‹footer›
‹#›
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/master04.xml
Content-Transfer-Encoding: quoted-printable
Content-Type: text/xml; charset="utf-8"
Click to edit Master
title style
Click to edit Master subtitle
style
‹date/time›
‹footer›
‹#›
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/master05.xml
Content-Transfer-Encoding: quoted-printable
Content-Type: text/xml; charset="utf-8"
![](3D"master04_background.jpg")
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
1
![](3D"slide0001_image003.gif")
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
2
Approaches to Value
•There are three methods used to estimate value;
1.Sales
Comparison Approach or
Market Comparison Approach
Market Comparison Approach
2.Capitalization
Approach
Income Approach
Income Approach
3.Cost
Approach
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
3
Sales Comparison or
Market Data Approach
=
•The property being appraised, the
“subject Property” is compared to recent s=
ales
of similar properties that have been sold in=
the
last 6 months.
•The sales comparison approach can=
be
used for most types of property as long as
there have been sales.
•The best method for single family residences.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
4
The Comparison
Approach
Employs Various Appraisal Principles
Employs Various Appraisal Principles
a.Supply and Demand ~
Sellers constitute the supply, buyers the demand. Emphas=
is is
on the demand side.
b.Balance ~ There is
seldom a balance between supply and d=
emand
in real estate. Shifts in populat=
ion,
financing, consumer tastes cau=
ses
demand to fluctuate.
c.Substitution ~ The =
cost
of acquiring an equally desirable s=
ubstitute
property tends to set the value of a replaceable property.
d.Externalities ~
External forces have greatest impact on residential properties.
Clean streets, surrounding properties, views, parks and schools have positive influence, dirty streets, high crime rates, pollution, noise are some of the=
situations that have a negative influence on the values of =
property.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
5
Elements of Comparison
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0006.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
=
The elements in a property that cause a fluctuation in real property values are;
a.Financing Terms ~
buyers will pay more if the i=
nterest
rates on loans are below market rates.
=
b.Conditions of Sale ~
Purchase was made for tax write-off reasons at
inflated price or sale may have been made between
family members. Sale made =
due to pending foreclosure, death of owner, <=
span
style=3D'position:absolute;top:62.5%;left:12.73%;width:95.69%;height:6.0%'=
>relocation, or normal “willing buyer-willing seller” transaction.
c.Market Conditions ~
(Time) sales made in past 3 to 6 months might have
been affected by inflation, deflation, shortage=
s,
higher interest rates, etc…
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
6
Elements of Comparison Continued
•d. Locat=
ion ~
When comparables cannot be found in s=
ame
neighborhood, sales in other neighborhoods must be adjusted up or down depending on desirability.
e.Physical
Characteristics ~ Adjustments made for differences such as square footage, age, condition, =
style, number of bedrooms, lot size, view, swimming =
pool, Jacuzzi, appliances, etc…
f.Income Characterist=
ics
~ On income producing properties a gross =
rent
multiplier may be applied.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
7
Collecting and Adjusting Data
a.Actual Sales ~ price can be verified by the seller or the buyer, selling broker, multiple listing service, public records (tax assessor, boards of Realtors) or lender.
b.Listed Prices ~ Indicate maximum value or asking price. Obtained th=
rough
newspaper ads, multiple l=
isting
service or “For Sale By Owner” signs.
c.Adjustments ~ Adjustment for differences may be made by using percentages or dollar amounts. =
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
8
Application of Sales
Comparison Approach
=
•Insert Sales Comparison from Page=
2
of URAR Form
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
9
B. Cost Approach
=
•The cost approach
compares costs of similar buildings or structures. There are cost manuals, such as Marsha=
ll & Swift that break down costs by square foot, quality o=
f construction, and size of improvement. Appraisers use these Manuals, and other methods, to mirror costs for =
reference. The app=
raiser
then determines the ?”Effective Age” of=
the
improvements, and depreciates a=
ny
lost value. Then the land is adde=
d to
the adjusted building or improve=
ment
value.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
10
1. Reproduction vs. Replacement =
Cost
=
=
There
are two accepted methods involved in using the cost approach;
=
1. Reproduction Cost is the cos=
t to
reproduce the structure, using materials found in the original structure. This method is used to try and =
reproduce a building as it w=
as
originally built.
=
2. Replacement Cost is the cost=
to
construct an
equally desirable substitute improvement,
using contemporary construction materials.
equally desirable substitute improvement,
using contemporary construction materials.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
11
2. Steps in the Cost Approach
a.Estimate
replacement or reproduction cost new of all
improvements.
b.Determine
accrued depreciation.
c.Estimate
the land value from comparables.
d.Add
the land value to the depreciated improvement val=
ue.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
12
Characteristics
A Sets =
upper
limit of value – People ordinarily will not pay more for a
property than it would cost to r=
eplace
that property or find a suitable substitute.
<=
span
style=3D'mso-special-format:nobullet;display:none'>•B Adapte=
d well
for service buildings – since comparable sales for
service buildings, such as a city hall, post off=
ice,
school, or church is not normally
available.
C Partic=
ularly
accurate on new construction.*
•D Basis =
for
adjusting insurance claims – most fire and casualty policies pay full cost of replacing damaged improvements without regard for accrued depreciation.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
13
Square Foot Method
=
•Particularly adapted to single-st=
ory
structures such as residences, warehouses, a=
nd
store buildings. The building costs of comparable structures
are equated to dollars per square foot.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
14
Method for Using The Square Foot Method=
1.Outside measurements are taken to compute the square footage of the building.
2.Gross square footage includes the garage, unfinished basement and attic.
3.Square foot costs may be obtained by comparing the costs of building comparable property that is new – or by using cost manuals.
4.Least complicated and quickest approach.
=
•
1.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
15
Example of Cost Approach
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0016.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
=
•A 40’ X 50’ house with a 20’ X 20’
garage is to be appraised; The improvements are 10 years <=
/span>old,
and had an expected life of 50 years when built. The lot is worth $40,000 today. If the cost to
replace the home is $40 per square foot and the
garage is $25 per square foot, what is the value
of the property using the square foot cost =
approach?
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
16
Example Continued
=
•House =3D 40’ X 50’ =3D 2,000 Square Feet
•Garage =3D 20’ X =
20’ =3D 400 Square Feet
•Cost of House =3D $40
Ft.2 X 2,000 Ft.=
2 =
=3D $80,000
•Cost of Garage =3D $20
Ft.2 =
X 400 Ft.2 =3D $
8,000
•Less Depreciation =3D 10/50
or 20% =3D ($17,600)
•Depreciated Value of Improvements =3D $70,400
•Add Land Value $40,000
•Total Estimated Value Cost Approach $110,400
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
17
Cubic Foot Method
=
Similar to square foot method except cost estimate is equat=
ed
to dollars per cubic
foot.
a.Cubic footage is
arrived at by multiplying building’s width x depth x mean height.
b.May be applied to
structures that have considerable interior finish and portioning (office buildings, warehouses)
c.As in Square Foot
Method, as square footage or cubic f=
ootage
increases, the unit cost is less due to the fact that the cost of plumbing, heating, electrical, doors and windows do=
not increase proportionally as the size increases.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
18
Unit-In-Place-Method
=
Employs unit costs for various components of the building.
a.Components include
foundation, plumbing, electrical, framing,
roofing, painting, etc..
b.Foundation costs ma=
y be
expressed in dollars per cubic yards of
cement; painting costs in dollars=
per square foot; roofi=
ng
costs in dollars per square (100 sq. ft.), etc..
=
;
c.Produces estimate
nearly as accurate as Quantity S=
urvey
Method with less effort.
<=
span
style=3D'font-size:88%'>d.Requires specialized
knowledge of appraiser.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
19
Quantity Survey Method
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0020.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
=
=
Most comprehensive and accurate method. Repeats contractor’s =
original method of developing bid.
=
a. Estim=
ates
quantity and quality of materials and labor to =
install=
. Adds costs of permits, insurance,
supervision, overhead and profit.
=
b. Consi=
ders
indirect costs of possibly demolition, building permits,
legal fees, financing, surveys, insurance, etc., and direct =
costs
of labor, materials, profit and overhead.
c. Most
accurate method but expensive and time consuming.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
20
Income (Capitalizat=
ion)
Approach
=
•Method used on income producing
property which established the present wor=
th (value)
of future benefits (income).
•Three Techniques:
• a.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Property Residual
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Land Residual
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0021.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
• c.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Building Residual
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
21
Procedure
•Appraiser estimates net income and
divides by capitalization rate to establish
value. Net income <=
span
style=3D'position:absolute;top:42.0%;left:5.99%;width:88.2%;height:6.75%'>=
is
calculated as follows:
<=
span
style=3D'mso-special-format:"numbullet0\,1";position:absolute;left:-8.02%'=
>a.Estimate
gross income
<=
span
style=3D'mso-special-format:"numbullet0\,1";position:absolute;left:-8.02%'=
>b.Deduct
vacancy & collection loss
<=
span
style=3D'mso-special-format:"numbullet0\,1";position:absolute;left:-8.02%'=
>c.Deduct
expenses of operation
<=
span
style=3D'mso-special-format:"numbullet0\,1";position:absolute;left:-8.02%'=
>d.Balance
is Net Operating Income
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
22
Income
=
Based on future expected income. Past and present income is used as guide only.
Appraiser must consider following factors:&=
#13;
a.Contract Rent – Income based on leases that have some time to run before expiration.
Rent on month to month l=
eases
can be adjusted quickly.
b.Economic Rent – Owner may be charging rents above or below “going” market rates.
Economic rent established by rents
being charged for similar a=
partments
in surrounding area.
c.Quantity, Quality and Durability – Considers amount of rent (quantity), =
credit rating of tenant (quality) and term of
leases (durability).
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
23
Capitalization Rate
=
=
Investor’s total expected return which includes a return “o=
n”
capital (profit) =
invest and a return “of” capital <=
i>(recovery
through depreciation allowances).
=
a. Influ=
enced
By Risk – The greater the risk the higher the rate.
=
b. Other
Influences – Inflation, supply and demand of mortgage
= funds, and tax shelter considerations.
= funds, and tax shelter considerations.
=
c. Marke=
t or
Sales Data – Preferred technique when sufficient data are availab=
le. Compares rates on properties that sold
recently that have similar income, expenses and market conditions.
=
d. Band =
of
Investment – Considers rates demanded by each investor
(1st trust deed lender, 2nd trust deed lend= er and buyer’s equity). <= /span>
(1st trust deed lender, 2nd trust deed lend= er and buyer’s equity). <= /span>
<=
span
style=3D'font-size:63%;visibility:hidden'>•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
24
Band of Investment Theory<=
/div>
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0025.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
=
=
If buyer were to purchase property, he or she would be required to put up a 10% down payment. The new owner expects to receive a 10% return on investment. A=
70%
1st Trust Deed can be
secured at 11 1/2% and
a new second can be
arranged for 20% of the purchase price at an interest
rate of 13%. The Capitalization R=
ate =
would be calculated as follows:
1st =
Trust
Deed 70% X 111/2% =3D 8.05%
2nd =
Trust
Deed 20% of 13% =3D
2.60%
Equity 10% of 10% =3D <=
u>. 1.00%
Capitalization Rate =3D 11.65%
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
25
Methods of Finding Capitalization
Rates
=
=
Summation Method =3D Builds an inte=
rest
rate (return “on” =
investment) based on various
risk/investment factors.
=
William Inwood Method
=3D Published tables in 1811 to e=
stablish
present value of future income using comp=
ound
interest.
=
L.W Ellwood Method =3D Published tabl=
es in
1959 which introduced the idea
that financing affects value and included this in his formula.
=
Return “of” =3D Allowance for
depreciation or recapture of i=
nvestment
in capitalization rate. May be
calculated on straight l=
ine
method. If estimated life of
improvements is 50 years, 2% p=
er
year is return “of” rate. (100%/50 Years =3D 2% per year)
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
26
![](3D"slide0026_image004.gif")
Property Residual Process or Technique
=
•To establish the overall value of=
the
property (improvements and land)
the appraiser divides the net operating income by the
overall capitalization rate.
Value
=3D
Net Operating Income
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0026_image004.gif
Content-Transfer-Encoding: base64
Content-Type: image/gif
R0lGODlhFwEDAHcAMSH+GlNvZnR3YXJlOiBNaWNyb3NvZnQgT2ZmaWNlACH5BAEAAAAALAEAAAAU
AQMAgAAAAAAAAAIbjI+py+0Po5y02ouz3rz7D4biSJbmiabqyjIFADs=
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0027.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Overall Capitalization Rate
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
27
Property Residual
Techniques Example
=
=
Assume an investor is considering the purchase of a 10 unit apartment house that is 23 years old. Each unit could be rented for $300 per month and expenses were <=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man";
font-size:88%'>as follows:
=
=
Taxes - $1,920;
Insurance - $480; Manageme=
nt - $2,400; Utilities -
$800; Waste removal - $360; Reserves for
replacements – roof $500, painting $100, carpeting $200.
=
=
Allowing for a 10% vacancy rate and an overall capitalization rate of 8%, what is the property value?
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
28
=
Gross Income $36,000
=
Less Vacancy Factor 10%
($ 3,600)
Effective Gross Inc= ome $32,400
Effective Gross Inc= ome $32,400
=
Less
Expenses:
Fixed:
Fixed:
=
=
Taxes ($1,920)
Insurance ($ 480)
Variable:
Insurance ($ 480)
Variable:
=
=
Managem=
ent ($2,400)
Utilities ($ 800)
Waste Removal ($ 360)
Replacements:
Roof ($ 500)
Painting ($ 100)
Carpeting ($ 200)
Total Expenses ($6,760) ($ 6,760)
Net Operating Income $25,640
Utilities ($ 800)
Waste Removal ($ 360)
Replacements:
Roof ($ 500)
Painting ($ 100)
Carpeting ($ 200)
Total Expenses ($6,760) ($ 6,760)
Net Operating Income $25,640
$25,600=
¸ 8% =3D $320,500
![](3D"slide0028_image005.gif")
![](3D"slide0028_image006.gif")
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
29
Cash Flow
=
=
Most
investors also consider cost of total loan payments
on purchase.
=
a. If loan payments exceed net operating income, investor has negati=
ve
cash flow and must add to the investment each =
month.
=
b. If net operating income exceeds loan payments, investor has a po=
sitive
cash flow.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
30
Gross Rent Multiplier
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
31
Gross Rent Multiplier
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
32
Gross Rent Multiplier Example
=
•A single family
residence is rented for $2,100 per month. Based on a gross monthly multiplier of=
150, =
the value of the property is $315,000.
• Monthly Gross Monthly
Rent X Monthly =3D Value
$2,100 X 150 =3D $315,000 <= /div>
Rent X Monthly
$2,100 X 150 =3D $315,000 <= /div>
•If the rent is
increased to $2,300 per month, what is t=
he
new value using the same multiplier?
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
33
Gross Rent Multiplier Page 2
=
=
Now
the rent is raised to $2,300 a month.
Again we apply the gross monthly multiplier of 150.
Again we apply the gross monthly multiplier of 150.
=
=
Monthly Gross
Monthly
Rent X Monthly =3D Value
$2,300 X 150 =3D $345,000
Rent X Monthly
$2,300 X 150 =3D $345,000
=
The
value increase $30,000 because of the rent =
raise. The value grew from $315,000 to $345,000.
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
34
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
35
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
36
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
37
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
38
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
39
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
40
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
41
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
42
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
43
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
44
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
45
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
46
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
47
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
48
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
49
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
50
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
51
![3D"Chapter](3D"slide0035_image007.gif")
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
52
1.Which
of the following is the best example of functional
obsolescence?
•
• a.<=
span
style=3D'mso-tab-count:2;width:6.02%'> Rotten mud sill
<=
/div>
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> b. Massive cornices in an apartment building
=
• c.<=
span
style=3D'mso-tab-count:2;width:6.02%'> Decline of a neighborhood=
3;
• d. Adverse
zoning across the street from the subject property=
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
53
=
2.In the appraisa=
l of
residential property, the cost approach is
most appropriate in the case of:
=
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> a. New property
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Middle aged property
• c.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Older property
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Multi-family property=
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
54
=
3.When
interest rates on real estate loans increase,
capitalization rates on income properties tend
to:
• =
3;
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> a. Increase
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Decrease
• c.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Remain the same
<=
/div>
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Be affected inversely=
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
55
=
4.The
reason an appraiser must take a site analysis is to
determine the:
•
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> a. Highest and best use
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Subsoil condition
• c.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Contour and topography
<=
/span>
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Basis for property taxes
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
56
=
5.The
gross multiplier method of appraisal would least lik=
ely
be used when estimating the value of:&#=
13;
6.
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> a. Vacant land
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> A residence
• c.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Apartment
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Commercial property
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
57
=
6.Which
of the following would be considered incurable
functional obsolescence when appraising an o=
ld
store building?
7.
• a.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Inefficient lighting
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> b. Closely spaced internal columns
• c.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Unattractive store front
=
;
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> No air conditioning system
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
58
=
7.An
appraiser would most likely use a depth table
when he is confronted with a value problem
involving:
8.
• a.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Capitalization rate
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Sinking Fund
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> c. Commercial property
• d. Residential
property in an urban subdivision
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
59
=
8.The period for
which an improvement is worth maintaini=
ng
is defined as its:
9.
• a.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Depletion age
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0063.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0064.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0065.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0066.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0067.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0068.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0069.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0070.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Physical life
• c.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Earning period
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> d. Economic life
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
60
=
9.Market
value would most nearly be reflected by the:
10.
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> a. Price at which the buyer and seller eventually agreed upon
<=
/span>
• b. Maximum
loan the lender will make on the property
<=
/div>
• c.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Offered price made by an inf=
ormed
buyer
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Asking price of an informed =
seller
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
61
=
10.In
appraising a home, one of the key factors which
would affect the appraised value is the:
11.
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> a. Size of the structure
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Original purchase price
=
• c.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Income of owner
<=
/div>
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Assessed value
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
62
=
11.Two appraisers, in appraising the same apartment property used the same net income but one appraiser used a capitalization rate of 9% while the other used a capitalization rate of 7%. The reason the one appraiser used a higher capitalization rate =
was probably due to:
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man";
font-size:88%'> a. The higher risk
<=
/div>
• b. A higher value
• c. Less depreciation
• d. A higher vacancy factor
=
•&#=
13;
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
63
=
12.The
amount of rent that can be charged for space
in a commercial building is best determined by:&=
#13;
13.
• a.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Net income of tenants
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Pedestrian count
=
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> c. Market comparison
• d.<=
span
style=3D'mso-tab-count:1;width:1.68%'> Housing demands in the
neighborhood
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
64
=
13.The
best appraisal method to use in appraising a ci=
ty
library would be the:
14.
• a.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Market data
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> b. Cost
• c.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Income
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Building residual
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
65
=
14.The
cubic foot, square foot, quantity survey and
unit in place method are terms most directly relate=
d to
real estate:
15.
• a.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Financing
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Management
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> c. Appraisal
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Leasing
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
66
=
15.A
flight pattern to a nearby airport was changed
so that planes would pass over a single-family
residential neighborhood. Any loss
in value to these properties caused by excessive
noise would be attributed to:
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> a. Economic obsolescence
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Functional obsolescence
=
• c.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Physical depreciation
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> All of the preceding<=
/div>
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
67
=
16.In
real estate the word amenities refers to:
•
• a.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Changes or revisions in a
contract
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> b. Factors of convenience, location, beauty or utility
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0071.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0072.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0073.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0074.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0075.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
![](3D"slide0075_image008.gif")
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0075_image008.gif
Content-Transfer-Encoding: base64
Content-Type: image/gif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------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/slide0076.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/master01.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
numSlds )
gSldJumpIdx =3D numSlds;
if ( gSldJumpIdx >=3D 0 ) {
if ( gSldJumpIdx =3D=3D 0 )
gSldJumpIdx =3D 1;
var jumpTo =3D parseInt(gSldJumpIdx);
gSldJump =3D 0; gSldJumpIdx =3D "";
win.GoToSld( parent.GetSldList().mList[jumpTo-1].mSldHref )
}
}
}
function _KDH()
{
if( event.keyCode =3D=3D 8 ) {
event.returnValue =3D 0;
parent.GoToPrevSld();
}
}function DocumentOnClick()
{
if( IsNts() || parent.HideMenu() ) return;
if( ( g_allowAdvOnClick && (window.name=3D=3D"PPTSld") && !parent.IsFrames=
Mode() ) ||
(event && event.keyCode=3D=3D32) ) {
=09
if( g_animUseRuntime && g_animMainSequence && g_animMainSequence.cangonex=
t )
return;
parent.GoToNextSld();
}
}
var g_supportsPPTHTML =3D SupportsPPTHTML(), g_scaleInFrame =3D 1, gId=3D""=
, g_bgSound=3D"",
g_scaleHyperlinks =3D false, g_allowAdvOnClick =3D 1, g_showInBrowser =
=3D 0, gLoopCont =3D 0, gUseSldTimings =3D 1;
var g_showAnimation =3D g_supportsPPTHTML && SupportsPPTAnimation() && ( (w=
indow.name=3D=3D"PPTSld" && !parent.IsFramesMode()) || g_showInBrowser );va=
r g_animManager =3D null;
var g_animUseRuntime =3D false;
var g_animItemsToHide, g_animInteractiveItems, g_animSlideTime;
var g_animMainSequence =3D null;
var ENDSHOW_MESG=3D"End of slide show, click to exit.", SCREEN_MODE=3D"Fram=
es", gIsEndShow=3D0, NUM_VIS_SLDS=3D73, SCRIPT_HREF=3D"script.js", FULLSCR_=
HREF=3D"fullscreen.htm";
var gCurSld =3D gPrevSld =3D 1, g_offset =3D 0, gNtsOpen =3D gHasNts =3D gO=
tlTxtExp =3D 0, gHasNarration =3D 0, gOtlOpen =3D true
window.gPPTHTML=3DSupportsPPTHTML()
var g_fBaseHyperlink =3D false;
var gMainDoc=3Dnew Array(new hrefList("slide0001.htm",1,-1,1),new hrefList(=
"slide0002.htm",1,-1,1),new hrefList("slide0003.htm",1,-1,1),new hrefList("=
slide0004.htm",1,-1,1),new hrefList("slide0005.htm",1,-1,1),new hrefList("s=
lide0006.htm",1,-1,1),new hrefList("slide0007.htm",1,-1,1),new hrefList("sl=
ide0008.htm",1,-1,1),new hrefList("slide0009.htm",1,-1,1),new hrefList("sli=
de0010.htm",1,-1,1),new hrefList("slide0011.htm",1,-1,1),new hrefList("slid=
e0012.htm",1,-1,1),new hrefList("slide0013.htm",1,-1,1),new hrefList("slide=
0014.htm",1,-1,1),new hrefList("slide0015.htm",1,-1,1),new hrefList("slide0=
016.htm",1,-1,1),new hrefList("slide0017.htm",1,-1,1),new hrefList("slide00=
18.htm",1,-1,1),new hrefList("slide0019.htm",1,-1,1),new hrefList("slide002=
0.htm",1,-1,1),new hrefList("slide0021.htm",1,-1,1),new hrefList("slide0022=
.htm",1,-1,1),new hrefList("slide0023.htm",1,-1,1),new hrefList("slide0024.=
htm",1,-1,1),new hrefList("slide0025.htm",1,-1,1),new hrefList("slide0026.h=
tm",1,-1,1),new hrefList("slide0027.htm",1,-1,1),new hrefList("slide0028.ht=
m",1,-1,1),new hrefList("slide0029.htm",1,-1,1),new hrefList("slide0030.htm=
",1,-1,1),new hrefList("slide0092.htm",1,-1,1),new hrefList("slide0031.htm"=
,1,-1,1),new hrefList("slide0032.htm",1,-1,1),new hrefList("slide0033.htm",=
1,-1,1),new hrefList("slide0034.htm",1,-1,1),new hrefList("slide0077.htm",1=
,-1,1),new hrefList("slide0078.htm",1,-1,1),new hrefList("slide0079.htm",1,=
-1,1),new hrefList("slide0080.htm",1,-1,1),new hrefList("slide0081.htm",1,-=
1,1),new hrefList("slide0082.htm",1,-1,1),new hrefList("slide0083.htm",1,-1=
,1),new hrefList("slide0084.htm",1,-1,1),new hrefList("slide0085.htm",1,-1,=
1),new hrefList("slide0086.htm",1,-1,1),new hrefList("slide0087.htm",1,-1,1=
),new hrefList("slide0088.htm",1,-1,1),new hrefList("slide0089.htm",1,-1,1)=
,new hrefList("slide0090.htm",1,-1,1),new hrefList("slide0091.htm",1,-1,1),=
new hrefList("slide0035.htm",1,-1,1),new hrefList("slide0036.htm",1,-1,1),n=
ew hrefList("slide0038.htm",1,-1,1),new hrefList("slide0057.htm",1,-1,1),ne=
w hrefList("slide0058.htm",1,-1,1),new hrefList("slide0059.htm",1,-1,1),new=
hrefList("slide0060.htm",1,-1,1),new hrefList("slide0061.htm",1,-1,1),new =
hrefList("slide0062.htm",1,-1,1),new hrefList("slide0063.htm",1,-1,1),new h=
refList("slide0064.htm",1,-1,1),new hrefList("slide0065.htm",1,-1,1),new hr=
efList("slide0066.htm",1,-1,1),new hrefList("slide0067.htm",1,-1,1),new hre=
fList("slide0068.htm",1,-1,1),new hrefList("slide0069.htm",1,-1,1),new href=
List("slide0070.htm",1,-1,1),new hrefList("slide0071.htm",1,-1,1),new hrefL=
ist("slide0072.htm",1,-1,1),new hrefList("slide0073.htm",1,-1,1),new hrefLi=
st("slide0074.htm",1,-1,1),new hrefList("slide0075.htm",1,-1,1),new hrefLis=
t("slide0076.htm",1,-1,1));
/*********************************************
Frameset functions
These functions control slide navigation
and state of the frameset.
**********************************************/
function RemoveFilePrefixFromHref(href)
{
var regExp =3D /^file:\/\/\//i;
return href.replace(regExp, "")
}
function FullScrInit()
{
g_allowAdvOnClick =3D GetCurSld().mAdvOnClk
document.body.style.backgroundColor=3D"black"
document.oncontextmenu=3Dparent._CM;
document.onkeydown =3D _KDH;
document.ondragstart=3DCancel
document.onselectstart=3DCancel
self.focus()
}
function Redirect( frmId )
{=09
var str=3Ddocument.location.hash,idx=3Dstr.indexOf('#'), sId=3DGetSldId()
if(idx>=3D0) str=3Dstr.substr(1);
if( window.name !=3D frmId && ( sId !=3D str) ) {
obj =3D GetObj("Main-File")
window.location.href=3Dobj.href+"#"+sId
return 1
}
return 0
}
var MHTMLPrefix =3D CalculateMHTMLPrefix();=20
function CalculateMHTMLPrefix()
{
if ( document.location.protocol =3D=3D 'mhtml:') {=20
href=3Dnew String(document.location.href)=20
Start=3Dhref.indexOf('!')+1=20
End=3Dhref.lastIndexOf('/')+1=20
if (End < Start)=20
return href.substring(0, Start)=20
else=20
return href.substring(0, End)=20
}
return '';
}
function GetTags(base,tag)
{
if(g_supportsPPTHTML) return base.all.tags(tag);
else return base.getElementsByTagName(tag);
}
function UpdNtsPane(){ if(frames["PPTNts"]) PPTNts.location.replace( MHTMLP=
refix+GetHrefObj( gCurSld ).mNtsHref ) }
function UpdNavPane( sldIndex ){ if(gNavLoaded) PPTNav.UpdNav() }
function UpdOtNavPane(){ if(gOtlNavLoaded) PPTOtlNav.UpdOtlNav() }
function UpdOtlPane(){ if(gOtlLoaded) PPTOtl.UpdOtl() }
function SetHasNts( fVal )
{
if( gHasNts !=3D fVal ) {
gHasNts=3DfVal
UpdNavPane()
}
}
function ToggleOtlText()
{
gOtlTxtExp=3D!gOtlTxtExp
UpdOtlPane()
}
function ClearMedia()
{
// Clear any sounds playing before launching another browser window. Other=
wise,
// in fullscreen mode, you'll continue to hear the sound in the frames mod=
e.
if (PPTSld.pptSound) PPTSld.pptSound.loop =3D 0;
}
function FullScreen()
{=20
if ( PPTSld.g_animUseRuntime )
PPTSld.document.body.pause();
ClearMedia();
var href =3D ( document.location.protocol =3D=3D 'mhtml:') ? FULLSCR_HREF =
: FULLSCR_HREF+"#"+GetHrefObj(gCurSld).mSldHref;
if (MHTMLPrefix !=3D "")
href =3D RemoveFilePrefixFromHref(href)
if(PPTNav.event.ctrlKey) {
var w =3D (window.screen.availWidth * 1.0) / 2.0
var h =3D w * (PPTSld.g_origH * 1.0) / PPTSld.g_origW
win =3D window.open( MHTMLPrefix+href,null,"toolbar=3D0,resizable=3D1,top=
=3D0,left=3D0," + "width=3D"+ w + ",height=3D" + h );
if( win.document.body && PPTSld.g_animUseRuntime )
win.document.body.PPTSldFrameset=3Dwindow;
}
else
{
win =3D window.open( MHTMLPrefix+href,null,"fullscreen=3Dyes" );
if( win.document.body && PPTSld.g_animUseRuntime )
win.document.body.PPTSldFrameset=3Dwindow;
}
}
function ToggleVNarration()
{
rObj=3DPPTSld.document.all("NSPlay")
if( rObj && !PPTSld.g_animUseRuntime ) {
if( (rObj.playState =3D=3D 1)||(rObj.playState =3D=3D 0) )
rObj.Play()
else if( rObj.playState =3D=3D 2 )
rObj.Pause()
else
return;
}
else if( PPTSld.g_animUseRuntime )
{
narObj =3D PPTSld.document.all("narrationID")
if( narObj )
narObj.togglePause()
}
}
function GetCurSldNum()
{ =20
obj=3DGetHrefObj(gCurSld)
if( obj.mOrigVis =3D=3D 1 )
return obj.mSldIdx
else =20
return gCurSld
}
function GetNumSlds()
{ =20
if( GetHrefObj(gCurSld).mOrigVis =3D=3D 1 )
return GetSldList().mNumVisSlds;
else
return GetSldList().mList.length
}
function GetSldNum( href )
{
for(ii=3D0; ii 1 )
PopSldList();
else if( !IsFramesMode() ) {
if( gLoopCont )
GoToFirst()
else
EndShow()
}
}
function GoToPrevSld()
{
ii=3DgCurSld-1
if( ii > 0 ) {
obj=3DGetHrefObj(ii)
while ( obj && ( obj.mVis =3D=3D 0 ) && ( ii>0 ) )
obj=3DGetHrefObj(--ii)
if( ii =3D=3D 0 ) ii=3D1
GoToSldNum(ii)
}
}
function GoToFirst(){ GoToSld( GetHrefObj(1).mSldHref ) }
function GoToLast()
{
ii=3DGetSldList().mList.length
if( ii !=3D gCurSld )
GoToSld( GetHrefObj(ii).mSldHref )
}
function GoToSldNum( num )
{
if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue
obj =3D GetHrefObj( num )
obj.mVis=3D1
gPrevSld=3DgCurSld
gCurSld =3D num;
=09
if (MHTMLPrefix !=3D "")
PPTSld.location.replace(MHTMLPrefix+RemoveFilePrefixFromHref(obj.mSldHref=
))
else
PPTSld.location.replace(obj.mSldHref)
=09
if( IsFramesMode() ) {
UpdNavPane(); UpdOtlPane(); UpdNtsPane()
}
}
function GoToSld( href )
{
if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue
GetHrefObj( GetSldNum(href) ).mVis=3D1
if (MHTMLPrefix !=3D "")
PPTSld.location.replace(MHTMLPrefix+RemoveFilePrefixFromHref(href))
else
PPTSld.location.replace(href)
}
function SldUpdated( id )
{
if( id =3D=3D GetHrefObj(gCurSld).mSldHref ) return
gPrevSld=3DgCurSld
gCurSld=3DGetSldNum(id)
if( IsFramesMode() ) {
UpdNavPane(); UpdOtlPane(); UpdNtsPane()
}
}
function PrevSldViewed(){ GoToSld( GetHrefObj(gPrevSld).mSldHref ) }
function HasPrevSld() { return ( gIsEndShow || ( gCurSld !=3D 1 && GetHrefO=
bj( gCurSld-1 ).mVis =3D=3D 1 )||( GetCurSldNum() > 1 ) ) }
function HasNextSld() { return (GetCurSldNum() !=3D GetNumSlds()) }
function CloseWindow() {
if( HideMenu() ) return;
=09
var event =3D PPTSld.event;
if( !IsFramesMode() && event && (event.keyCode=3D=3D27 || event.keyCode=3D=
=3D32 || event.type=3D=3D"click" ) )
window.close( self );
CatchNumKeys( self, event );
}
function Unload() { gIsEndShow=3D0; }
function SetupEndShow() {
gIsEndShow=3D1;
PPTSld.document.body.scroll=3D"no";
PPTSld.document.onkeypress=3DCloseWindow;
PPTSld.document.onclick=3DCloseWindow;
PPTSld.document.oncontextmenu=3D_CM;
}
function EndShow()
{
if( IsFramesMode() ) return
if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue
doc=3DPPTSld.document
var dir =3D doc.body.dir
if( dir !=3D "rtl" ) dir =3D "ltr";
doc.open()
doc.writeln(' 0) {
PushSldList(sldList,fEnd);
gCurSld =3D 1;
}
else
if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue
}
function PushSldList(arr,fEnd) {
var ii =3D gSldStack.length;
gSldStack[ii] =3D new SldList(arr,gCurSld,fEnd);
GoToSld( gSldStack[ii].mList[0].mSldHref );
}
function PopSldList() {
if (gSldStack[gSldStack.length-1].fEndShow)
EndShow()
else {
gCurSld =3D gSldStack[gSldStack.length-1].mCurSld;
gSldStack[gSldStack.length-1] =3D null;
gSldStack.length--;
var sldList =3D gSldStack[gSldStack.length-1];
GoToSld( sldList.mList[gCurSld - 1].mSldHref );
}
}
var custShowList=3Dnew Array();
/*********************************************
Navigation button implementation
There are 2 types of buttons: ImgBtn, TxtBtn
implemented as function objects. They share
a similiar interface so the event handlers
can call SetActive, for example, on a button=20
object without needing to know exactly=20
what type of button it is.
**********************************************/
//----------------------------------
function ImgBtn( oId,bId,w,action )
//----------------------------------
{
var t=3Dthis
t.Perform =3D _IBP
t.SetActive =3D _IBSetA
t.SetInactive=3D _IBSetI
t.SetPressed =3D _IBSetP
t.SetDisabled=3D _IBSetD
t.Enabled =3D _IBSetE
t.ChangeIcon =3D null
t.UserAction =3D action
t.ChgState =3D _IBUI
t.mObjId =3D oId
t.mBorderId=3D bId
t.mWidth =3D w
t.mIsOn =3D t.mCurState =3D 0
}
function _IBSetA()
{
if( this.mIsOn ) {
obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 )
obj.style.posTop=3D0
}
}
function _IBSetI()
{
if( this.mIsOn ) {
obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 )
obj.style.posTop=3D0=20
}
}
function _IBSetP()
{
if( this.mIsOn ) {
obj=3Dthis.ChgState( gShadowClr,gHiliteClr,2 )
obj.style.posLeft+=3D1; obj.style.posTop+=3D1
}
}
function _IBSetD()
{ =20
obj=3Dthis.ChgState( gFaceClr,gFaceClr,0 )
obj.style.posTop=3D0=20
}
function _IBSetE( state )
{
var t=3Dthis
GetObj( t.mBorderId ).style.visibility=3D"visible"
if( state !=3D t.mIsOn ) {
t.mIsOn=3Dstate
if( state )
t.SetInactive()
else
t.SetDisabled()
}
}
function _IBP()
{
var t=3Dthis
if( t.mIsOn ) {
if( t.UserAction !=3D null )
t.UserAction()
if( t.ChangeIcon ) {
obj=3DGetObj(t.mObjId)
if( t.ChangeIcon() )
obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-4)*t.mWidth
else
obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-0)*t.mWidth
}
t.SetActive()
} =20
}
function _IBUI( clr1,clr2,nextState )
{
var t=3Dthis
SetBorder( GetObj( t.mBorderId ),clr1,clr2 )
obj=3DGetObj( t.mObjId )
obj.style.posLeft=3Dobj.style.posLeft+(t.mCurState-nextState)*t.mWidth-obj=
.style.posTop
t.mCurState=3DnextState
return obj
}
//-----------------------------------------
function TxtBtn( oId,oeId,action,chkState )
//-----------------------------------------
{
var t=3Dthis
t.Perform =3D _TBP
t.SetActive =3D _TBSetA
t.SetInactive=3D _TBSetI
t.SetPressed =3D _TBSetP
t.SetDisabled=3D _TBSetD
t.SetEnabled =3D _TBSetE
t.GetState =3D chkState
t.UserAction =3D action
t.ChgState =3D _TBUI
t.mObjId =3D oId
t.m_elementsId=3D oeId
t.mIsOn =3D 1
}
function _TBSetA()
{
var t=3Dthis
if( t.mIsOn && !t.GetState() )
t.ChgState( gHiliteClr,gShadowClr,0,0 )
}
function _TBSetI()
{
var t=3Dthis
if( t.mIsOn && !t.GetState() )
t.ChgState( gFaceClr,gFaceClr,0,0 )
}
function _TBSetP()
{
if( this.mIsOn )
this.ChgState( gShadowClr,gHiliteClr,1,1 )
}
function _TBSetD()
{ =20
this.ChgState( gFaceClr,gFaceClr,0,0 )
this.mIsOn =3D 0
}
function _TBSetE()
{
var t=3Dthis
if( !t.GetState() )
t.ChgState( gFaceClr,gFaceClr,0,0 )
else
t.ChgState( gShadowClr,gHiliteClr,1,1 )
t.mIsOn =3D 1
}
function _TBP()
{
var t=3Dthis
if( t.mIsOn ) {=20
if( t.UserAction !=3D null )
t.UserAction()
if( !t.GetState )
return
if( t.GetState() )
t.SetPressed()
else
t.SetActive()
} =20
}
function _TBUI( clr1,clr2,lOffset,tOffset )
{
SetBorder( GetObj( this.mObjId ),clr1,clr2 )
Offset( GetObj( this.m_elementsId ),lOffset,tOffset )
}
function Offset( obj, top, left ){ obj.style.top=3Dtop; obj.style.left=3Dle=
ft }
function SetBorder( obj, upperLeft, lowerRight )
{
s=3Dobj.style;
s.borderStyle =3D "solid"
s.borderWidth =3D 1=20
s.borderLeftColor =3D s.borderTopColor =3D upperLeft
s.borderBottomColor=3D s.borderRightColor =3D lowerRight
}
function GetBtnObj(){ return gBtnArr[window.event.srcElement.id] }
function BtnOnOver(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetActive() }
function BtnOnDown(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetPressed() }
function BtnOnOut(){ b=3DGetBtnObj(); if( b !=3D null ) b.SetInactive() }
function BtnOnUp()
{
b=3DGetBtnObj()
if( b !=3D null )
b.Perform()
else
Upd()
}
function GetNtsState(){ return parent.gNtsOpen }
function GetOtlState(){ return parent.gOtlOpen }
function GetOtlTxtState(){ return parent.gOtlTxtExp }
function NtsBtnSetFlag( fVal )
{
s=3Ddocument.all.item( this.m_flagId ).style
s.display=3D"none"
if( fVal )
s.display=3D""
else
s.display=3D"none"
}
function _BSetA_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S=
etActive() }
function _BSetI_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S=
etInactive() }
function _BSetP_Border(){ b =3D gBtnArr[this.mObjId]; if( b !=3D null ) b.S=
etPressed() }
function _BSetA_BorderImg()
{=20
b =3D gBtnArr[this.mBorderId]=20
if( b !=3D null && this.mIsOn && !b.GetState() ) {
obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 )
obj.style.posTop=3D0
}
}
function _BSetI_BorderImg()
{=20
b =3D gBtnArr[this.mBorderId]
if( b !=3D null && this.mIsOn && !b.GetState() ) {
obj=3Dthis.ChgState( gFaceClr,gFaceClr,1 )
obj.style.posTop=3D0
}
}
var gHiliteClr=3D"THREEDHIGHLIGHT",gShadowClr=3D"THREEDSHADOW",gFaceClr=3D"=
THREEDFACE"
var gBtnArr =3D new Array()
gBtnArr["nb_otl"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOtlPan=
e,GetOtlState )
gBtnArr["nb_otlElem"] =3D new TxtBtn( "nb_otl","nb_otlElem",parent.ToggleOt=
lPane,GetOtlState )
gBtnArr["nb_nts"] =3D new ImgBtn( "nb_nts","nb_ntsBorder",10,parent.ToggleN=
tsPane )
gBtnArr["nb_nts"].SetActive =3D _BSetA_BorderImg;
gBtnArr["nb_nts"].SetInactive =3D _BSetI_BorderImg;
gBtnArr["nb_ntsBorder"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.=
ToggleNtsPane,GetNtsState )
gBtnArr["nb_ntsElem"] =3D new TxtBtn( "nb_ntsBorder","nb_ntsElem",parent.To=
ggleNtsPane,GetNtsState )
gBtnArr["nb_prevBorder"] =3D gBtnArr["nb_prev"]=3D new ImgBtn( "nb_prev","n=
b_prevBorder",30,parent.GoToPrevSld )
gBtnArr["nb_nextBorder"] =3D gBtnArr["nb_next"]=3D new ImgBtn( "nb_next","n=
b_nextBorder",30,parent.GoToNextSld )
gBtnArr["nb_sldshw"]=3D new ImgBtn( "nb_sldshw","nb_sldshwBorder",18,parent=
.FullScreen )
gBtnArr["nb_sldshwBorder"] =3D new TxtBtn( "nb_sldshw","nb_sldshwBorder",pa=
rent.FullScreen,null )
gBtnArr["nb_sldshwBorder"].SetActive =3D _BSetA_Border;
gBtnArr["nb_sldshwBorder"].SetInactive =3D _BSetI_Border;
gBtnArr["nb_sldshwText"] =3D new TxtBtn( "nb_sldshw","nb_sldshwText",parent=
.FullScreen,null )
gBtnArr["nb_sldshwText"].SetActive =3D _BSetA_Border;
gBtnArr["nb_sldshwText"].SetInactive =3D _BSetI_Border;
gBtnArr["nb_voice"] =3D gBtnArr["nb_voiceBorder"] =3D new ImgBtn( "nb_voice=
","nb_voiceBorder",18,parent.ToggleVNarration )
gBtnArr["nb_otlTxtBorder"] =3D gBtnArr["nb_otlTxt"]=3D new ImgBtn( "nb_otlT=
xt","nb_otlTxtBorder",23,parent.ToggleOtlText )
gBtnArr["nb_ntsBorder"].m_flagId=3D "nb_nts"
gBtnArr["nb_ntsBorder"].SetFlag =3D NtsBtnSetFlag
gBtnArr["nb_otlTxt"].ChangeIcon=3D GetOtlTxtState
/*********************************************
Context menu implementation
_CM() is the function that's hooked up to
the oncontextmenu event. Once we're asked to
show the menu, we first build it by creating
DIVs on-the-fly. Then we position it=20
within the screen area so it doesn't get
clipped.
Creating the DIVs using createElement() means
we don't have to write out any extra HTML
into the slide HTML files.
**********************************************/
var sNext=3D"Next",sPrev=3D"Previous",sEnd=3D"End Show",sFont=3D"Arial",sAr=
row=3D"Arrow",sFreeform=3D"Freeform",sRect=3D"Rectangle",sOval=3D"Oval"
function ShowMenu()
{
BuildMenu();
var doc=3DPPTSld.document.body,x=3DPPTSld.event.clientX+doc.scrollLeft,y=
=3DPPTSld.event.clientY+doc.scrollTop
m =3D PPTSld.document.all.item("ctxtmenu")
m.style.pixelLeft=3Dx
if( (x+m.scrollWidth > doc.clientWidth)&&(x-m.scrollWidth > 0) )
m.style.pixelLeft=3Dx-m.scrollWidth
m.style.pixelTop=3Dy
if( (y+m.scrollHeight > doc.clientHeight)&&(y-m.scrollHeight > 0) )
m.style.pixelTop=3Dy-m.scrollHeight
m.style.display=3D""
}
function _CM()
{
if( !parent.IsFullScrMode() ) return;
if(!PPTSld.event.ctrlKey) {
ShowMenu()
return false
} else
HideMenu()
}
function BuildMenu()
{
if( PPTSld.document.all.item("ctxtmenu") ) return
var mObj=3DCreateItem( PPTSld.document.body )
mObj.id=3D"ctxtmenu"
mObj.style.visibility=3D"hidden"
var s=3DmObj.style
s.position=3D"absolute"
s.cursor=3D"default"
s.width=3D"120px"
SetCMBorder(mObj,"menu","black")
var iObj=3DCreateItem( mObj )
SetCMBorder( iObj, "threedhighlight","threedshadow" )
iObj.style.padding=3D2
CreateMenuItem( iObj,sNext,M_GoNextSld,M_True )
CreateMenuItem( iObj,sPrev,M_GoPrevSld,M_HasPrevSld )
=09
CreateSeparator( iObj )
CreateMenuItem( iObj,sEnd,M_End,M_True )
mObj.style.visibility=3D"visible"
}
function Cancel() { window.event.cancelBubble=3Dtrue; window.event.returnVa=
lue=3Dfalse }
function Highlight() { ChangeClr("activecaption","threedhighlight") }
function Deselect() { ChangeClr("threedface","menutext") }
function Perform()
{
e=3DPPTSld.event.srcElement
if( e.type=3D=3D"menuitem" && e.IsActive() )
e.Action()
else
PPTSld.event.cancelBubble=3Dtrue
}
function ChangeClr( bg,clr )
{
e=3DPPTSld.event.srcElement
if( e.type=3D=3D"menuitem" && e.IsActive() ) {
e.style.backgroundColor=3Dbg
e.style.color=3Dclr
}
}
function M_HasPrevSld() { return( parent.HasPrevSld() ) }
function M_GoNextSld() { if( gIsEndShow ) M_End(); else GoToNextSld() }
function M_GoPrevSld() { if( gIsEndShow ) { gIsEndShow=3D0; history.back();=
PPTSld.event.cancelBubble=3Dtrue; } else GoToPrevSld() }
function M_True() { return true }
function M_End() { window.close( self ) }
function CreateMenuItem( node,text,action,eval )
{
var e=3DCreateItem( node )
e.type=3D"menuitem"
e.Action=3Daction
e.IsActive=3Deval
e.innerHTML=3Dtext
if( !e.IsActive() )
e.style.color=3D"threedshadow"
e.onclick=3DPerform
e.onmouseover=3DHighlight
e.onmouseout=3DDeselect
s=3De.style;
s.fontFamily=3DsFont
s.fontSize=3D"9pt"
s.paddingLeft=3D2
}
function CreateSeparator( node )
{
var sObj=3DCreateItem( node )
SetCMBorder(sObj,"menu","menu")
var s=3DsObj.style
s.borderTopColor=3D"threedshadow"
s.borderBottomColor=3D"threedhighlight"
s.height=3D1
s.fontSize=3D"0px"
}
function CreateItem( node )
{
var elem=3DPPTSld.document.createElement("DIV")
node.insertBefore( elem )
return elem
}
function SetCMBorder( o,ltClr,rbClr )
{
var s=3Do.style
s.backgroundColor=3D"menu"
s.borderStyle=3D"solid"
s.borderWidth=3D1
s.borderColor=3DltClr+" "+rbClr+" "+rbClr+" "+ltClr
}
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/fullscreen.htm
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html; charset="windows-1252"
Slide 1
• c. Payments
received in satisfaction of injuries
<=
/div>
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Fines imposed for violations=
of
law
•
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
68
=
17.Which
of the following appraisal approaches tends
to set the upper limit of value?
18.
• a.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Market comparison
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> b. Replacement
• c.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Income
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Development method
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
69
=
18.When
appraising an income property, which of the following
would not be used as a deduction in
arriving at the net income?
19.
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> a. Interest on mortgage loans
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Vacancy allowance
• c.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Reserve for replacement
=
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Management costs
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
70
=
19.The
appraisal method that is most often used to
appraise amenity type properties is the:
20.
• a.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Risk-rating method
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Cost method
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> c. Market data method
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Income method
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
71
=
20.A
condition that results in a loss in value that would
be classified as functional obsolescence wo=
uld
be:
21.
• a.<=
span
style=3D'mso-tab-count:1;width:2.08%'> Physical deterioration
<=
/span>
• b.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Adverse zoning in the area&#=
13;
<=
span
style=3D'font-family:"Times New Roman";mso-ascii-font-family:"Times New Ro=
man"'> c. Outdated design
• d.<=
span
style=3D'mso-tab-count:1;width:1.81%'> Poor maintenance
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
72
June 06&#=
13;
Real Estate Princip=
les
- Chapter 14 - Felde - Robert Rooks
73
=
•
‹header›
‹date/time›
Click to edit Master text styles
Second level
Third level
Fourth level
Fifth level
‹footer›
‹#›
------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/master04_stylesheet.css
Content-Transfer-Encoding: base64
Content-Type: text/css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------=_NextPart_01C692C9.842DBE70
Content-Location: file:///C:/2C469D69/Chapter14Valuation&AppraisalII_files/script.js
Content-Transfer-Encoding: quoted-printable
Content-Type: application/javascript; charset="windows-1252"
function LoadSld()
{
var sld=3DGetObj("SlideObj")
if( !g_supportsPPTHTML ) { =09
sld.style.visibility=3D"visible"
return
}
if( MakeNotesVis() ) return
runAnimations =3D _InitAnimations();
=09
if( IsWin("PPTSld") )
parent.SldUpdated(GetSldId())
g_origSz=3DparseInt(SlideObj.style.fontSize)
g_origH=3Dsld.style.posHeight
g_origW=3Dsld.style.posWidth
g_scaleHyperlinks=3D(document.all.tags("AREA").length>0)
if( g_scaleHyperlinks )
InitHLinkArray()
if( g_scaleInFrame||(IsWin("PPTSld") && parent.IsFullScrMode() ) )
document.body.scroll=3D"no"
_RSW()
if( IsWin("PPTSld") && parent.IsFullScrMode() )
FullScrInit();
=09
MakeSldVis();
ChkAutoAdv()
if( runAnimations )
{
if( document.all("NSPlay") )
document.all("NSPlay").autoStart =3D false;
if( sld.filters && sld.filters.revealtrans )
setTimeout( "document.body.start()", sld.filters.revealtrans.duration * =
1000 );
else
document.body.start();
}
}
function MakeSldVis()=20
{
var fTrans=3Dg_showAnimation && SldHasTrans()
if( fTrans )=09
{
if( g_bgSound ) {
idx=3Dg_bgSound.indexOf(",");
pptSound.src=3Dg_bgSound.substr( 0, idx );
pptSound.loop=3D -(parseInt(g_bgSound.substr(idx+1)));
}
SlideObj.filters.revealtrans.Apply()=09
}
SlideObj.style.visibility=3D"visible"
if( fTrans )
SlideObj.filters.revealtrans.Play()
}
function MakeNotesVis()=20
{
if( !IsNts() ) return false=20
SlideObj.style.display=3D"none"
nObj =3D document.all.item("NotesObj")
parent.SetHasNts(0)
if( nObj ) {=20
nObj.style.display=3D""
parent.SetHasNts(1)
}
return 1
}
function ChkAutoAdv()
{
if(SldHasTrans())
SlideObj.onfilterchange=3DAutoAdv
else
AutoAdv()
}
function AutoAdv()
{
if(!IsWin("PPTSld") || !gUseSldTimings )return
var sld=3DGetCurSld()
if( (sld.mAdvDelay>0) && !parent.IsFramesMode() )
setTimeout("parent.GoToNextSld()",sld.mAdvDelay)
}
function GetObj(id)
{
if(g_supportsPPTHTML) return document.all(id);
else return document.getElementById(id);
}
function SldHasTrans() { return SlideObj.style.filter !=3D ""; }
function GetSldId()=20
{
var regExp =3D /file:\/\/\//i
var pos =3D location.href.search(regExp)
if (MHTMLPrefix !=3D "" && pos !=3D -1)
sId =3D location.href.substring(pos)
else
{
sId =3D RemoveFilePrefixFromHref(location.href);
var regExp =3D /\//
var fixedHref =3D sId
var pos =3D -1
=09
pos =3D fixedHref.search(regExp)
while (pos !=3D -1)
{
fixedHref =3D fixedHref.replace(regExp, "\\")
pos =3D fixedHref.search(regExp)
}
=09
if (g_fBaseHyperlink =3D=3D true)
sId =3D "file:///" + fixedHref;
else
sId =3D fixedHref.substring(fixedHref.lastIndexOf('\\') + 1)
}
=09
return sId
}
function HideMenu() { if( frames["PPTSld"] && PPTSld.document.all.item("ctx=
tmenu") && PPTSld.ctxtmenu.style.display!=3D"none" ) { PPTSld.ctxtmenu.styl=
e.display=3D'none'; return true } return false }
function IsWin( name ) { return window.name =3D=3D name }
function IsNts() { return IsWin("PPTNts") }
function IsSldOrNts() { return( IsWin("PPTSld")||IsWin("PPTNts") ) }
function SupportsPPTAnimation() { return( navigator.platform =3D=3D "Win32"=
&& navigator.appVersion.indexOf("Windows")>0 ) }
function SupportsPPTHTML()
{
var appVer=3Dnavigator.appVersion, msie=3DappVer.indexOf("MSIE "), ver=3D0
if( msie >=3D 0 )
ver=3DparseFloat( appVer.substring( msie+5, appVer.indexOf(";",msie) ) )
else
ver=3DparseInt(appVer)
return( ver >=3D 4 && msie >=3D 0 )
}
function _RSW()
{
if( !g_supportsPPTHTML || IsNts() ||
( !g_scaleInFrame && (!IsWin("PPTSld") || !parent.IsFullScrMode()) ) )
return
var padding=3D0;
if( IsWin("PPTSld") && parent.IsFramesMode() ) padding=3D6
cltWidth=3Ddocument.body.clientWidth-padding
cltHeight=3Ddocument.body.clientHeight-padding
factor=3D(1.0*cltWidth)/g_origW
if( cltHeight < g_origH*factor )
factor=3D(1.0*cltHeight)/g_origH
newSize =3D g_origSz * factor
if( newSize < 1 ) newSize=3D1
s=3DSlideObj.style
s.fontSize=3DnewSize+"px"
s.posWidth=3Dg_origW*factor
s.posHeight=3Dg_origH*factor
s.posLeft=3D(cltWidth-s.posWidth+padding)/2
s.posTop=3D(cltHeight-s.posHeight+padding)/2
if( g_scaleHyperlinks )
ScaleHyperlinks( factor )
}
function _InitAnimations()
{
animRuntimeInstalled =3D ''+document.body.localTime !=3D 'undefined';
isFullScreen =3D (window.name =3D=3D "PPTSld") && !parent.IsFramesMode();
g_animUseRuntime =3D g_showAnimation && animRuntimeInstalled && !(isFullSc=
reen && parent.IsSldVisited());
if( g_animUseRuntime ) {
collSeq =3D document.all.tags("seq");
if( collSeq !=3D null ) {
for(ii=3D0;ii
' + ENDSHOW_MESG + '
![](3D"notes_flag.gif")
No=
tes![](3D"buttons.gif")
