarding reconciling the AppR

          

  171. fed is accountable tocongress

          

  172. payback periodrisk to Dr financing

          

  173. The listing of a set of observations, such as sales ratios, in a specific order, e.g., alphabetical, alpha-numeric, chronological, order of magnitudearray

          

  174. Accr Depr (curable)corner sites have higher V p/sq ft than other SITES

          

  175. condemnationget % n subtract from 100

          

  176. overage rentlandlord gets more than mkt rents

          

  177. annually
    semi annually
    quarterly
    monthly
    daily
    N* I/Y divide!!
    semi N*2 i/y / 2
    quarterly N*4 i/y / 4
    monthly N*30 i/y / 30
    daily N* 360 i/y / 360

          

  178. joint tenancy= 2+ owners = carrys survivorship- same title 2 undivided int- reqrs pitts= may sell int w/out consent of co-owners= new ownr bcomes tenant in common with remnng joint tnants= no corporations= can b partitioned= no dower rights in invest props

          

  179. ethics ruleencroachment via airspace

          

  180. linear regression analysisto study relationship b/w sales price n prop characteristics such as sqft, age to determine adj $ sales comp appr
    to complete mass AppR of res. A
    to test effect of flood on home V most similar to sales comp appr

          

  181. SR 1-5inc / $ales price

          

  182. . "The process of valuing a ________ of properties as of a given date using ____________ methodology, employing common data, and allowing for _______________ testing" is the definition of mass appraisal.universe
    standard
    statistical

          

  183. gross rent multiplier is a teq to est mkt rents bymgmt EXP
    NO MTG EXP

          

  184. when does AppR compare phys aspects of compscondition
    prop rights
    location
    ////////////////////
    NOT C

          

  185. deteriationget % n subtract from 100

          

  186. R risky
    R safer
    equilibrium in assembling and using factors of production

          

  187. reversionary factorlump sum investor recieves at the end of investment

          

  188. when a parcel of RE is used as collateral for a loanborrower is MORTGAGOR
    lender is MORTGAGEE

          

  189. how to calc T V of propbldg V + V of land

          

  190. acre
    section = sq mile
    Township
    req's int + prin equally in each pmt

          

  191. mortgagorloss of V from all causes w/in prop EXCEPT phys deterioration

          

  192. LEASED FEE ESTATERIGHTS of LESSOR or LANDLORD
    holds reversion int
    FYI tenant is lessee

          

  193. SRlonger than standards
    many followed by explanatory comments
    adherence req'd
    more specific in direction

          

  194. highest n best use analysisanalysis of economic activity of a community that allows it to attract income from outside its bouondaries
    poopulation, demographic, int R, date

          

  195. accumulated Depr (accrued)diff b/w bldgs repro or repl C n mkt V on AppR date
    repro/repl C - AppR V

          

  196. arms lengthright of govt to assume prop if owner deceased n prop abandoned n no will was left

          

  197. mkt rent * GRM =- ammoratzation loans

          

  198. economic base analysisanalysis of economic activity of a community that allows it to attract income from outside its bouondaries
    poopulation, demographic, int R, date

          

  199. indirect method for est Accr Deprrepro C
    - sales comp OR inc apr
    = Accr Depr

          

  200. EQ div Rratio of props 1st yr cash flow to amt of EQ recv'd

          

  201. fully ammortizedprin repaid during life of mtg

          

  202. staright term mtgno repayment of prin

          

  203. time adjustmentdate of sale of comp + AppR date

          

  204. bldg 12 yrs old
    T econ life 50 yrs
    remmaining econ life 40 yrs
    what % is Accrued Depr?
    method 4 calc Accr Depr
    NOT 4 REPRO OR REPL C of BLDG

          

  205. proper sequence of adj sales comp apprprop rights
    finacing terms
    condition of sale
    location
    phys char

          

  206. reversionsole ownrshp

          

  207. competitionaffects dmd

          

  208. NOI - Dr services (mtg pmts)lmts use of RE

          

  209. Accr DeprAccr Depr
    repl C
    repro C
    Land V

          

  210. siteL thats been improved

          

  211. AppRautomated valuation model

          

  212. principle of conformityL must conform 2 surrounding L use for max V 2 b acheived

          

  213. in sales comp appr never try to make an adjust. forNON ARMs LENGTH
    just dont use it!

          

  214. reconciliation criteria 4 final Vappropriateness, qty of evidence, accuracy

          

  215. expense stoplmt on oper expense paid by owner

          

  216. feasibility studydetailed analysis to determine most profitable use n likelihood of success

          

  217. overage rentcharecterize POPUATION

          

  218. profitability indexcash inflow / cash outflow

          

  219. bill of sale$#.## / $100 = ## mills
    assesed V
    $2.10 / $100 = 21 mills

          

  220. noteL thats been improved

          

  221. Mcattachment otherwise personal propert
    adaptation= adapted to real prop
    agreement= b/w buyer n seller trumps both

          

  222. annuity in advanceV * R

          

  223. lienscreated to secure Dr
    mtg lien: voluntary
    tax lien; involuntary, statutory (HIGHEST RPIORITY)
    ad valorem; specific; prop taxes
    special assesment; improvements (sidewalks)
    fed inc tax ; general
    mechanics; LIS PENDIS; lien on prop having work done
    judgement; involuntary; court order; WRIT OF EXECUTION ; SHERRIFS SALE
    deficiency judgement lien; foreclosure
    race status lien; given priority by recordation

          

  224. gross lease
    ///////////////////////////////////////////////////
    net lease
    record keeping and ethics
    /////////////////////////////////////////////////////////
    reporting record keeping and ethics

          

  225. regression anal n sales comp r alike becauseT Accr Depr is the loss in V from phys deter., Fn obso, or econ obso. HIBUSE cant be residential even if its being used as 1

          

  226. business risklandlord gets more than mkt rents

          

  227. encroachmentnon-ownershp real prop int grants 2nd pary to use owners Land

          

  228. which approaches can be used 4 V excess landsales comp and inc

          

  229. mortgageelender who makes loan

          

  230. Concurrent ownrshpowned by 1+

          

  231. lgl right of tenantleasehold

          

  232. type of final V estimate given depends onnot business, terminates w/ death, doesnt run w/ the land, not revocable

          

  233. anchor tenantlg national tenant that occupies space in shopping center

          

  234. standard 7
    /////////////////////////////////
    standard 8
    personal property
    /////////////////////////////////////////////
    reporting personal prop

          

  235. Title insprotects against forged docs, defctv title, encumbrances, liens= most cover mtgee (mtg co)

          

  236. the adjustment process major principle is:PRIN OF CONTRIBUTION

          

  237. hoskoldfin teq when dvlpr bldr or seller make payment to lender to reduce loan pmt 4 purchaser

          

  238. bldrs method
    trade break down
    C appr
    eff. age / T econ life (econ useful L)= age life
    C new * age/ L = Accr Depr

          

  239. in what appr does AppR valu land as if vacantapplication of appr's to V

          

  240. STD 2 RULE 2- 1bemployer signing report is as responsible for for contetnt n conclusion as is person who prepared it

          

  241. corner influencerent that is above guaranteed minimum rent resulting from % lease

          

  242. PUDallows dvlpr flexblty of design by allowing mixture of uses n densities. owner holds no int in common A, owner provides fees to maintion common A

          

  243. V of prop 150k
    V of Land .24 of prop
    V of Land = 150k x .24= 36k

          

  244. Mclonger than standards
    many followed by explanatory comments
    adherence req'd
    more specific in direction

          

  245. discussion on deed restr and zoning would appear on what part of reportto dvlp est projection of expected inc + EXP that reflect earning capacity

          

  246. OER can be figured byNOI / LOAN ( Dr service of mtg)
    indication of riskiness
    lenders want 2 make sure NOI is enough to cover dr services w/out tapping owners capital to repay

          

  247. if contract rent > mkt rentamt recv'd when rented in open competitve mkt

          

  248. which stmt is correct in reconciling AppRlegally permissable
    phys possible
    financially/ econ feasible
    maximally productive

          

  249. feudal systemimprovements
    the phys structure n attachments

          

  250. DeedPV (1 + i)^ n = FV

          

  251. principle of contributionCost approach to V is based on:

          

  252. accessionlandlord gets more than mkt rents

          

  253. neighborhoodencroachment via airspace

          

  254. Accr Depr (incurable)landlords/ lessors lgl right to aquire ownership to all that is asdded intentionally or by mistake (carpeting)

          

  255. compoundingconverting PV into FV

          

  256. exculpatory clauseis current HIBUSE
    HIBUSE expected to change

          

  257. real propertyamt of rent paid OVER BASE in a percentage

          

  258. SR 2$ / MONTHLY rent

          

  259. method of measuring Accr Depr by analyzing each causethey r both based on info from sales of other props

          

  260. riparianland meets FLOWING water;if navigable prop ends at low water mark; if un- navigable prop ends at middke of water

          

  261. inc prop AppR teq where overall R is derived from weighting mtg + EQ RBAND OF INVESTMENT
    overall R = M Rm + (1-m) Re
    M= laon V / prop V
    Rm= Mc
    Re= EQ div R

          

  262. PGIMV / PGI

          

  263. obsoloss of V from all causes w/in prop EXCEPT phys deterioration

          

  264. single purpose proplmt on oper expense paid by owner

          

  265. reconstructed stmt of NOI containsmgmt EXP
    NO MTG EXP

          

  266. sigmasales price / rent
    rent / price = GMRM

          

  267. V of equity positionlump sum investor recieves at the end of investment

          

  268. Standard 3measure SAMPLE

          

  269. $50 p/ sq ft
    ex adj to comp are appropriate
    time +8%
    physical - 5%
    age - 6%
    50 x 1.08 = 54.
    54 x .89 = $ 48.06

          

  270. how to calc DCRL V * L cap R = inc to L
    NOI - inc to L = residual inc to L
    res inc to L / bldg cap R = bldg V

          

  271. personal property
    //////////////////////
    real property
    sequence for adjusting sales comp
    prop rights
    financing
    condition
    location
    physical chara.

          

  272. depth tables/ chartsset of %'s indicating proportion of site V attributable to each amt of depth in the lot
    do not rely on w/out 1st testing mkt behavoir
    used by tax assesors to est V of parcel of Land

          

  273. Appr should always considerequilibrium in assembling and using factors of production

          

  274. site V'd seperately from improvmentsC appr

          

  275. AppR consultingAn estimate of the variation likely to be encountered in making forecasts based on a regression equation

          

  276. mkt Vmost prob price A/O given date 4 which prop should sell to typical, knowledgable buyer in competitive mkt via arms length
    closely assoc w/ V in exchange

          

  277. sandwich positionwhen lessee subleases and also becomes lessor

          

  278. fixturespers prop permanantly attached to RE to become real prop

          

  279. 4 powers of govtpolice power
    eminent domain
    taxation
    escheat

          

  280. effective dateconduct
    mgmt
    confidentialty
    record keeping

          

  281. effective date and date of AppR reportalways the same

          

  282. profitloss of V from all causes w/in prop EXCEPT phys deterioration

          

  283. loss of V from all causes EXCEPT PHYS DETERIARATIONOBSO

          

  284. Mc > Rallows 4 ammoratzation

          

  285. escheatright of govt to assume prop if owner deceased n prop abandoned n no will was left

          

  286. prin of contributionV of component part or peice of prop that adds to T V
    ex. sqft, age,

          

  287. interim useFV { 1/[ 1 + i] ^ n} = PV

          

  288. ad valorem taxland meets STILL water; cant alter the way water meets land

          

  289. comp sld 1 yr ago for 125k
    qlty makes it 10% better than subj
    prop V's inreased 5%
    condition
    prop rights
    location
    ////////////////////
    NOT C

          

  290. easementthe sum of

          

  291. SR 3$ / MONTHLY rent

          

  292. 2200 sqft, 55 p/sqft, .94 location mult., increased 5%special purpose props when continuation of that special use is assumed

          

  293. in 68 FNMA split intoFNMA abnd GNMA

          

  294. The specification of a zone within a population, based on a sample mean and its standard error, within which the true mean most probably liesconfidence interval

          

  295. timeshare$ales price/ income

          

  296. Dr coverage ratioaffects dmd

          

  297. physically curable deteriation2 parties 1 wall

          

  298. parameterscharecterize POPUATION

          

  299. when r C n mkt $ most likely 2 b similarwhen prop is new

          

  300. Discount Rateror on cap used to convert Fpmts into PV

          

  301. standard 1type of V must be defined
    ID any extraordinary assumptions necessary for the assignment
    Appr must not commit an error that can affect the assignment

          

  302. nuisanceencroachment via airspace

          

  303. blanket mtgRIGHTS of LESSOR or LANDLORD
    holds reversion int
    FYI tenant is lessee

          

  304. Tenancy in common75% of sales have Mc 10%
    25% remaining req.15% EQ.DIV.R
    (.75.1) + (.25.15)= R
    .075 + .0375 = .1125
    (# %) + (# %) = R
    used to calc Ro (overall rate)

          

  305. pur autre vieexception to non inheritable rule based on 3rd party

          

  306. assesment ratioNOI / LOAN ( Dr service of mtg)
    indication of riskiness
    lenders want 2 make sure NOI is enough to cover dr services w/out tapping owners capital to repay

          

  307. is prop mgmt fixed expNO, paid % of inc (EGI)

          

  308. why prep reconstr oper stmt w/ inc apprrelat. of final V est to mkt perceptions should be considered

          

  309. absolute deviationassesed V prop to measure mkt V

          

  310. FV to PVL thats been improved

          

  311. qualified fee estate
    aka
    fee simple determinable
    condition
    prop rights
    location
    ////////////////////
    NOT C

          

  312. unity of PITTSpossession= undivided int tenancy in common
    interset= equal ownership
    time= aquire at same time
    title= aquire w/ same title
    survivorship= transferable

          

  313. reconciliationlandlords/ lessors lgl right to aquire ownership to all that is asdded intentionally or by mistake (carpeting)

          

  314. estate at will
    tenancy at will
    can b terminated at any time
    LEASEHOLD- TENANT IS LESSEE

          

  315. while doing HIBUSE AppR determines optimum land to bldg ratio this is the PRIN OFBALANCE

          

  316. net present Vcash outflow - cash inflow

          

  317. prin of ########## best explains occurance of locational obsoconformity

          

  318. millsmost prob price A/O given date 4 which prop should sell to typical, knowledgable buyer in competitive mkt via arms length
    closely assoc w/ V in exchange

          

  319. assesment ratioror on cap used to convert Fpmts into PV

          

  320. investment VV to investor that may or may not be typical
    V based on specific goals

          

  321. VNOI / R

          

  322. how to calc V of landresidiual inc to L / L cap R

          

  323. tenancy @ sufferanceequilibrium in assembling and using factors of production

          

  324. arbitratorAppR who resolves dispute in regard to speciffic opinion of V

          

  325. buydownfin teq when dvlpr bldr or seller make payment to lender to reduce loan pmt 4 purchaser

          

  326. Severalty-sole ownrshp

          

  327. date of valuationwhen lessee subleases and also becomes lessor

          

  328. subject renting for $ .50 p/ sq ft < than previously
    GIM 9
    subject 25000 sq ft
    .5 x 25000= 12500
    12500 x 9 = 112500 Accr Depr

          

  329. popcorn
    5 ways to create easement
    75% of sales have Mc 10%
    25% remaining req.15% EQ.DIV.R
    (.75.1) + (.25.15)= R
    .075 + .0375 = .1125
    (# %) + (# %) = R
    used to calc Ro (overall rate)

          

  330. littoralland meets STILL water; cant alter the way water meets land

          

  331. net incV * R

          

  332. medianmiddle #

          

  333. self containedstate intended use, state ID of client, state any intended users by name or type, state type or def of V

          

  334. std forecastingAn estimate of the variation likely to be encountered in making forecasts based on a regression equation

          

  335. appurtenanceborrower

          

  336. deed restrictions
    vs
    zoning retrictions
    C of restoring item yo new or reasonably new

          

  337. bldg C est that fets C p/ unit of A or volume based on known C of similar structure, adj 4 time n phys diffNOI - Dr / Equity

          

  338. net leaseV * R

          

  339. converting inc to Vcapatilazation

          

  340. vacancieslgl form of ownership, hold int in common A, fee int in units, occupy air lots, state laws= horiz prop, strata title, condo act
    part of horiz prop regime
    DOESNT SPECIFY STYLE OR TYPE

          

  341. surplus productivityland recieves any surplus inc after providing return on bldg
    inc attributable to land rent that remains after labor, capital, n mgmt compensated
    net inc remaining after agents of production satisfied

          

  342. tax R x prop Vequal int aquired thru marriage= not b4 marriage or thru will or gift

          

  343. certificationcompensation not contingent
    no one provided assistance
    AppR has/ has not made personal inspection

          

  344. obsolescenceFn or external
    loss of V w/in prop from all causes EXCEPT phys deter.

          

  345. Mc < R- ammoratzation loans

          

  346. equity div R
    or
    cash on cash R of return
    NOI - Dr / Equity

          

  347. mkt $$#.## / $100 = ## mills
    assesed V
    $2.10 / $100 = 21 mills

          

  348. if floor A ratio is 5:1 and bldg .25 T of lot then=diff est in V

          

  349. adjustable R mtgR may change according to an index of rates

          

  350. how to calc overall RNOI / Ann Dr (mtg pmts)= DCR
    Mc LTV DCR = overall return