Real Estate Appraisal Instructor Materials PDF Quiz Chapter 5

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Sources of published information for regional   7KHSULPDU\VRXUFHIRUGDWDDERXWWKHVXEMHFW DQGFRPPXQLW\GDWDFRXOGLQFOXGHDOORIWKH SURSHUW\VLWHLV IROORZLQJH[FHSW A. building blueprints  $ PXOWLSOHOLVWLQJVHUYLFHV  % SXEOLFWD[UHFRUGV  % WKHIHGHUDOJRYHUQPHQW  & SHUVRQDOLQVSHFWLRQE\WKHDSSUDLVHU  & GLUHFWREVHUYDWLRQE\WKHDSSUDLVHU  ' SXEOLVKHGVRXUFHVRILQIRUPDWLRQ  ' FRXQW\DQGFLW\JRYHUQPHQWDJHQFLHV  7KHQXPEHURIVWRULHVDUFKLWHFWXUDOVW\OHDQG   ,IWKHVXEMHFWSURSHUW\FRPSHWHVZLWKSURSHUWLHV QXPEHURIXQLWVLQDEXLOGLQJDUH LQRWKHUQHLJKERUKRRGVWKHDSSUDLVHUPD\QHHG A. substructure data WR  % JHQHUDOEXLOGLQJGDWD A. change the neighborhood boundaries to  & HTXLSPHQWGDWD include more comparables  ' LQWHULRUGDWD  % PDNHDGMXVWPHQWVWRWKHYDOXHVRIFRPSD- rable properties to account for differences between neighborhoods  & RUJDQL]HGDWDEDVHGRQFHQVXVWUDFWVLQVWHDG of neighborhoods  ' FKRRVHFRPSDUDEOHSURSHUWLHVWKDWKDYHD GLIIHUHQWXVHIURPWKHVXEMHFWSURSHUW\ 8  Chapter 5: Data Collection and Analysis  7KHW\SHDQGFRQGLWLRQRIURRIVKRXOGEHQRWHG EHFDXVH  $ URRIVDUHDOPRVWQHYHUUHSODFHGGXULQJWKH life of a building  % URRILQJ PDWHULDOV KDYH OLWWOH LPSDFW RQ YDOXH  & WKHFRVWRIUHSODFLQJDURRILVVXEVWDQWLDO  ' %RWK$DQG&  $SSOLDQFHVLQWKHEXLOGLQJDUH  $ QHYHUFRQVLGHUHGSDUWRIWKHDSSUDLVDO  % LQFOXGHGLQWKHDSSUDLVDORQO\IRUFRPPHU- FLDOSURSHUW\  & RIWHQFRQVLGHUHGLIWKH\DUHODUJHRUEXLOWLQ  ' WUHDWHGDVSDUWRIWKHVLWHGDWD  &RPSDUDEOHSURSHUWLHVVKRXOGEHDVVLPLODUDV SRVVLEOHWRWKHVXEMHFWSURSHUW\LQRUGHUWR  $ DFFXUDWHO\ UHÀHFW WKH VXEMHFW SURSHUW\¶V YDOXH  % UHSUHVHQW WKH NLQG RI SURSHUW\ WKDW WKH VXEMHFWSURSHUW\FRPSHWHVZLWKLQWKHUHDO estate market  & PDNHLWHDVLHUWR¿QGFRPSDUDEOHSURSHUWLHV to use in the appraisal  ' %RWK$DQG%  'DWD DERXW FRPSDUDEOH SURSHUWLHV FDQ FRPH IURP  $ PXOWLSOHOLVWLQJVHUYLFHV  % LQWHUYLHZVZLWKSDUWLHVWRDWUDQVDFWLRQ  & ¿OHV RQ SUHYLRXV DSSUDLVDOV WKH DSSUDLVHU has conducted  ' $OORIWKHDERYH  %XLOGLQJFRVWHVWLPDWHVIRUUHVLGHQWLDODSSUDLV- DOVDUHRIWHQEDVHGRQ  $ PXOWLSO\LQJJURVVOLYLQJDUHDE\DQDYHUDJH FRVWSHUVTXDUHIRRW  % DGGLQJXSWKHUHSURGXFWLRQFRVWIRUH[WHULRU DQGLQWHULRU¿QLVKHV  & DGMXVWLQJ WKH PRVW UHFHQW VDOHV SULFH IRU LQÀDWLRQ  ' $OORIWKHDERYH 9  Real Estate Appraisal Instructor Materials Answer Key 1. A. General information about social, eco-  & 0RVWSK\VLFDOVLWHGDWDDUHJHQHUDWHG nomic, and political forces that affect E\DSHUVRQDOLQVSHFWLRQRIWKHGLPHQ- SURSHUW\YDOXHVLVUHJLRQDODQGFRP- sions, location, and other features of PXQLW\GDWD the site.  & ,QIUDVWUXFWXUHPHDQVSXEOLFLPSURYH- % 7KHEDVLFJHQHUDOLQIRUPDWLRQQHHGHG ments that support basic needs. DERXWDEXLOGLQJLQFOXGHVWKHVL]H ([DPSOHVLQFOXGHWUDQVSRUWDWLRQDQG number of units, number of stories, utilities such as power, water, and DQGDUFKLWHFWXUDOVW\OH sewage. & 0RVWURRIVUHTXLUHUHSODFHPHQWGXULQJ  $ 5HJLRQDODQGORFDOODZVDQGUHJXOD- the life of the building at substantial tions are political factors that affect cost. The appraiser should consider the SURSHUW\YDOXHV HIIHFWWKDWWKHW\SHDQGFRQGLWLRQRIWKH URRIKDYHRQWKHSURSHUW\¶VYDOXH  & $SSUDLVHUVUHO\RQPDQ\VRXUFHVIRU published information, including & )RUUHVLGHQWLDOSURSHUW\DSSOLDQFHV PXOWLSOHOLVWLQJVHUYLFHVDQGYDULRXV that are large or built in are often JRYHUQPHQWRUJDQL]DWLRQV+RZHYHU LQFOXGHGLQWKHDSSUDLVDO7KLVPD\ WKHDSSUDLVHU¶VSHUVRQDOREVHUYDWLRQV include items such as refrigerators, DUHE\GH¿QLWLRQQRWSXEOLVKHGLQIRU- GLVKZDVKHUVRYHQVUDQJHVDQGZDVK- mation. HUVDQGGU\HUV  % ,IWKHPDUNHWDUHDIRUWKHVXEMHFWSURS- ' &RPSDUDEOHSURSHUWLHVUHSUHVHQWWKH HUW\LQFOXGHVRWKHUQHLJKERUKRRGVRU VXEMHFWSURSHUW\¶VFRPSHWLWLRQLQWKH GLVWULFWVLWPD\EHQHFHVVDU\WRPDNH PDUNHW,QRUGHUWRDFFXUDWHO\UHÀHFW DGMXVWPHQWVWRWKHYDOXHVRIFRPSD- WKHYDOXHRIWKHVXEMHFWSURSHUW\WKH\ rable properties during an appraisal. should be as similar as possible.  & 6LWHGLPHQVLRQVLQFOXGHZLGWKGHSWK ' 6HFRQGDU\VRXUFHVVXFKDVPXOWLSOH and frontage. OLVWLQJVHUYLFHVSURYLGHPXFKRIWKH data on comparable properties, but  ' 7KHZLGWKDQGGHSWKRILUUHJXODUO\ LQWHUYLHZVDQGWKHDSSUDLVHU¶V¿OHVFDQ VKDSHGORWVPD\EHVWDWHGDVDYHUDJHV also be excellent sources of compa- UDEOHSURSHUW\GDWD  % 6LWHLPSURYHPHQWVDUHIHDWXUHVRIWKH VLWHWKDWFRQWULEXWHWRYDOXH'LVWDQFHV  $ )RUPRVWUHVLGHQWLDODSSUDLVDOVEXLOG- to neighborhood amenities are not im- ing cost is estimated based on a simple SURYHPHQWVEXWWKH\DUHLPSRUWDQWVLWH FDOFXODWLRQXVLQJWKHDYHUDJHFRVWSHU data to collect. VTXDUHIRRWWREXLOGDKRXVHLQWKHDUHD 10