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17 Cards in this Set
- Front
- Back
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The cost factor book is divided into this many quality levels, classes of construction. |
8 |
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What are some items in the base specifications for establishing class? |
Foundation, exterior wall, roof, floor, partitions, interior components such as cabinet quality of flooring, electrical, plumbing, heating cooling, exterior components such as house design or steps |
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What class would be considered average? |
5 |
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What class would be considered fair? |
4 |
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What are the first two steps for pre-appraisal in mass residential properties ? |
Establish a base appraisal date, define neighborhood boundaries |
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What does LCM mean? |
Local cost modifier. It establishes the replacement cost level to measure all depreciation |
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This is the reference point from which all other properties are measured |
Benchmark |
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What does RCN stand for? |
Replacement cost new |
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How do you develop the local cost modifier |
Take the actual house value cost and divide it by the factor book cost estimates (RCN-replacement cost new) |
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This term means the loss of value from cost new to present value |
Accrue depreciation |
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What are the three categories depreciation can be divided into? |
Physical deterioration, functional obsolescence, and external obsolescence |
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How do you determine the percent good indicated by the market? |
Divide the residual house and garage value by the replacement cost new (RCN) |
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How many levels of inspection are there? |
4 |
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At what level is a full inspection made with an attempt to make a full interior inspection? |
Level one |
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At what level as a street inspection conducted (drive-by inspection only unless a major change to the property is detected) |
Level three |
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At what level is no on-site inspection made where market dad is analyze to determine changes in the market and properties are adjusted to RMV? |
Level four |
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At what level is an exterior inspection made. No attempt at an interior inspection is made unless a major change the property is detected? |
Level two |
