LAVC - RE 9 - Appraisal SLO (1R).doc
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School
Los Angeles City College *
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Course
01
Subject
Industrial Engineering
Date
Jan 9, 2024
Type
Pages
4
Uploaded by MagistrateTankGoose18
Name:____________________
REAL ESTATE APPRAISAL – REAL ES 009
STUDENT LEARNING OUTCOME (SLO) – 50 Points
A.
What are the three approaches to value?
(3 points each)
1.
2.
3.
B.
Which of the three approaches would you usually use to appraise each type of
property? ( 1 point each)
1. House
-
2.
School –
3.
Vacant Land –
4.
Apartment House –
5.
Office Building –
6.
Train station
-
7.
Residential condominium –
8.
Athletic stadium –
1
9.
Retail Shopping Center -
C.
Define
each of the following and
give an example
of each:
(3 points each)
1.
What is effective age?
2.
What is Functional Obsolescence?
3.
What is Physical Obsolescence?
4.
What is Reproduction cost?
5. What is a Rate of Return?
2
6.
What is Income Capitalization?
D.
Using the Sales Comparison Approach to Value please adjust the Comps value using
the following data:
I suggest you re-read the CH 9 Lecture Notes before you start this problem.
The subject property (the one you are appraising) is a medium quality, 25 year old, 3
bedroom Single Family Residence with a two car garage.
The appraiser has identified a
comparable property to be used in his opinion of value.
It has the same square footage and
room count in the same neighborhood that is a recent sale.
How would the appraiser
adjust the Comparable property making the following cost adjustments
per the
appraisers Opinion?
Adjustments to be made as per appraiser’s Opinion:
Location Difference per appraisers opinion
$10,000
( + or - )
Lot Size Difference
$15,000
( + or - )
Overall Condition Difference
$
5,000 ( + or - )
Comparable Property Data:
Enter Amount of each
Adjustment
below
(You must decide if
you add or subtract
the amount of the
adjustment)
(3.5
points each)
3
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Price Paid
for Comparable Property
$500,000
Location
Nicer location than subject property
___________
Lot Size
Smaller than subject property
___________
Overall Condition
Better than subject property
___________
What is the Adjusted Price?(Adjust the Price Paid)
________
4