Assignmetn 17
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Real Estate Division
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Aman Preet Singh
Student No: 4304704
Course: Real Estate Trading Services Licensing Course 2023
Assignment No: 17
You have submitted this assignment on 2023-10-29
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Question 1
Luigi is using the comparative approach of appraisal to value a house and has found a recent sale which he thinks is a good
comparable to the subject property. The subject property has a swimming pool while the comparable does not. Swimming pools
are a desirable amenity and a selling feature in this area. However, the subject property features a dated kitchen whereas the
comparable has been updated with new appliances and stone countertops. When adjusting for these differences, he will:
add the value of the swimming pool to the comparable and add the value of the kitchen updates to the subject property.
add the value of the swimming pool to the comparable and subtract the value of the kitchen updates from the
comparable.
add the value of the swimming pool to the comparable and subtract the value of the kitchen updates from the subject
property.
subtract the value of the swimming pool from the subject property and add the value of the kitchen updates to the
subject property.
Correct Answer: 2
This question requires you to adjust a comparable using the comparative approach of appraisal. The general rule when making
adjustments is that the appraiser adjusts the comparables to make them identical to the subject. In this case, you would add the
value of the swimming pool to the comparable, and subtract the value of kitchen updates from the comparable.
Question 2
A three-storey, 45 year old, Tudor style home has the entrance way located so that one enters through the dining room. As well,
the ceiling height on the main floor is only six feet, which was an acceptable height when the home was first built. These would be
examples of:
functional curable depreciation.
functional incurable depreciation.
physical curable depreciation.
physical incurable depreciation.
Correct Answer: 2
This question requires you to distinguish between the various types of depreciation. In this case, the Tudor house has very low
ceilings and a poor main floor plan with the entrance way located in the dining room. These would both be examples of functional
incurable depreciation.
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Question 3
The deteriorating roof tiles of a ranch style home that was built in the late 1990s would be classified as:
incurable physical depreciation.
incurable functional depreciation.
curable physical depreciation.
curable functional depreciation.
Correct Answer: 3
Incurable depreciation refers to depreciation that is not economically worthwhile to correct. Deteriorating rooftiles can be
corrected without completely rebuilding and therefore, it is considered curable depreciation. Functional depreciation refers to
items of an outdated design which cause a decline in value. Physical depreciation represents the loss in value due to physical
wear and tear. Deteriorating rooftiles would be classified as curable physical depreciation.
Question 4
Consider the following statements with respect to the comparative approach of appraisal.
A. An appraiser can use the consumer price index to adjust a non-recent sale price to the appropriate level of value at the
appraisal date because changes in the value of consumer products usually coincide with changes in the value of property.
B. Common area charges need not be included in the market value of a condominium unit because these charges are market
related and are standard from project to project.
C. One problem in applying the comparative approach is the difficulty in establishing similarity. This problem is compounded
when there are few comparable properties.
D. No adjustments for value are required for vendor takeback mortgages where the contract rate of interest is different from
the prevailing market rate of interest given the stable and low market interest rate environment of recent years.
Which of the above statements are FALSE?
A and C only
C and D only
A, B, and D only
All of the above
Correct Answer: 3
Statements A, B, and D are false. Statement A is false because general price indices such as the consumer price index are
irrelevant to the appraisal of one particular property since changes in the value of consumer products are not necessarily the
same as changes in the value of property. Statement B is false because common area charges need to be included since they
are not standard, rather they vary from project to project. Statement D is false because a differential in the contract rate and
market rate (notwithstanding a stable and low interest rate environment), requires a finance adjustment to make it comparable
with the subject property.
Question 5
Atlas Appraisal Services Ltd is appraising a warehouse using the Cost Approach. The warehouse has an estimated economic life
of 25 years and a salvage value of $5,000 at the end of that time. The current replacement cost is $1,500,000. If the effective age
of the warehouse is 5 years at the time of the appraisal, what is the estimate for incurable physical depreciation using the
straight-line method of depreciation?
$60,000
$299,000
$59,800
$300,000
Correct Answer: 2
The annual depreciation must be calculated using the following formula:
Cost
Salvage Value (if any)
Depreciation per year =
Economic Life (in years)
−
1,500,000
5,000
=
25
−
= $59,800 per year
If the effective age of the building is 5 years at the time of the appraisal, the estimate for incurable physical depreciation is
$299,000 (5 H $59,800). Therefore, option (2) is correct.
THE NEXT THREE (3) QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Eric Poolman has been asked to appraise a duplex in a subdivision in Calgary. The subject is on a 60 foot × 115 foot lot. Eric will be
using the cost approach of appraisal and has obtained the following information:
The current replacement cost for a new building of this type is approximately $315 per square foot. The original cost of the duplex was
$165 per square foot.
The balcony at the back of the house is deteriorating and is sorely in need of replacement. The cost of replacing the balcony is
estimated to be $20,500.
The kitchen design is completely outdated and the two kitchens will need to be replaced at a total cost of $49,000.
Four empty lots in the neighbourhood recently sold for the following amounts:
Lot A: 60 feet × 112 feet Selling Price: $382,000
Lot B: 60 feet × 118 feet Selling Price: $396,000
Lot C: 80 feet × 150 feet Selling Price: $421,000
Lot D: 60 feet × 117 feet Selling Price: $392,000
The current use represents the highest and best use of this site.
The duplex measures 4,400 square feet
Question 6
The estimate for physical curable depreciation and functional curable depreciation is:
$0 and $49,000 respectively.
$49,000 and $0 respectively.
$20,500 and $49,000 respectively.
$49,000 and $20,500 respectively.
Correct Answer: 3
Curable physical depreciation consists of physical wear and tear that can be corrected economically such as the balcony; the
replacement cost is $20,500. Functional curable depreciation consists of an outdated design that can be corrected economically
such as the outdated kitchens; the replacement cost is $49,000.
Question 7
The estimated market value of the subject property's lot is:
$390,000.
$376,000.
$401,000.
$398,000.
Correct Answer: 1
Based on a frontage foot comparison, Lot C larger size is not comparable to the subject property and should be eliminated from
the analysis. From the information given, the remaining lots, A, B, and D, are similar and it does not appear that any one lot is
more similar to the subject property than the other two; therefore a figure within the range of the sales prices of lots A, B, and D
($382,000 to $392,000) is considered reasonable and is used to estimate the market value of the subject property lot to be
$390,000.
Question 8
Suppose that Eric estimates the site value to be $395,000 and the total depreciation of the improvements to be $57,000. The
market value of the property is:
$1,912,000.
$1,719,000.
$1,281,000.
$1,724,000.
Correct Answer: 4
Using the information presented in this problem, the market value of the subject property using the cost method of appraisal is
estimated as follows:
Replacement Cost (New)
(4,400 H $315)
$1,386,000
Less Depreciation
(
57,000)
Replacement Cost (New)
$1,329,000
Add Site Value
395,000
Market Value
$1,724,000
Question 9
You have just been assigned to complete the appraisal of an old, two-storey house in Burnaby and are conducting an analysis of
comparable sales. You have found a comparable property that is similar in all respects except that when sold, the seller arranged
a buydown, offering the buyer an interest rate of 1.5% below the market rate. Which of the following statements is/are TRUE?
A. The price the buyer paid may be less than the market value of the real estate because of the benefit the buyer receives
with below-market financing.
B. The price the buyer paid may be more than the market value of the real estate, because of the benefit the buyer receives
with below-market financing.
C. The financing terms of a sale have no bearing on its price, and therefore do not need to be considered when analyzing
comparable sales.
D. Non-market financing arrangements only warrant adjustments to the sale price of comparable properties if market evidence
suggests that they affect value.
C only
A and D only
B and D only
D only
Correct Answer: 3
A developer or seller may have arranged a buydown, paying cash to the lender so that a mortgage with a below-market interest
rate can be offered. The buyer may possibly have paid a higher price for the property to obtain below-market financing. The
appraiser needs to investigate if these arrangements actually affected the sale price of the property. Market evidence is always
the best indicator.
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Question 10
Which of the following statements is/are TRUE?
A. In property appraisal, "recent" refers to a time period where the market is relatively stable.
B. When determining market value using the comparative approach of appraisal, it is not necessary that recently sold
comparables be similar to the subject property in every respect.
C. The total size of the lot rather than its frontage is a more important consideration when considering the site.
D. There is no certainty as to whether corner lots have greater or less value than inside lots.
D only
A and D only
A, B, and C only
A, B, and D only
Correct Answer: 4
Statements A, B, and D are true. Since houses are built parallel to the street, the frontage is a more important consideration
rather that total area or depth. The value of the lot varies directly with frontage than with area or depth.
Question 11
On their lunch break, three appraisers have become involved in a discussion about the appraisal of an older building using the
cost approach of appraisal. They argue about what the replacement cost and reproduction cost should be. Which of the following
statements is/are TRUE?
Replacement cost is the cost incurred when the building was erected.
Reproduction cost is the cost of providing an exact replica of the subject property.
Reproduction cost and replacement cost are the same.
Both (2) and (3) are true.
Correct Answer: 2
Statement (2) is true. Statement (1) is false because replacement cost is the cost of providing a building which would represent
the modern equivalent of the house to be appraised in determining the construction cost of a building. Statement (3) is false;
therefore, statement (4) is also false.
THE NEXT FIVE (5) QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
Subject Property
Comparable A
Comparable B
Comparable C
Number of Bedrooms
4
4
?
?
Number of Bathrooms
4
3
?
?
Air Conditioning
Yes
No
?
?
Deck
No
Yes
?
?
Living Room (square feet)
320
280
?
?
Sale Price
?
$1,252,000
$1,165,000
$1,243,000
Adjustments
Bedrooms
?
0
0
Bathrooms
?
+6,620
0
Air Conditioning
?
0
+3,250
Deck ?
–5,600
0
Living Area
?
0
–15,000
The market value of:
1 bedroom is $7,850;
1 bathroom is $6,620;
Air conditioning is $3,250;
A deck is $5,600; and
Above the 280 square feet benchmark, each square feet of living area is worth $375.
Question 12
The living room of Comparable C is approximately ____________.
280 square feet
380 square feet
300 square feet
360 square feet
Correct Answer: 4
A negative adjustment to the sale price of a comparable indicates a superior feature as compared to the subject property.
Comparable C has been adjusted downwards for square footage and, therefore, it must have more square footage than the
subject property. An adjustment of -$15,000 implies a difference of 40 square feet; therefore, Comparable C has 360 square feet
(320 + 40).
Question 13
Comparable A will have to be adjusted for air conditioning, deck, and living room by:
+$3,250, –$5,600, and +$15,000 respectively.
–$3,250, +$5,600, and –$15,000 respectively.
+$5,600, $0, and –$15,000 respectively.
$0, +$5,600, and –$15,000 respectively.
Correct Answer: 1
An upward adjustment of $3,250 is necessary for air conditioning since Comparable A does not have it. A negative adjustment of
$5,600 is necessary for the deck since Comparable A has a deck and the subject property does not. Since Comparable A has 40
square feet less living area than the subject property, an upward adjustment of $15,000(40 × $375) is needed.
Question 14
Comparable A will have to be adjusted for bedrooms and bathrooms by:
$0 and –$6,620 respectively.
$0 and +$6,620 respectively.
+$7,850 and $0 respectively.
–$7,850 and $0 respectively.
Correct Answer: 2
No adjustment is needed for bedrooms because Comparable A has an equal number of bedrooms as the subject property (4
bedrooms). Comparable A has 3 bathrooms, one less than the subject property; therefore, an upward adjustment of $6,620 is
necessary.
Question 15
From the information provided above, it can be concluded that Comparable B has:
4 bedrooms, 3 bathrooms, air conditioning, and a deck.
3 bedrooms, 4 bathrooms, air conditioning, and no deck.
4 bedrooms, 3 bathrooms, no air conditioning, and no deck.
4 bedrooms, 4 bathrooms, no air conditioning, and no deck.
Correct Answer: 1
A positive adjustment of $6,620 for bathrooms indicates that Comparable B has one less bathroom than the subject (4 - 1 = 3
bathrooms). There is no adjustment for bedrooms or for air conditioning, meaning Comparable B is similar to the subject in this
aspect. The negative adjustment of $5,600 indicates that Comparable B has a deck while the subject property does not.
Therefore, Comparable B has 4 bedrooms, 3 bathrooms, air conditioning, and a deck.
Question 16
From the information provided, it can be concluded that the adjusted selling prices for Comparables A, B, and C are:
$1,323,680, $1,246,200, and $1,723,050 respectively.
$1,271,270, $1,166,020, and $1,231,250 respectively.
$1,180,400, $1,056,200, and $1,109,400 respectively.
$1,367,500, $1,280,020, and $1,314,050 respectively.
Correct Answer: 2
Comparable A: $1,252,000 + $6,620 + $3,250 − $5,600 + $15,000 = $1,271,270
Comparable B: $1,165,000 + $6,620 − $5,600 = $1,166,020
Comparable C: $1,243,000 + $3,250 − $15,000 = $1,231,250
Question 17
An appraiser has determined the market value of a property to be $820,000 using the cost approach. In this estimate, the
appraiser has included depreciation of $45,000, and has appraised the value of the lot to be $430,000. How much has the
appraiser estimated as the cost new of improvements?
$430,000
$435,000
$345,000
$340,000
Correct Answer: 2
Improvements (cost new) − depreciation + site value = market value
Improvements (cost new) = market value - site value + depreciation
$435,000 = $820,000 − $430,000 + 45,000
Question 18
Which of the following statements regarding the cost approach is/are TRUE?
A. Site value is the market value of the land with improvements.
B. The reliability of the cost method depends on the validity of the assumption that cost and value are equal.
C. The value of a property's improvements should be estimated using the improvements' current reproduction cost.
D. A property with a small house located in the centre of Vancouver's business district would best be appraised using the cost
method of appraisal.
B only
A and D only
B, C, and D only
All of the above
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Correct Answer: 1
Statement A is false because the site value is the market value of the land without any improvements. Statement B is true.
Statement C is false because current replacement cost, not reproduction cost, should be used to estimate the value of a
property's improvements. Statement D is false because a small house in Vancouver's business district is likely not in its highest
and best use and therefore possesses latent value and should be appraised using the residual approach.
Question 19
Which of the following factors should be considered when using the comparative method of appraisal to value a house?
A. Whether the comparables being used can be classified as "recent" sales
B. If there is an adequate number of comparables that can be used for comparison
C. Whether the dimensions of a comparable property's lot are different than the subject property's lot
D. Whether or not the comparables are similar to the subject with respect to legal title
A, B, and D only
D only
A and B only
All of the above factors should be considered.
Correct Answer: 4
There are various factors that are important when appraising a house using the comparative method. The time of the sale and the
number of comparables available are very important. Also, the dimensions, not just the area, are important. For example, if a
property has the same area, but a different depth, this means the frontage will be different, resulting in an incorrect comparison.
Finally, comparables must have similar title status to be comparable. For example, one house with an easement and one without
may not be comparable.
Question 20
In the direct comparison approach, one method of making final adjustments to price is to use a Rating Grid. It is most important
that:
the final market value be determined by averaging the comparable sale prices (after adjustments).
the comparables have the same lot size as the subject property.
the comparable properties have the same cost of improvements as the subject property.
the subject property be the basis of comparison and all comparables be adjusted to it.
Correct Answer: 4
The basis of comparison is the subject property and adjustments are always made to the comparable properties in order to have
them become as similar as possible to the subject property.
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Problem 1
Balance Shet
Income Statement
PT. MaTaHtari
PT. MATAH+ari
For the year Ended December 31
For the year Ended December 31
2019
2018
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700.000.000
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Marketable Securities
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300.000.000
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Account Receivable
700.000.000
550.000.000
Inventory
750.000.000
650.000.00D
3.600000.000
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2.200.000.000
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200.000.000
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500.000.000
200.000.000
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Current Attempt in Progress
The adjusted trial balance of Flint Corporation at December 31, 2022, includes the following selected accounts: Retained Earnings $
22,016, Dividends $ 7,680, Service Revenue $ 40,960, Salaries and Wages Expense $ 17,920, Insurance Expense $ 2,304, Rent
Expense $ 4,992, Supplies Expense $ 1,920, and Depreciation Expense $ 1,280.
Prepare an income statement for the year.
FLINT CORPORATION
Income Statement
December 31, 2022
II
%24
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- Excel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage Learning
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