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$50,000 X 3.2 = $160,000. From HUDs prospective, the REL needs to be reflective of the number of years the property is expected to remain competitive in the market. 5,000 acre ranch The capitalization rate indicated by sale is ____%, The ________ approach is particularly applicable in the appraisal of special purpose properties, In the age-life method of estimating depreciation, the ___________ age is divided by the ____________ life, Fannie Mae says the cost approach ____________________. Contract rent and market rent are two different concepts. expected A deed could provide all of the following information about a property EXCEPT, buildable unit Price per Buildable Unit. The remaining economic life of the car is 3 years, and it is expected to have no residual value at the end of the lease term. $250,000 - $152,000 = $98,000 (land value). encroachment Each of these is a variable expense EXCEPT. It was rented for $1,100 per month but the market rent was $1,200. $754,200 X 1.51 = $1,138,842. Remaining Economic Life (REL) AND Remaining Useful Life is the difference between Economic Life and Effective Age. What is another name for the cost approach? Once we have the effective age, we can calculate the remaining economic life of the home. When developing an appraisal, you calculate the following GRMs for comparable properties: 94.3, 90.1, 95.6, 109.2, 84.5, 100.7, 99.9. Inflation is high, so why arent mortgage rates higher? 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 ______________. $1,610.55, Separate site valuations would likely be required in which of the following situations: When determining how much to adjust for a two car garage and the sales comparison approach, which valuation as a primary importance? easement What is its value by the cost approach? $1,098,253 The power of data with Mike Simonsen at Gathering of Eagles, Eric Lapin on how consumer-controlled data can change lending, Clear Capital launches UDC to support appraisal modernization. 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. pH What is its indicated value by the cost approach? highest and best use analysis, "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat" is the definition of Yes, it is required by VA and FHA. An estimate of remaining economic life is required by: Fannie Mac Freddie Mac VA A property has a cost new of $350,000. A municipality assesses property at 100% of value. However, the number of hours assigned to Sarah must not exceed 25 percent of the total number of hours assigned to the two senior designers. That is more than its present value. 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.