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22 Cards in this Set
- Front
- Back
- 3rd side (hint)
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How do you develop a time trend analysis? |
You can develop it from the resale of a property or from analyzing the sale price trends of similar property overtime |
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What is the first step for conducting a mass appraisal program for income producing property? |
Establish a base appraisal date. Using a base appraisal date ensures that properties are appraise under the same market conditions |
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To collect information on income and operating expenses what do you do? |
Mail an income and expense worksheet to the owners of income producing properties. Start this process several months before beginning the appraisal |
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Name the four forces that affect value |
Physical, economic, governmental, social |
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You may use this type of map to cook neighborhood data. Sometimes it documents the boundaries of neighborhoods it may also include information about things such as zoning, topographic features, location of utilities, and Street improvements. |
Field map |
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What is a GIS |
It’s a geographic information system and you can use it and aerial photos instead of Field maps to access necessary information about the property you are appraising |
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What is another word for base standard? |
Benchmark |
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Commercial cost manuals are divided into three basic categories. This is the overall category for building based on general use. Examples are apartments, hotels, and restaurants. |
Group |
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This commercial cost category is based on design characteristics within a group category. Examples of types found within the apartment group are low rise, mid rise and high-rise apartments. |
Type |
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This is related to quality of construction |
Class |
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What is the goal of quality class benchmarks? |
To ensure that uniformity and equity is achieved |
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How could you estimate the cost of a new building? |
Gather information from local contractors in the area. Ensure that both direct and indirect cost are included |
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What does HVAC stand for? |
Heating, cooling, and ventilation system |
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What are the three categories of depreciation? |
Physical deterioration, functional obsolescence, and economic obsolescence (externalities) |
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What does OAR stand for? |
Oregon administrative rules. The interpretation of Oregon revised statues issued by the state agencies such as the Department of revenue |
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This term means the anticipated income from all operations of the real property after an allowance is made for vacancy and collection losses |
Effective gross income (EGI) |
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What is the basic capitalization formula for rate? |
R = I / V, where R = rate, I = income (net), and V = value (sales price) |
Example: $25,000 (income) / $175,000 (sales price) = 0.143 (rate) |
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If the tenant pays the taxes it is considered this type of lease |
A net lease |
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If the landlord pays the taxes it is it considered this type of lease |
A gross lease |
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This type of rate measures the remaining period of time that a building would be expected to yield a profitable income |
Re-capture rate |
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What is the annual recapture rate if the economic life of a subject property is 25 years |
1 / 25 = 0.04 per year. This means 4% of the improvement value will be recovered annually |
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This is the age of the house based on condition in value not necessarily chronological age. |
Effective age |
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