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Lesson 11:
Real Estate Appraisal
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style=3D'mso-special-format:lastCR;display:none'>
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California Real Estate <=
/span>Principles
Apprais=
al
Basics
Appraisal: An estimate of a
property’s value, made by a professional appraiser =
=
and
set forth in a written appraisal report.
Apprais=
al
Basics
Appraisal: An estimate of a property’s value,
made by a professional appraiser and set forth in a written
appraisal report.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.52%;font-family:"Wingdings 2"'>—An opinion, n=
ot a
scientific conclusion.
Apprais=
al
Basics
Appraisal: An estimate of a property’s value,
made by a professional appraiser and set forth in a written
appraisal report.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.52%;font-family:"Wingdings 2"'>—An opinion, n=
ot a
scientific conclusion.
—Com=
petent
appraisers may disagree about the value of a property.
Appraisal Basics
Purpose vs. func= tion
Purpose vs. func= tion
»Purpose
of an appraisal: to estimate value, usually the property’s ma=
rket
value.
»
Appraisal Basics
Purpose vs. func= tion
Purpose vs. func= tion
»Purpose
of an appraisal: to estimate value, usually the property’s ma=
rket
value.
»
»<=
/span>Function
of an appraisal: the reason the appraisal is being done, or
how the appraisal will be used.
Appraisal Basics
Functions of appr= aisals
Functions of appr= aisals
»Seller
sometimes requests an appraisal before listing a property=
, to
help set price.
»Buyer sometimes requests an appraisal to find
out how much to offer.
Appraisal Basics
Functions of appr= aisals
Functions of appr= aisals
»Seller
sometimes requests an appraisal before listing a property=
, to
help set price.
»Buyer sometimes requests an appraisal to find
out how much to offer.
»Most common function: To help buyer’s lender
determine whether the property offers adequate security f=
or a
loan.
Appraisal Basics
Functions of appraisals
Functions of appraisals
»Other functions of real estate appraisals:
»property manage=
ment
(setting rental rates)
»land development
(highest and best use)
»property tax
assessments
Appraisal Basics
Functions of appraisals
Functions of appraisals
»Other functions of real estate appraisals:
»property manage=
ment
(setting rental rates)
»land development
(highest and best use)
»property tax
assessments
»probate of
estates
»corporate merge=
rs
and acquisitions
»bankruptcies=
3;
»condemnation
proceedings
Appraisal Basics
Appr= aiser/client relationship
Appr= aiser/client relationship
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-4.14%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Many
appraisers are employed by:
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.7%;font-family:"Wingdings 2"'>—banks or savin=
gs
and loans,
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.7%;font-family:"Wingdings 2"'>—mortgage
companies,
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.13%;font-family:"Wingdings 2"'>—private
corporations involved in real estate,
—go=
vernment
agencies such as the FHA
or VA
or VA
Appraisal Basics
Appr= aiser/client relationship
Appr= aiser/client relationship
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-4.14%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Many
appraisers are employed by:
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.7%;font-family:"Wingdings 2"'>—banks or savin=
gs
and loans,
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.7%;font-family:"Wingdings 2"'>—mortgage
companies,
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.18%;font-family:"Wingdings 2"'>—private
corporations involved in real estate
—go=
vernment
agencies such as the FHA
or VA
or VA
»Fee appraiser: A self-employed appraiser, hired
by a client to appraise a specific property for a fee.<=
/div>
Appraisal Basics
Appraiser/client relationship
Appraiser/client relationship
»Appraiser must disclose if he has any financial
interest in the property being appraised.
Appraisal Basics
Appraiser/client relationship
Appraiser/client relationship
»<=
/span>Appraiser
must disclose if he has any financial interest in the property b=
eing
appraised.
»Appraiser’s fee must be tied to the difficulty of
the appraisal and how long it will take.
Appraisal Basics
Appraiser/client relationship
Appraiser/client relationship
»<=
/span>Appraiser
must disclose if he has any financial interest in the property b=
eing
appraised.
»Appraiser’s fee must be tied to the difficulty of
the appraisal and how long it will take.
—Fee can’t be a
percentage of the property’s value.
Appraisal Basics
Licensing<= span style=3D'font-size:90%'>
Licensing<= span style=3D'font-size:90%'>
»Appraisals used for federally related loans =
must
be prepared by state-licensed or state-certified appraisers=
.
Appraisal Basics
Licensing<= span style=3D'font-size:90%'>
Licensing<= span style=3D'font-size:90%'>
»<=
/span>Appraisals
used for federally related loans must be prepared by
state-licensed or state-certified appraisers.
—Exemption: loans of $250,000 or le=
ss
Appraisal Basics
Licensing=
Licensing=
»<=
/span>Appraisals
used for federally related loans must be prepared by
state-licensed or state-certified appraisers.
—Exemption: loans of $250,000 or
less
»California law doesn’t require all appraisers to be
licensed.
—State offers
licensing so that appraisers here can perform appraisals for
federally related loans.
Appraisal Basics
Licensing=
Licensing=
Four levels of appraisal licenses available
in California:
in California:
—certified general real estate
appraiser
—certified residential real estate
appraiser
—residential license
—trainee license
Appraisal Basics
CMA is not an appraisal
CMA is not an appraisal
»<=
/span>An
opinion of a property’s value prepared by a real estate agent in=
the
course of real estate activities is not considered an <=
span
style=3D'position:absolute;top:43.5%;left:8.98%;width:86.89%;height:6.75%'=
>appraisal.
—
Appraisal Basics
CMA is not an appraisal
CMA is not an appraisal
»<=
/span>An
opinion of a property’s value prepared by a real estate agent in=
the
course of real estate activities is not considered an <=
span
style=3D'position:absolute;top:43.5%;left:8.98%;width:86.89%;height:6.75%'=
>appraisal.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-4.31%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Therefore
a real estate agent:
—should not ref=
er
to a competitive market analysis as an appraisal
Appraisal Basics
CMA is not an appraisal
CMA is not an appraisal
»<=
/span>An
opinion of a property’s value prepared by a real estate agent in=
the
course of real estate activities is not considered an <=
span
style=3D'position:absolute;top:43.5%;left:8.98%;width:86.89%;height:6.75%'=
>appraisal.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-4.31%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Therefore
a real estate agent:
—should not ref=
er
to a competitive market analysis as an appraisal
—does not have=
to
have an appraiser’s license to perform a CMA
—
The Con=
cept
of Value
»<=
/span>Value:
The present worth of the future benefits of property
ownership.
»Value is almost always measured in terms of
money.
The Concept of Value
Types of value
Types of value
»<=
/span>Value
in use: How much a property is worth to a particular
person.
—Also called
subjective value or
utility value.
utility value.
The Concept of Value
Types of value
Types of value
»<=
/span>Value
in use: How much a property is worth to a particular
person.
—Also called
subjective value or
utility value.
utility value.
»Value in exchange: How much a property is
worth to the average person who might buy it.
—Also called
objective value or market value.
Market Value
Definition
Definition
Definition of market value from Uniform Standards
of Professional Appraisal Practice:
—The
most probable price which a property should bring in a competi=
tive
and open market under all conditions requisite to a fair
sale, the buyer and seller each acting prudently and knowledgeab=
ly,
and assuming the price is not affected by undue
stimulus.
Market Value
Elements of valu= e
Elements of valu= e
To have market value, an item must have four
characteristics known as the elements of value:
—utility
Market Value
Elements of valu= e
Elements of valu= e
To have market value, an item must have four
characteristics known as the elements of value:
—utility
—scarcity
—
Market Value
Elements of valu= e
Elements of valu= e
To have market value, an item must have four
characteristics known as the elements of value:
—utility
—scarcity
—demand
Market Value
Elements of valu= e
Elements of valu= e
To have market value, an item must have four
characteristics known as the elements of value:
—utility
—scarcity
—demand
—transferability
Market Value
Market price vs. market value
Market price vs. market value
Market price: Price that som=
eone
paid
for the property in an actual transaction. = Commonly called the sales price.
for the property in an actual transaction. = Commonly called the sales price.
Market Value
Market price vs. market value
Market price vs. market value
Market price: Price that someone paid
for the property in an actual transaction. = Commonly called the sales price.
for the property in an actual transaction. = Commonly called the sales price.
Market value: Price that som=
eone
should pay for the property under ideal conditions.=
Market Value
Market price vs. market value
Market price vs. market value
Market price: Price that someone paid
for the property in an actual transaction. = Commonly called the sales price.
for the property in an actual transaction. = Commonly called the sales price.
Market value: Price that som=
eone
should pay for the property under ideal conditions.
—“Most probable price proper=
ty should
bring”
—A matter of likelihood, not certai=
nty.
Market Value
Market price vs. market value
Market price vs. market value
Market price: Price that someone paid
for the property in an actual transaction. = Commonly called the sales price.
for the property in an actual transaction. = Commonly called the sales price.
Market value: Price that som=
eone
should pay for the property under ideal conditions.
—“Most probable price proper=
ty should
bring”
—A matter of likelihood, not
certainty.
Market Value
Arm’s length transaction
Arm’s length transaction
Arm’s length transaction: Sa=
le of
property made under ideal conditions.
Market Value
Arm’s length transaction
Arm’s length transaction
Arm’s length transaction: Sa=
le of
property made under ideal conditions.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.85%;font-family:"Wingdings 2"'>—Competitive a=
nd
open market
Market Value
Arm’s length transaction
Arm’s length transaction
Arm’s length transaction: Sa=
le of
property made under ideal conditions.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.85%;font-family:"Wingdings 2"'>—Competitive a=
nd
open market
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.85%;font-family:"Wingdings 2"'>—Prudent and
informed parties
Market Value
Arm’s length transaction
Arm’s length transaction
Arm’s length transaction: Sa=
le of
property made under ideal conditions.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.85%;font-family:"Wingdings 2"'>—Competitive a=
nd
open market
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.85%;font-family:"Wingdings 2"'>—Prudent and
informed parties
—No
undue stimulus (no unusual pressure to sell or buy
immediately)
Market Value
Arm’s length transaction
Arm’s length transaction
Arm’s length transaction: Sa=
le of
property made under ideal conditions.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.85%;font-family:"Wingdings 2"'>—Competitive a=
nd
open market
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.85%;font-family:"Wingdings 2"'>—Prudent and
informed parties
—No
undue stimulus (no unusual pressure to sell or buy
immediately)
»If a sale occurs under less than ideal conditions,
price paid may be more or less than market value.
<=
/span>
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Summary
Appraisal Basics=
Appraisal Basics=
»Appraisal
<=
/span>
»State
certification
»Value
»Value in use=
3;
»Value in exchan=
ge
»=
Market value
»=
Market price
»<=
/span>Elements of value
»=
Arm’s length transaction
Forces =
that
Affect Value
»<=
/span>Value
is created and changed by these major forces:
=
—social ideals and standards
—economic trends
Forces =
that
Affect Value
»<=
/span>Value
is created and changed by these major forces:
=
—social ideals and standards
—economic trends
—government regulations
=
—physical and environmental factors=
Forces that Affect Value
Social
Social
»Social ideals and standards:
»<=
/span>demographics
(population size, growth, density)
Forces that Affect Value
Social
Social
»Social ideals and standards:
»<=
/span>demographics
(population size, growth, density)
»family size and
living arrangements
»attitudes about
education
Forces that Affect Value
Social
Social
»Social ideals and standards:
»<=
/span>demographics
(population size, growth, density)
»family size and
living arrangements
»attitudes about
education
»trends in
architectural design
»<=
/span>other
trends, such as preference for
energy-efficient homes
energy-efficient homes
Forces that Affect Value
Economic<= /span>
Economic<= /span>
»Economic trends:
»local economic
conditions
»national econom=
ic
trends
Forces that Affect Value
Economic<= /span>
Economic<= /span>
»Economic trends:
»local economic
conditions
»national econom=
ic
trends
»employment tren=
ds
and wage levels
»cost and
availability of financing
Forces that Affect Value
Governmental
Governmental
»Government regulations:
»zoning
ordinances
»building codes<=
/span>
Forces that Affect Value
Governmental
Governmental
»Government regulations:
»zoning
ordinances
»building codes&=
#13;
»environmental
regulations
»fire
regulations
»taxation polici=
es
Forces that Affect Value
Physical<= /span>
Physical<= /span>
»Physical and environmental factors:
»climate
»topography
=
»soil
characteristics
»flood control
Princip=
les
of Value
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-4.11%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Principles
of value:
—he=
lp
appraisers determine how major forces affect a property’s
value
—ap=
ply
no matter which appraisal method appraiser is using
Princip=
les
of Value
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-4.11%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Principles
of value:
—he=
lp
appraisers determine how major forces affect a property’s
value
—ap=
ply
no matter which appraisal method appraiser is using
• Highest and best use • Change
• Anticipation • Supply and demand
• Substitution • Conformity
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• Progression/regr=
ession • Contribution
• Competition • Balance
Principles of Value
Principle of high= est and best use
Principle of high= est and best use
Highest and best use: The use of the p=
roperty
that would bring the owner the greatest net return.
—Im=
portant
in appraisal of income-
producing property.
producing property.
Principles of Value
Principle of high= est and best use
Principle of high= est and best use
Highest and best use: The use of the p=
roperty
that would bring the owner the greatest net return.
—Im=
portant
in appraisal of income-
producing property.
producing property.
—Hig=
hest
and best use must be a legal use; it can’t violate zoning or
CC&Rs.
Principles of Value
Principle of cha= nge
Principle of cha= nge
Principle of change: A prope=
rty’s
value will increase or decrease over time.
Principles of Value
Principle of cha= nge
Principle of cha= nge
Principle of change: A property’s value will increase
or decrease over time.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.85%;font-family:"Wingdings 2"'>—Changes in va=
lue
occur:
§in response to external forces, and
§as the property itself
improves or deteriorates.
Principles of Value
Principle of cha= nge
Principle of cha= nge
»Property’s
four-phase life cycle:
—integration
—equilibrium
—disintegration
—rejuvenation
—
»<=
/span>A
property’s value depends on where it is
in its life cycle.
in its life cycle.
»A property
has:
—a physical life cycle, and
—an economic life cycle.
»
Principles of Value
Principle of cha= nge
Principle of cha= nge
»A property
has:
—a physical life cycle, and
—an economic life cycle.
»
»The
economic life usually ends before the physical life.
Principles of Value
Principle of cha= nge
Principle of cha= nge
»A property
has:
—a physical life cycle, and
—an economic life cycle.
»
»The
economic life usually ends before the physical life.
—The improveme=
nts
become obsolete before they actually fall apart.
Principles of Value
Principle of cha= nge
Principle of cha= nge
Principles of Value
Principle of anticipation
Principle of anticipation
Principle of anticipation: T=
he
anticipated future benefits of owning a property add to its
value.
Principles of Value
Principle of anticipation
Principle of anticipation
Principle of anticipation: The anticipated <=
span
style=3D'position:absolute;top:30.5%;left:6.36%;width:100.0%;height:6.75%'=
>future
benefits of owning a property add to its value.
—If=
a
property’s value is expected to increase in the future, =
that
anticipation increases its current value.
Principles of Value
Principle of anticipation
Principle of anticipation
Principle of anticipation: The anticipated <=
span
style=3D'position:absolute;top:30.5%;left:6.36%;width:100.0%;height:6.75%'=
>future
benefits of owning a property add to its value.
—If=
a
property’s value is expected to increase in the future, =
that
anticipation increases its current value.
—If=
a
property’s value is expected to decrease, that anticipat=
ion
decreases its current value.
Principles of Value
Prin= ciple of supply and demand
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Prin= ciple of supply and demand
» Principle
of supply and demand:
—If demand for=
a
product exceeds available supply, its value will increase.=
3;
—If the supply=
of
a product exceeds demand, its value will decrease.
Principles of Value
Principle of sup= ply and demand
Principle of sup= ply and demand
»<=
/span>In
real estate, if the demand for housing in a location increases, prices
will rise.
»
»
Principles of Value
Principle of sup= ply and demand
Principle of sup= ply and demand
»<=
/span>In
real estate, if the demand for housing in a location increases, prices
will rise.
»
»<=
/span>Developers
will respond to the increased demand by building more
houses.
»
»
Principles of Value
Principle of sup= ply and demand
Principle of sup= ply and demand
»<=
/span>In
real estate, if the demand for housing in a location increases, prices
will rise.
»
»<=
/span>Developers
will respond to the increased demand by building more
houses.
»
»<=
/span>As
supply increases, demand will be met and prices will fall.
Principles of Value
Principle of substitution
Principle of substitution
Principle of substitution: T=
he
value of a product is limited by the cost of obtaining an=
equally
desirable substitute, if the substitute can be obtained without un=
due
delay.
»If two equally desirable properties are available,
the one that costs less will be purchased first.
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Principles of Value
Principle of substitution
Principle of substitution
»<=
/span>If
two equally desirable properties are available, the one that c=
osts
less will be purchased first.
—Ex=
ample:
A house is listed for $250,000, but comparable properties=
are
available nearby for $210,000 to $220,000. An informed
buyer would choose one of the lower-priced houses.
Principles of Value
Principle of substitution
Principle of substitution
»The principle of substitution is the theoretical
basis for all three methods of appraisal (discussed later=
).
Principles of Value
Principle of substitution
Principle of substitution
Principles of Value
Principle of conf= ormity
Principle of conf= ormity
»<=
/span>Principle
of conformity: In a residential neighborhood, some conform=
ity
among properties has a positive effect on values.
»
Principles of Value
Principle of conf= ormity
Principle of conf= ormity
»<=
/span>Principle
of conformity: In a residential neighborhood, some conform=
ity
among properties has a positive effect on values.
»
»<=
/span>If
there’s great disparity within a neighborhood (in terms of
quality and condition of homes), that may decrease <=
span
style=3D'position:absolute;top:74.75%;left:8.98%;width:86.89%;height:6.75%=
'>values.
Principles of Value
Progression/regre= ssion
Progression/regre= ssion
»The value of a property is affected by the value <=
/span>=
of surrounding properties.
Principles of Value
Progression/regre= ssion
Progression/regre= ssion
»The value of a property is affected by the value <=
/span>=
of surrounding properties.
Principle
of progression: An inexpensive home
is more valuable surrounded by expensive
homes than in a neighborhood of similar
homes.
Principles of Value
Progression/regre= ssion
Progression/regre= ssion
»The value of a property is affected by the value <=
/span>=
of surrounding properties.
Principle
of progression: An inexpensive home
is more valuable surrounded by expensive
homes than in a neighborhood of similar
homes.
Principle
of regression: An expensive home is
less valuable surrounded by smaller or rundown homes than in a neighborhood of similar homes.
Principles of Value
Principle of contribution
Principle of contribution
Principle of contribution: An
improvement may contribute more or less to the property’s =
=
value
than the improvement cost to make.
Principles of Value
Prin= ciple of competition
Prin= ciple of competition
Principle of competition: The
value of property, especially income-producing property,
is affected by competing properties.
Principles of Value
Prin= ciple of competition
Prin= ciple of competition
Principle of competition: The value of property,
especially income-producing property, is affected by competing <=
/span>properties.
—Example: The
income from (and therefore the value of) a gas station will be
reduced if a second gas station is built across the street.
Principles of Value
Principle of bala= nce
Principle of bala= nce
Principle of balance: The va=
lue of
a property is maximized when the agents of production are
in balance with each other.
Principles of Value
Principle of bala= nce
Principle of bala= nce
Principle of balance: The va=
lue of
a property is maximized when the agents of production are
in balance with each other.
<=
span
style=3D'visibility:hidden'>»
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-4.21%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>The
four agents of production:
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.76%;font-family:"Wingdings 2"'>—labor
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.76%;font-family:"Wingdings 2"'>—coordination&=
#13;
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.76%;font-family:"Wingdings 2"'>—capital
<=
/span>
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.76%;font-family:"Wingdings 2"'>—land
![](3D"slide0044_image010.gif")
=
![3Dbar](3D"slide0044_image011.gif")
![](3D"slide0044_image012.gif")
=
Summary
Principles of Val= ue
Principles of Val= ue
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-5.97%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Highest
and best use
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-5.97%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Change
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-5.97%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Anticipation
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-5.97%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Supply
and demand
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-5.97%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Substitution
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-5.97%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Conformity
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-5.73%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Progression
and regression
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-5.97%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Contribution
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-5.97%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Competition
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-5.97%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Balance
The Appraisal Process
7 Steps
7 Steps
<=
span
style=3D'mso-special-format:"numbullet3\,1";color:#CCCCFF;mso-color-index:=
6;
position:absolute;left:-7.64%;top:.16em;font-size:85%'>1.Define
problem.
<=
span
style=3D'mso-special-format:"numbullet3\,1";color:#CCCCFF;mso-color-index:=
6;
position:absolute;left:-7.64%;top:.16em;font-size:85%'>3.Gather and
verify general data.
<=
span
style=3D'mso-special-format:"numbullet3\,1";color:#CCCCFF;mso-color-index:=
6;
position:absolute;left:-7.64%;top:.16em;font-size:85%'>4.Gather and
verify specific data.
<=
span
style=3D'mso-special-format:"numbullet3\,1";color:#CCCCFF;mso-color-index:=
6;
position:absolute;left:-7.64%;top:.16em;font-size:85%'>5.Select and
apply appraisal methods.
6.Reconcile
value indicators for final value estimate.
<=
span
style=3D'mso-special-format:"numbullet3\,1";color:#CCCCFF;mso-color-index:=
6;
position:absolute;left:-7.64%;top:.16em;font-size:85%'>7.Issue
appraisal report.
The Appraisal Process
Step 1: Define t= he problem
Step 1: Define t= he problem
» =
To
define the problem, appraiser must:
—identify the subject property
=
—determine the function of the
appraisal
The Appraisal Process
Step 2: Determin= e data needed
Step 2: Determin= e data needed
»<=
/span>Appraiser
decides what data she will need based on:
—type of property
—function of appraisal
The Appraisal Process
Ste= p 3: Gather and verify general data
Ste= p 3: Gather and verify general data
General data: Information
pertinent to the subject property’s value that does not <=
span
style=3D'position:absolute;top:36.5%;left:8.98%;width:86.89%;height:6.75%'=
>concern
the property itself.
The Appraisal Process
Ste= p 3: Gather and verify general data
Ste= p 3: Gather and verify general data
General data: Information pertinent to the <=
span
style=3D'position:absolute;top:29.25%;left:8.98%;width:88.38%;height:6.75%=
'>subject
property’s value that does not concern the property
itself.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-4.31%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Includes
information about:
—economic situation in the
community
—condition of the neighborhood
Specific data: Data concernin=
g the
subject property itself.
The Appraisal Process
Ste= p 4: Gather and verify specific data
Ste= p 4: Gather and verify specific data
Specific data: Data concerning the subject property
itself.
—site analysis
—building analysis
The Appraisal Process
Ste= p 4: Gather and verify specific data
Ste= p 4: Gather and verify specific data
The Appraisal Process
Step= 5: Apply appraisal methods
Step= 5: Apply appraisal methods
»<=
/span>Appraiser
must choose appropriate appraisal method(s), given the type =
of property
being appraised.
—May
choose only one method, use two methods, or use all thre=
e.
The Appraisal Process
Step= 6: Reconciliation
Step= 6: Reconciliation
»<=
/span>After
an appraiser applies an appraisal method, the resulting esti=
mate
of what the property is worth is called a value indicator.
—
The Appraisal Process
Step= 6: Reconciliation
Step= 6: Reconciliation
»<=
/span>After
an appraiser applies an appraisal method, the resulting esti=
mate
of what the property is worth is called a value indicator.
—Each method
applied results in a different value indicator.<=
/div>
The Appraisal Process
Step= 6: Reconciliation
Step= 6: Reconciliation
»<=
/span>After
an appraiser applies an appraisal method, the resulting esti=
mate
of what the property is worth is called a value indicator.
—Each method
applied results in a different value indicator.
—Value indicat=
ors
must be reconciled to arrive at a final value estimate. <=
/span>
The Appraisal Process
Step= 7: Issue appraisal report =
Step= 7: Issue appraisal report =
»The final step in the process is to prepare =
an
appraisal report and present it to the client.
Gatheri=
ng
Data
»Now we will take a closer look at steps 3 and
4, gathering general and specific data.
Gathering Data
General data
General data
»Appraiser first
gathers general data:
—examination of
economic conditions (especially local conditions)
<=
/span>
—neighborhood analysis
<=
/div>
—
Gathering General Data
Neig= hborhood analysis
Neig= hborhood analysis
»<=
/span>In
neighborhood analysis, appraiser considers:
—land use patterns
—utilities
—public services
—proximity to schools, employment,
shopping
—the area’s general reputation
»Indicators of
stable property values:
—high percentages of home
ownership
—high occupancy rates
—many families with children
—presence of public services
—restrictive zoning and private
restrictions
Gathering General Data
Neig= hborhood analysis
Neig= hborhood analysis
»<=
/span>After
gathering general data, appraiser gathers specific data (abo=
ut
the property itself):
—site analysis
—building analysis
Gathering Data
Specific data
Specific data
Gathering Specific Data
Site analysis
Site analysis
»Objective of site analysis: to determine the property’s
highest and best use.
Gathering Specific Data
Site analysis
Site analysis
»<=
/span>Objective
of site analysis: to determine the property’s highest and best
use.
»
»<=
/span>Appraiser
examines the site’s physical characteristics, such as:
—lot size
—lot shape
—topography
»Frontage: The length of the lot boundary that
abuts a street, a body of water, or some other amenity.=
Site Analysis
Frontage<= span style=3D'font-size:90%;mso-special-format:lastCR;display:none'>
Frontage<= span style=3D'font-size:90%;mso-special-format:lastCR;display:none'>
»<=
/span>Frontage:
The length of the lot boundary that abuts a street, a bod=
y of
water, or some other amenity.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.85%;font-family:"Wingdings 2"'>—Important
consideration for:
§retail property
§residential property
beside a lake or other desirable feature
Site Analysis
Frontage<= span style=3D'font-size:90%;mso-special-format:lastCR;display:none'>
Frontage<= span style=3D'font-size:90%;mso-special-format:lastCR;display:none'>
»Plottage: An increase in value that occurs <=
span
style=3D'position:absolute;top:29.25%;left:8.98%;width:103.55%;height:6.75=
%'>when
two properties are combined into one.
Site Analysis
Plot= tage
Plot= tage
»<=
/span>Plottage:
An increase in value that occurs when two properties are
combined into one.
—May occur in
industrial or commercial development, where large lots are <=
/span>necessary.
Site Analysis
Plot= tage
Plot= tage
»<=
/span>Plottage:
An increase in value that occurs when two properties are
combined into one.
—May occur in
industrial or commercial development, where large lots are <=
/span>necessary.
—Single large =
lot
often worth more than the sum of the values of the smaller lots
that were joined together.
Site Analysis
Plot= tage
Plot= tage
Gathering Specific Data
Buil= ding analysis
Buil= ding analysis
»In examining the subject property’s improvements,
appraiser considers:
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.67%;font-family:"Wingdings 2"'>—construction
quality
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.67%;font-family:"Wingdings 2"'>—current condi=
tion
of structures
Gathering Specific Data
Buil= ding analysis
Buil= ding analysis
»In examining the subject property’s improvements,
appraiser considers:
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.67%;font-family:"Wingdings 2"'>—construction
quality
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.67%;font-family:"Wingdings 2"'>—current condi=
tion
of structures
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.67%;font-family:"Wingdings 2"'>—size of
structures (square footage)
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.67%;font-family:"Wingdings 2"'>—interior layo=
ut
Gathering Specific Data
Buil= ding analysis
Buil= ding analysis
»In examining the subject property’s improvements,
appraiser considers:
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.67%;font-family:"Wingdings 2"'>—construction
quality
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.67%;font-family:"Wingdings 2"'>—current condi=
tion
of structures
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.67%;font-family:"Wingdings 2"'>—size of
structures (square footage)
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.67%;font-family:"Wingdings 2"'>—interior
layout
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.67%;font-family:"Wingdings 2"'>—number and si=
ze
of rooms
—or=
ientation
(placement of structures on site in relation to views and
privacy)
![](3D"slide0061_image013.gif")
=
![3Dbar](3D"slide0061_image014.gif")
![](3D"slide0061_image015.gif")
Summary
The = Appraisal Process
The = Appraisal Process
»<=
/span>Steps
in appraisal
process
process
»General data=
3;
»Specific data&#=
13;
»Value indicator=
s
»<=
/span>Reconciliation
»<=
/span>Neighborhood
analysis
analysis
»<=
/span>Site analysis
»<=
/span>Building analysis
Approac=
hes
to Value
»There are three approaches to value:
»sales comparison
approach
»cost approach&#=
13;
»income
approach
»
Each is a method of determining the
subject property’s market value.
subject property’s market value.
Approac=
hes
to Value
»For certain types of property, only one or <=
span
style=3D'position:absolute;top:29.25%;left:8.98%;width:87.82%;height:6.75%=
'>two
of the approaches is appropriate.
Approac=
hes
to Value
»<=
/span>For
certain types of property, only one or two of the approaches is
appropriate.
»If more than one approach is applied, appraiser
gives more weight to the most relevant approach in the
reconciliation process.
Sales
Comparison Approach
Sales comparison approach:
Appraisal method that uses recent transactions in the local
market as the basis for estimating the subject property’s value. =
Also
called the market data approach.
Sales
Comparison Approach
Sales comparison approach: Appraisal method
that uses recent transactions in the local market as the basis=
for
estimating the subject property’s value. Also called the market
data approach.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.85%;font-family:"Wingdings 2"'>—Best method f=
or
appraising:
§single-family homes
§vacant land
Sales Comparison Approach
Comparable sales<= /span>
Comparable sales<= /span>
»<=
/span>Appraiser
using sales comparison method must locate at least 3
comparable properties.
Sales Comparison Approach
Comparable sales<= /span>
Comparable sales<= /span>
»<=
/span>Appraiser
using sales comparison method must locate at least 3
comparable properties.
Comparable property: A prope=
rty
similar to the subject property that has recently sold. <=
/span>Also
called a “comp.”
»Appraiser adjusts sales price of each comparable
to reflect the differences between it and the subject property.=
Sales Comparison Approach
Comparable sales<= /span>
Comparable sales<= /span>
Choosing Comparables
Primary elements = of comparison
Primary elements = of comparison
Appraiser decides whether a property would <=
span
style=3D'position:absolute;top:29.25%;left:4.68%;width:95.5%;height:6.75%'=
>be a
good comparable using the primary elements of comparison:=
3;
—date of sale
Choosing Comparables
Primary elements = of comparison
Primary elements = of comparison
Appraiser decides whether a property would <=
span
style=3D'position:absolute;top:29.25%;left:4.68%;width:95.5%;height:6.75%'=
>be a
good comparable using the primary elements of comparison:=
3;
—date of sale
—location of the property
—physical characteristics of the
property
Choosing Comparables
Primary elements = of comparison
Primary elements = of comparison
Appraiser decides whether a property would <=
span
style=3D'position:absolute;top:29.25%;left:4.68%;width:95.5%;height:6.75%'=
>be a
good comparable using the primary elements of comparison:=
3;
—date of sale
—location of the property
—physical characteristics of the
property
—terms of sale
—whether sale =
was
an arm’s length transaction
Primary Elements of Comparison
Date of sale
Date of sale
»<=
/span>Date
of sale: The date the buyer and seller agreed on a price.
—Important bec=
ause
property values are constantly changing.
»
=
»Appraiser shou=
ld use
most recent sales availab=
le.
—Preferably within the last six months.
=
Primary Elements of Comparison
Date of sale
Date of sale
=
»Appraiser shou=
ld use
most recent sales availab=
le.
—Preferably within the last six months.
=
—If market has been inactive, may use older =
sales and adjust for inflation and other trends.
Primary Elements of Comparison
Date of sale
Date of sale
=
»Appraiser shou=
ld use
most recent sales availab=
le.
—Preferably within the last six months.
=
—If market has been inactive, may use older =
sales and adjust for inflation and other trends.
<=
span
style=3D'font-size:94%'>»Appraiser shou=
ld
never use sales that are:
—more than a year old, or
—from a period with particularly volatile prices.
Primary Elements of Comparison
Date of sale
Date of sale
Primary Elements of Comparison
Location
Location
»<=
/span>Location
is the factor that has the greatest effect on a property’s
value.
»
»<=
/span>Appraiser
looks for comparables in same neighborhood as subject
property.
Primary Elements of Comparison
Physical characteristics
Physical characteristics
»Comparables should be similar to subject property
in:
—architectural style
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—construction quality
—overall condition
Primary Elements of Comparison
Terms of sale
Terms of sale
»A sale that involved seller financing or other special
terms often isn’t a good comparable.
Primary Elements of Comparison
Terms of sale
Terms of sale
»<=
/span>A
sale that involved seller financing or other special terms of=
ten
isn’t a good comparable.
—Buyer may have
been willing to pay more because of special terms.
—Difficult to
judge their effect on sales price.
Primary Elements of Comparison
Terms of sale
Terms of sale
»<=
/span>A
sale that involved seller financing or other special terms of=
ten
isn’t a good comparable.
—Buyer may have
been willing to pay more because of special terms.
—Difficult to
judge their effect on sales price.
»Appraiser generally looks for comparables sold
on terms that are cash equivalent.
Primary Elements of Comparison<=
br>
Arm’s
length transaction
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Principles of California Real Estate
»<=
/span>Each
comparable must be an arm’s length transaction:
<=
/div>
—Property was
offered in a competitive and open market for a reasonable time.<=
/span>
Primary Elements of Comparison<=
br>
Arm’s
length transaction
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Principles of California Real Estate
»<=
/span>Each
comparable must be an arm’s length transaction:
<=
/div>
—Property was
offered in a competitive and open market for a reasonable time.&=
#13;
—Buyer and sel=
ler
both acted prudently and knowledgeably.
Primary Elements of Comparison<=
br>
Arm’s
length transaction
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Principles of California Real Estate
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<=
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Principles of California Real Estate
»<=
/span>Each
comparable must be an arm’s length transaction:
<=
/div>
—Property was
offered in a competitive and open market for a reasonable time.&=
#13;
—Buyer and sel=
ler
both acted prudently and knowledgeably.
—No unusual pressure on either part=
y.
Sales Comparison Approach
Making adjustment= s
Making adjustment= s
»To take into account physical differences between
a comparable and the subject property, appraiser adjusts the sales
price of the comparable.
Sales Comparison Approach
Making adjustment= s
Making adjustment= s
»<=
/span>To
take into account physical differences between a comparable and =
the
subject property, appraiser adjusts the sales price of
the comparable.
—It=
’s
always the comparable’s price, not the subject’s, that is
adjusted.
Sales Comparison Approach
Making adjustmen= ts
Making adjustmen= ts
»If subject property has a feature the comparable
lacks, appraiser adds value
of feature to comparable’s sales price.
of feature to comparable’s sales price.
Sales Comparison Approach
Making adjustmen= ts
Making adjustmen= ts
»<=
/span>If
subject property has a feature the comparable lacks, appraise=
r adds
value
of feature to comparable’s sales price.
of feature to comparable’s sales price.
»If subject property lacks a feature the comparable
has, appraiser subtracts value of feature from comparabl=
e’s
sales price.
Sales Comparison Approach
Estimating subject property’s value
Estimating subject property’s value
»<=
/span>Appraiser
estimates subject property’s value based on the adjusted prices o=
f at
least three comparables.
—
Sales Comparison Approach
Estimating subject property’s value
Estimating subject property’s value
»<=
/span>Appraiser
estimates subject property’s value based on the adjusted prices o=
f at
least three comparables.
—Never simply
averages the adjusted prices.
Sales Comparison Approach
Estimating subject property’s value
Estimating subject property’s value
»<=
/span>Appraiser
estimates subject property’s value based on the adjusted prices o=
f at
least three comparables.
—Never simply
averages the adjusted prices.
—More weight g=
iven
to the comparables to which fewer adjustments were made. =
=
<=
![endif]>
Summary
Sales Comparison Approach =
Sales Comparison Approach =
»Sales comparison
approach
»Comparable
=
»Arm’s length
transaction
»Adjustments
Cost
Approach to Value
Cost approach: An appraisal =
method
that bases an estimate of the subject property’s value
on how much it would cost to build a replacement of the
improvements.
Cost Approach to Value
Sets ceiling on = value
Sets ceiling on = value
»Cost
approach provides the ceiling for the subject property’s
value.
—Buyers won’t =
pay
more for a used property than for a new property of
equal desirability.
equal desirability.
—This is the principle of substitut=
ion.
Cost Approach to Value
3 Steps
3 Steps
Steps in the cost
approach:
1.Estimate t=
he
cost of replacing
the improvements.
the improvements.
Cost Approach to Value
3 Steps
3 Steps
Steps in the cost
approach:
1.Estimate t=
he
cost of replacing
the improvements.
the improvements.
<=
span
style=3D'mso-special-format:"numbullet3\,1";color:#CCCCFF;mso-color-index:=
6;
position:absolute;left:-7.79%;top:.16em;font-size:85%'>2.Subtract a=
ny
depreciation.
Cost Approach to Value
3 Steps
3 Steps
Steps in the cost
approach:
1.Estimate t=
he
cost of replacing
the improvements.
the improvements.
<=
span
style=3D'mso-special-format:"numbullet3\,1";color:#CCCCFF;mso-color-index:=
6;
position:absolute;left:-7.79%;top:.16em;font-size:85%'>2.Subtract a=
ny
depreciation.
<=
span
style=3D'mso-special-format:"numbullet3\,1";color:#CCCCFF;mso-color-index:=
6;
position:absolute;left:-7.79%;top:.16em;font-size:85%'>3.Add the va=
lue
of the lot.
Cost Approach to Value
Ste= p 1: Estimating replacement cost
Ste= p 1: Estimating replacement cost
Replacement cost: How much it
would cost to build improvements with the same utility, usin=
g modern
materials and construction methods.
Cost Approach to Value
Ste= p 1: Estimating replacement cost
Ste= p 1: Estimating replacement cost
Replacement cost: How much it
would cost to build improvements with the same utility, usin=
g modern
materials and construction methods.
Reproduction cost: How much =
it
would cost to build an exact replica of the improvements, using
identical materials and methods.
Cost Approach to Value
Ste= p 1: Estimating replacement cost
Ste= p 1: Estimating replacement cost
Replacement cost: How much it
would cost to build improvements with the same utility, usin=
g modern
materials and construction methods.
Reproduction cost: How much =
it
would cost to build an exact replica of the improvements, using
identical materials and methods.
—Re=
placement
cost is a much better indicator of a property’s market val=
ue.
Estimating Replacement Cost
3 Methods=
3 Methods=
»1.
Square-foot method
<=
span
style=3D'font-size:94%'>—Easiest and most widely used.
per square foot
<=
span
style=3D'font-size:94%'>—Square footage × Construction cost
Estimating Replacement Cost
3 Methods=
3 Methods=
»1.
Square-foot method
<=
span
style=3D'font-size:94%'>—Easiest and most widely used.
per square foot
<=
span
style=3D'font-size:94%'>—Square footage × Construction cost
Estimating Replacement Cost
3 Methods=
3 Methods=
»1.
Square-foot method
<=
span
style=3D'font-size:94%'>—Easiest and most widely used.
per square foot
<=
span
style=3D'font-size:94%'>—Square footage × Construction cost
Cost Approach to Value
Step 2: Subtract depreciation
Step 2: Subtract depreciation
Depreciati=
on: A
loss in value due to any cause.
Cost Approach to Value
Step 2: Subtract depreciation
Step 2: Subtract depreciation
Depreciati=
on: A
loss in value due to any cause.
Three categories of
depreciation:
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-2.1%;top:.16em;font-family:"Wingdings 2";font-size:85%'>» physical deterioration
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-2.1%;top:.16em;font-family:"Wingdings 2";font-size:85%'>» functional obsolescence
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-2.1%;top:.16em;font-family:"Wingdings 2";font-size:85%'>» external obsolescence
Categories of Depreciation
Phys= ical deterioration
Phys= ical deterioration
»Physical deterioration: A loss in value resulting
from a need for repairs. Also called deferred maintenance.
Categories of Depreciation
Phys= ical deterioration
Phys= ical deterioration
»<=
/span>Physical
deterioration: A loss in value resulting from a need for
repairs. Also called deferred maintenance.
— May be caused
by:
Principles of California Real Estate
Principles of California Real Estate
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Principles of California Real Estate
»<=
/span>Indirect
methods of estimating depreciation:
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Principles of California Real Estate
»<=
/span>Indirect
methods of estimating depreciation:
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Principles of California Real Estate
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slide0339.htm",1,-1,1),new hrefList("slide0084.htm",1,-1,1),new hrefList("s=
lide0298.htm",1,-1,1),new hrefList("slide0299.htm",1,-1,1),new hrefList("sl=
ide0085.htm",1,-1,1),new hrefList("slide0300.htm",1,-1,1),new hrefList("sli=
de0301.htm",1,-1,1),new hrefList("slide0086.htm",1,-1,1),new hrefList("slid=
e0302.htm",1,-1,1),new hrefList("slide0088.htm",1,-1,1),new hrefList("slide=
0303.htm",1,-1,1),new hrefList("slide0089.htm",1,-1,1),new hrefList("slide0=
304.htm",1,-1,1),new hrefList("slide0305.htm",1,-1,1),new hrefList("slide00=
90.htm",1,-1,1),new hrefList("slide0224.htm",1,-1,1),new hrefList("slide036=
1.htm",1,-1,1),new hrefList("slide0225.htm",1,-1,1),new hrefList("slide0226=
.htm",1,-1,1),new hrefList("slide0306.htm",1,-1,1),new hrefList("slide0093.=
htm",1,-1,1),new hrefList("slide0094.htm",1,-1,1),new hrefList("slide0307.h=
tm",1,-1,1),new hrefList("slide0095.htm",1,-1,1),new hrefList("slide0096.ht=
m",1,-1,1),new hrefList("slide0308.htm",1,-1,1),new hrefList("slide0098.htm=
",1,-1,1),new hrefList("slide0309.htm",1,-1,1),new hrefList("slide0099.htm"=
,1,-1,1),new hrefList("slide0100.htm",1,-1,1),new hrefList("slide0233.htm",=
1,-1,1),new hrefList("slide0101.htm",1,-1,1),new hrefList("slide0102.htm",1=
,-1,1),new hrefList("slide0103.htm",1,-1,1),new hrefList("slide0104.htm",1,=
-1,1),new hrefList("slide0310.htm",1,-1,1),new hrefList("slide0105.htm",1,-=
1,1),new hrefList("slide0311.htm",1,-1,1),new hrefList("slide0106.htm",1,-1=
,1),new hrefList("slide0362.htm",1,-1,1),new hrefList("slide0107.htm",1,-1,=
1),new hrefList("slide0108.htm",1,-1,1),new hrefList("slide0109.htm",1,-1,1=
),new hrefList("slide0363.htm",1,-1,1),new hrefList("slide0364.htm",1,-1,1)=
,new hrefList("slide0110.htm",1,-1,1),new hrefList("slide0111.htm",1,-1,1),=
new hrefList("slide0312.htm",1,-1,1),new hrefList("slide0234.htm",1,-1,1),n=
ew hrefList("slide0313.htm",1,-1,1),new hrefList("slide0314.htm",1,-1,1),ne=
w hrefList("slide0236.htm",1,-1,1),new hrefList("slide0315.htm",1,-1,1),new=
hrefList("slide0112.htm",1,-1,1),new hrefList("slide0316.htm",1,-1,1),new =
hrefList("slide0317.htm",1,-1,1),new hrefList("slide0235.htm",1,-1,1),new h=
refList("slide0340.htm",1,-1,1),new hrefList("slide0343.htm",1,-1,1),new hr=
efList("slide0341.htm",1,-1,1),new hrefList("slide0342.htm",1,-1,1),new hre=
fList("slide0117.htm",1,-1,1),new hrefList("slide0318.htm",1,-1,1),new href=
List("slide0118.htm",1,-1,1),new hrefList("slide0319.htm",1,-1,1),new hrefL=
ist("slide0320.htm",1,-1,1),new hrefList("slide0321.htm",1,-1,1),new hrefLi=
st("slide0119.htm",1,-1,1),new hrefList("slide0322.htm",1,-1,1),new hrefLis=
t("slide0323.htm",1,-1,1),new hrefList("slide0121.htm",1,-1,1));
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 )
{
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();
function CalculateMHTMLPrefix()
{
if ( document.location.protocol =3D=3D 'mhtml:') {
href=3Dnew String(document.location.href)
Start=3Dhref.indexOf('!')+1
End=3Dhref.lastIndexOf('/')+1
if (End < Start)
return href.substring(0, Start)
else
return href.substring(0, End)
}
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()
{
if (PPTSld.pptSound) PPTSld.pptSound.loop =3D 0;
}
function FullScreen()
{
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(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()
{
obj=3DGetHrefObj(gCurSld)
if( obj.mOrigVis =3D=3D 1 )
return obj.mSldIdx
else
return gCurSld
}
function GetNumSlds()
{
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;
PPTSld.location.replace(MHTMLPrefix+obj.mSldHref)
if( IsFramesMode() ) {
UpdNavPane(); UpdOtlPane(); UpdNtsPane()
}
}
function GoToSld( href )
{
if( PPTSld.event ) PPTSld.event.cancelBubble=3Dtrue
GetHrefObj( GetSldNum(href) ).mVis=3D1
PPTSld.location.replace(MHTMLPrefix+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;
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();
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
}
}
function _IBSetP()
{
if( this.mIsOn ) {
obj=3Dthis.ChgState( gShadowClr,gHiliteClr,2 )
obj.style.posLeft+=3D1; obj.style.posTop+=3D1
}
}
function _IBSetD()
{
obj=3Dthis.ChgState( gFaceClr,gFaceClr,0 )
obj.style.posTop=3D0
}
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()
}
}
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()
{
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 ) {
if( t.UserAction !=3D null )
t.UserAction()
if( !t.GetState )
return
if( t.GetState() )
t.SetPressed()
else
t.SetActive()
}
}
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
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()
{
b =3D gBtnArr[this.mBorderId]
if( b !=3D null && this.mIsOn && !b.GetState() ) {
obj=3Dthis.ChgState( gHiliteClr,gShadowClr,2 )
obj.style.posTop=3D0
}
}
function _BSetI_BorderImg()
{
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
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 )
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() }
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Principles of California Real Estate
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.01%;font-family:Wingdings'>§damage
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Content-Transfer-Encoding: quoted-printable
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<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.01%;font-family:Wingdings'>§construction defects&#=
13;
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.01%;font-family:Wingdings'>§wear and tear
Categories of Depreciation
Phys= ical deterioration
Phys= ical deterioration
»<=
/span>Physical
deterioration: A loss in value resulting from a need for
repairs. Also called deferred maintenance.
— May be caused
by:
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<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.01%;font-family:Wingdings'>§damage
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.01%;font-family:Wingdings'>§construction defects&#=
13;
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.01%;font-family:Wingdings'>§wear and tear
—Ea=
siest
kind of depreciation to identify
and measure.
and measure.
Categories of Depreciation
Func= tional obsolescence
Func= tional obsolescence
Functional obsolescence: A loss in value because
of poor design or lack of utility.
Categories of Depreciation
Func= tional obsolescence
Func= tional obsolescence
Functional obsolescence: A loss in value because
of poor design or lack of utility.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.85%;font-family:"Wingdings 2"'>—May be caused
by:
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.11%;font-family:Wingdings'>§design defects
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.11%;font-family:Wingdings'>§outdated fixtures
=
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.11%;font-family:Wingdings'>§an inadequate floor pl=
an
Categories of Depreciation
Func= tional obsolescence
Func= tional obsolescence
Functional obsolescence: A loss in value because
of poor design or lack of utility.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.85%;font-family:"Wingdings 2"'>—May be caused
by:
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.11%;font-family:Wingdings'>§design defects
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.11%;font-family:Wingdings'>§outdated fixtures
=
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.11%;font-family:Wingdings'>§an inadequate floor
plan
—If=
a
problem is inside the property lines and it’s not physical
deterioration, then it’s functional obsolescence.
Categories of Depreciation
External obsoles= cence
External obsoles= cence
External obsolescence: A los=
s in
value caused by factors outside of the property lines,
external to the property itself. Also called economic obsolesce=
nce.
Categories of Depreciation
External obsoles= cence
External obsoles= cence
=
External obsolescence: A loss in value caused
by factors outside of the property lines, external to the
property itself. Also called economic obsolescence.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.85%;font-family:"Wingdings 2"'>—Examples:
=
;
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.11%;font-family:Wingdings'>§adverse zoning
changes
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.11%;font-family:Wingdings'>§undesirable
neighborhood
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.11%;font-family:Wingdings'>§traffic congestion
=
;
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.11%;font-family:Wingdings'>§proximity to a nuisanc=
e
Depreciation
Cura= ble or incurable
Cura= ble or incurable
»<=
/span>Depreciation
is curable if the cost of correcting the item can be
recovered in the sales price.
»
»
Depreciation
Cura= ble or incurable
Cura= ble or incurable
»<=
/span>Depreciation
is curable if the cost of correcting the item can be
recovered in the sales price.
»
»Depreciation is=
incurable
if:
—problem can’t be corrected, or
=
;
—cost of correcting it would be too
high.
»Physical
deterioration: Usually curable, unless particularly severe=
.
Depreciation
Cura= ble or incurable
Cura= ble or incurable
»Physical deterioration: Usually curable, unless
particularly severe.
»Functional obsolescence: May be curable, depending
on the cost of modifications.
Depreciation
Cura= ble or incurable
Cura= ble or incurable
»Physical deterioration: Usually curable, unless
particularly severe.
»Functional obsolescence: May be curable, depending
on the cost of modifications.
»External obsolescence: Never curable, because
it’s out of the property owner’s control.
Depreciation
Cura= ble or incurable
Cura= ble or incurable
Depreciation
Esti= mating depreciation
Esti= mating depreciation
»Methods of
estimating depreciation fall into two categories: indirect a=
nd
direct.
Estimating Depreciation
Indirect methods=
Indirect methods=
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.77%;font-family:"Wingdings 2"'>—capitalization
method
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.77%;font-family:"Wingdings 2"'>—market data
method
Estimating Depreciation
Indirect methods=
Indirect methods=
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.77%;font-family:"Wingdings 2"'>—capitalization
method
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.77%;font-family:"Wingdings 2"'>—market data
method
»Indirect methods are considered more accurate
than direct methods, since they’re based on market data.
Estimating Depreciation
Direct methods
Direct methods
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.75%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Direct
methods of estimating depreciation:
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.77%;font-family:"Wingdings 2"'>—straight-line
method
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-3.77%;font-family:"Wingdings 2"'>—engineering
method
Estimating Depreciation
Direct methods
Direct methods
»<=
/span>Straight-line
method is concerned with the property’s effective age, rath=
er
than its actual chronological age.
»
»
Estimating Depreciation
Direct methods
Direct methods
»<=
/span>Straight-line
method is concerned with the property’s effective age, rath=
er
than its actual chronological age.
»
Effective age: Reflects how much longer the =
=
structure
is likely to remain effective in its current use.
<=
span
style=3D'mso-special-format:lastCR;display:none'>
<=
![endif]>
Summary
Cost Approach
Cost Approach
»Cost approach&#=
13;
»Replacement
cost
»Reproduction
cost
»Depreciation=
3;
»Physical
deterioration
»Functional
obsolescence
»External
obsolescence
»Estimating
depreciation
Income
Approach to Value
Income approach: Method used=
to
appraise income-producing property such as an office =
building
or apartment building. Also called the capitalization method.<=
/span>
Income
Approach to Value
Income approach: Method used to appraise income-producing
property such as an office building or apartment building. Also
called the capitalization method.
—Appraiser uses
the income generated by the property to estimate its value =
to
an investor.
Income Approach to Value
5 Steps
5 Steps
1.Calculate the property’s potential gross income.
2.Deduct the bad debt and vacancy factor to <=
span
style=3D'position:absolute;top:41.75%;left:10.11%;width:85.58%;height:6.75=
%'>estimate
effective gross income.
3.Subtract operating expenses to determine net
income.
4=
.Select
an appropriate capitalization rate.
5.Capitalize the property’s net income to estimate
its value.
Income Approach to Value
1. Calculating potential gross income
1. Calculating potential gross income
Potential gross income: How =
much
the property would rent for if it were available in the
current rental market. Also called gross scheduled income.
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Income Approach to Value
1. Calculating potential gross income
1. Calculating potential gross income
Potential gross income: How much the property
would rent for if it were available in the current rental market.
Also called gross scheduled income.
—Also called <=
b>economic
rent, in contrast to contract rent.
—Co=
ntract
rent: How much the property currently rents for under an existin=
g lease.
»Effective gross income: Potential gross income
(economic rent) minus a bad debt and vacancy factor.=
Income Approach to Value
2. Calculating effective gross income
2. Calculating effective gross income
»<=
/span>Effective
gross income: Potential gross income (economic rent) mi=
nus
a bad debt and vacancy factor.
—Bad
debt and vacancy factor: Percentage of potential gross income
deducted to allow for unpaid rents and vacancies.
—Pr=
operty
won’t be rented 100% of the time and tenants may not always pay=
the
rent.
Income Approach to Value
2. Calculating effective gross income
2. Calculating effective gross income
Income Approach to Value
3. Calculating net income
3. Calculating net income
Net income: Effective gross i=
ncome
minus operating expenses.
Calculating Net Income
Operating expens= es
Operating expens= es
»Three types of operating expenses:
»fixed expenses&=
#13;
»maintenance
expenses
»reserves for
replacement
»
Operating Expenses
Fixed expenses
Fixed expenses
»Fixed
expenses:
—real estate taxes
—hazard insurance
»Maintenance
expenses:
—tenant services
—utilities
—supplies
—cleaning
—repairs
—administrative costs
»
Operating Expenses
Maintenance expe= nses
Maintenance expe= nses
Reserves for replacement: Fu=
nds
set aside for eventual replacement of structures and =
equipment
that will wear out.
Operating Expenses
Reserves for replacement
Reserves for replacement
»<=
/span>Certain
other expenses connected with real property ownership are NOT
considered operating expenses:
—mortgage payments (debt service)&#=
13;
—income tax pa=
id
on the property’s earnings
Operating Expenses
Other expenses
Other expenses
Income Approach to Value
4. Selecting capitalization rate
4. Selecting capitalization rate
»Capitalization: The process of converting future
net income into an estimate of the property’s present value.<=
/span>
Income Approach to Value
4. Selecting capitalization rate
4. Selecting capitalization rate
»<=
/span>Capitalization:
The process of converting future net income into an estimate of
the property’s present value.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-4.12%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Expressed
as a mathematical formula:
Income ÷ Rate =3D Value=
»If a property i=
s a
risky investment, an investor:
—requires a greater return on the
investment
—chooses a higher capitalization
rate
»
Selecting the Capitalization Rate
Rate reflects investor’s risk
Rate reflects investor’s risk
»If a property i=
s a
risky investment, an investor:
—requires a greater return on the
investment
—chooses a higher capitalization
rate
»
»<=
/span>A
higher capitalization rate translates into a lower value for t=
he
property.
Selecting the Capitalization Rate
Rate reflects investor’s risk
Rate reflects investor’s risk
To select an appropriate capitalization rate, appraiser
must account for both:
—return OF the
investment (ability to recapture the original sum invested=
),
and
Selecting the Capitalization Rate
Return of / retur= n on investment
Return of / retur= n on investment
To select an appropriate capitalization rate, appraiser
must account for both:
—return OF the
investment (ability to recapture the original sum invested=
),
and
—return ON the
investment (the investor’s profit).
Selecting the Capitalization Rate
Return of / retur= n on investment
Return of / retur= n on investment
Appraisers use three methods for selecting <=
span
style=3D'position:absolute;top:29.25%;left:8.98%;width:86.89%;height:6.75%=
'>an
appropriate capitalization rate:
—direct comparison method
—band of investment method
—summation method
Selecting the Capitalization Rate
Selection method= s
Selection method= s
»The final step =
is
to capitalize the property’s annual net income to arrive at an
estimate of value.
Income Approach to Value
5. Capitalizing = net income
5. Capitalizing = net income
»Three methods u=
sed
to capitalize income:
—building resi=
dual
technique
(used to determine value of the building)
(used to determine value of the building)
Capitalizing Net Income
Capitalization me= thods
Capitalization me= thods
»Three methods u=
sed
to capitalize income:
—building resi=
dual
technique
(used to determine value of the building)
(used to determine value of the building)
—land residual
technique
(used to determine value of the land)
(used to determine value of the land)
Capitalizing Net Income
Capitalization me= thods
Capitalization me= thods
»Three methods u=
sed
to capitalize income:
—building resi=
dual
technique
(used to determine value of the building)
(used to determine value of the building)
—land residual
technique
(used to determine value of the land)
(used to determine value of the land)
—property resi=
dual
technique
(used to determine value of the property as one unit)
(used to determine value of the property as one unit)
Capitalizing Net Income
Capitalization me= thods
Capitalization me= thods
Income Approach to Value
Gross multiplier = method
Gross multiplier = method
»Gross multiplier method: A simplified version
of the income approach used to appraise a single-family h=
ome
that is used as an income-producing rental.
Gross Multiplier Method
Comparable rental homes
Comparable rental homes
»Appraiser locates comparables: rental homes
similar to the subject property that sold recently.
Gross Multiplier Method
Comparable rental homes
Comparable rental homes
»<=
/span>Appraiser
locates comparables: rental homes similar to the subject property
that sold recently.
»For each comparable, appraiser calculates a =
=
gross
multiplier.
—Multiplier
indicates relationship between comparable’s sales price=
and
rental rate.
Gross Multiplier Method
Gross rent vs. g= ross income multiplier
Gross rent vs. g= ross income multiplier
»To calculate gross multiplier, appraiser divides
comparable’s sales price by its rent.
Gross Multiplier Method
Gross rent vs. g= ross income multiplier
Gross rent vs. g= ross income multiplier
»<=
/span>To
calculate gross multiplier, appraiser divides comparable’s sales
price by its rent.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-4.22%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Appraiser
may calculate:
—gross rent
multiplier
(uses monthly rental income)
(uses monthly rental income)
Gross Multiplier Method
Gross rent vs. g= ross income multiplier
Gross rent vs. g= ross income multiplier
»<=
/span>To
calculate gross multiplier, appraiser divides comparable’s sales
price by its rent.
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-4.22%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Appraiser
may calculate:
—gross rent
multiplier
(uses monthly rental income), or
(uses monthly rental income), or
—gross inco=
me
multiplier
(uses annual rental income)
(uses annual rental income)
Gross Multiplier Method
Using gross multipliers
Using gross multipliers
»Next, appraiser
uses gross multipliers of comparables to choose multiplier for
subject property.
Gross Multiplier Method
Using gross multipliers
Using gross multipliers
»Next, appraiser uses gross multipliers of comparables
to choose multiplier for subject property.
»Finally, appraiser multiplies gross multiplier =
by the
subject property’s monthly rent or annual income to find its
value.
The subject property rents for $900 per month.
Across the street is a rental property that rents for $1,000 per
month and sold recently for $234,000. What is the subject property’s
value?
Gross Multiplier Method
Example
Example
The subject property rents for $900 per month.
Across the street is a rental property that rents for $1,000 per
month and sold recently for $234,000. What is the subject property’s
value?
Comparable’s gross rent
multiplier:
$234,000 ÷ $1,000 =3D
234
Gross Multiplier Method
Example
Example
The subject property rents for $900 per month.
Across the street is a rental property that rents for $1,000 per
month and sold recently for $234,000. What is the subject property’s
value?
Comparable’s gross rent
multiplier:
$234,000 ÷ $1,000 =3D
234
Subject property’s value:=
3;
234 × $900 =3D $210,600=
Gross Multiplier Method
Example
Example
»Gross
multiplier method provides only a rough estimate of value.&=
#13;
—It’s based on gross income.
—Doesn’t take i=
nto
account operating expenses or vacancies.
Gross Multiplier Method
Rough estimate of value
Rough estimate of value
Site
Valuation
An appraiser uses site valuation
techniques to:
techniques to:
—appraise vacant land
Site
Valuation
An appraiser uses site valuation
techniques to:
techniques to:
—appraise vacant land, or
—value land
separately from its improvements (as in a property tax =
assessment).
Site Valuation
Methods
Methods
»Four methods of site valuation:
»sales comparison
method
»land residual
method
»distribution
method
»development met=
hod
Site Valuation
Methods
Methods
»<=
/span>The
sales comparison method is the most widely used.
<=
/div>
»
»<=
/span>It
uses recent sales of comparable sites to estimate the value of the
subject site.
Reconci=
liation
»<=
/span>The
final step of the appraisal process is reconciliation.
Reconci=
liation
»<=
/span>The
final step of the appraisal process is reconciliation.
»By interpreting the value indicators resulting from
each method of appraisal, appraiser arrives at final value
estimate for subject property.
Reconci=
liation
»<=
/span>Remember,
appraiser does not simply average the three value indicators.&=
#13;
Reconci=
liation
»<=
/span>Remember,
appraiser does not simply average the three value indicators.&=
#13;
»Instead, she gives more weight to the most <=
span
style=3D'position:absolute;top:47.0%;left:8.98%;width:86.89%;height:6.75%'=
>relevant
method.
Reconci=
liation
»<=
/span>Remember,
appraiser does not simply average the three value indicators.&=
#13;
»Instead, she gives more weight to the most <=
span
style=3D'position:absolute;top:47.0%;left:8.98%;width:86.89%;height:6.75%'=
>relevant
method.
—Appraising a
single-family home: sales comparison approach is most importa=
nt.
Reconci=
liation
»<=
/span>Remember,
appraiser does not simply average the three value indicators.&=
#13;
»Instead, she gives more weight to the most <=
span
style=3D'position:absolute;top:47.0%;left:8.98%;width:86.89%;height:6.75%'=
>relevant
method.
—Appraising a
single-family home: sales comparison approach is most
important.
—Appraising an
apartment building: income approach is most important.<=
/div>
Apprais=
al
Report
»Appraiser presents his conclusions to the client
in an appraisal report.
Apprais=
al
Report
»<=
/span>Appraiser
presents his conclusions to the client in an appraisal
report.
—Fo=
rm
report: Uniform Residential Appraisal Report form used for most=
residential
appraisals.
Apprais=
al
Report
»<=
/span>Appraiser
presents his conclusions to the client in an appraisal
report.
—Fo=
rm
report: Uniform Residential Appraisal Report form used for most=
residential
appraisals.
—Na=
rrative
report: For a more complicated appraisal, appraiser
provides detailed presentation of data and reasoning.
<=
span
style=3D'mso-special-format:lastCR;display:none'>
Summary
Income Approach a= nd Reconciliation <= /span>
Income Approach a= nd Reconciliation <= /span>
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-7.46%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Income
approach
»Potential gross
income
income
»Effective gross
income
income
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-7.46%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Net
income
<=
span
style=3D'mso-special-format:bullet;color:#CCCCFF;mso-color-index:6;positio=
n:
absolute;left:-7.46%;top:.16em;font-family:"Wingdings 2";font-size:85%'>»<=
/span>Capitalization
»<=
/span>Gross multiplier
method
method
»<=
/span>Reconciliation
»<=
/span>Form report
»<=
/span>Narrative report
' + ENDSHOW_MESG + '
![](3D"notes_flag.gif")
No=
tes![](3D"buttons.gif")
