Fundamentals of Real Estate Appraisal,9780793142705

Fundamentals of Real Estate Appraisal

by ;
Edition: 8th
ISBN13: 9780793142705
ISBN10: 0793142709
Format: Paperback
Pub. Date: 2001-06-01
Publisher(s): Kaplan
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Summary

Fundamentals of Real Estate Appraisal, 8th Edition contains all the tools you need to understand today's ever-changing appraisal marketplace. The book includes: An Internet Appendix containing Web site addresses useful for all appraisers; Free Appraise-It software for hands- on practice filling out electronic appraisal forms; and over 65 exercises and 15 Achievement exams to test your appraisal knowledge. Pass your exam the first time with this study guide designed specifically for the appraisal licensing exam.

Table of Contents

About the Authors ix
Preface x
Acknowledgements xi
The Appraisal Profession
1(18)
Overview
1(1)
The Appraiser's Work
1(4)
Qualifications of an Appraiser
2(1)
Exercise 1.1
3(1)
Assignments Available
3(1)
Employments Opportunities
4(1)
Appraiser Compensation
5(1)
Exercise 1.2
5(1)
Licensing and Certification
5(1)
FIRREA
6(2)
Appraiser Licensing
7(1)
The Appraiser Foundation
7(1)
Other Federal Regulation
8(2)
Fair Housing
8(1)
Environmental Concerns
8(1)
Professional Standards of Practice
8(1)
Exercise 1.3
9(1)
Professional Societies
10(2)
The Modern Appraisal Office
12(4)
Summary
16(1)
Achievement Examination 1
17(2)
Real Estate and Its Appraisal
19(21)
Overview
19(1)
Basic Concepts
19(4)
What is a Real Estate Appraisal?
19(1)
Real Estate and Real Property
20(2)
Personal Property
22(1)
Exercise 2.1
23(1)
Legal Descriptions of Land
23(4)
Lot and Block System
23(1)
Metes and Bounds System
24(1)
U.S. Government Survey System
25(1)
Exercise 2.2
26(1)
Legal Rights and Interests
27(2)
Freehold Estates
27(1)
Nonfreehold Estates
28(1)
Other Interests
28(1)
Forms of Property Ownership
29(5)
Individual Ownership
29(1)
Co-Ownership
30(2)
Other Forms of Ownership
32(1)
Special Forms of Ownership
33(1)
Exercise 2.3
33(1)
Transfer of Title
34(3)
Types of Deeds
34(2)
Recordation
36(1)
Exercise 2.4
36(1)
Summary
37(1)
Achievement Examination 2
38(2)
The Real Estate Marketplace
40(19)
Overview
40(1)
The Market for Real Estate
40(8)
Characteristics of Real Estate Markets
41(1)
Market Analysis
42(1)
The Cost of Credit
42(1)
How Real Estate is Financed
43(1)
Elements That Create Value
44(3)
Influences on Real Estate Value
47(1)
Exercise 3.1
48(1)
Basic Value Principles
48(8)
Anticipation
48(1)
Balance
48(1)
Change
49(1)
Competition
50(1)
Conformity, Progression, and Regression
50(1)
Contribution
51(1)
Externalities
51(1)
Four Agents of Production
51(1)
Growth, Equilibrium, Decline, and Revitalization
51(1)
Highest and Best Use
52(1)
Law of Increasing Returns and Law of Decreasing Returns
52(1)
Opportunity Cost
53(1)
Substitution
53(1)
Supply and Demand
53(1)
Surplus Productivity
54(1)
Conclusion
54(1)
Exercise 3.2
54(2)
Summary
56(1)
Achievement Examination 3
57(2)
The Appraisal Process
59(16)
Overview
59(1)
Steps in the Appraisal Process
59(4)
Beginning the Appraisal Process
63(4)
Purpose and Use of the Appraisal
63(1)
Interest(s) To Be Appraised
63(1)
Date of the Value Estimate
63(2)
Limiting Conditions
65(2)
FHA Appraisals
67(1)
Valuation Approaches
67(4)
Sales Comparison Approach
67(1)
Cost Approach
68(1)
Income Capitalization Approach
69(1)
Exercise 4.1
70(1)
Relationship of Approaches
71(2)
Exercise 4.2
72(1)
Summary
73(1)
Achievement Examination 4
73(2)
Building Construction and the Environment
75(32)
Overview
75(1)
Planning and Design
76(1)
Regulation of Residential Construction
76(1)
Plans and Specifications
76(2)
Building Measurement
77(1)
House Styles
78(2)
Traditional Styles
78(2)
Contemporary Styles
80(1)
House Types
80(3)
Orientation: Locating the House on the Site
83(2)
Topography
84(1)
Facing to the South
84(1)
View
84(1)
Exercise 5.1
84(1)
Construction Details
85(1)
Foundations
86(2)
Termite Protection
87(1)
Radon Gas
87(1)
Exterior Structural Walls and Framing
88(4)
Exterior Walls
89(2)
Insulation
91(1)
Roof Framing
92(1)
Exterior Trim
92(1)
Exterior Windows and Doors
92(5)
Types of Windows
92(4)
Types of Doors
96(1)
Interior Walls and Finishing
97(1)
Plumbing
98(1)
Plumbing Fixtures
99(1)
Water Heater
99(1)
Heating and Air-Conditioning
99(1)
Electrical System
100(4)
Power Requirements
101(1)
Electric and Magnetic Feilds
102(1)
Exercise 5.2
102(2)
Basic Terms
104(1)
Summary
104(1)
Achievement Examination 5
105(2)
Data Collection
107(29)
Overview
107(1)
State the Problem
107(2)
Property Rights Conveyed
108(1)
Exercise 6.1
109(1)
List the Data Needed and the Sources
109(1)
Gather, Record, and Verify the Necessary Data
109(1)
The Data Source List
110(5)
Kinds of Data Needed
110(4)
Exercise 6.2
114(1)
Data Forms
115(11)
Neighborhood Data
116(2)
Exercise 6.3
118(3)
Site Data
121(1)
Exercise 6.4
122(1)
Building Data
123(2)
Exercise 6.5
125(1)
Data for Sales Comparison Approach
126(7)
Recent Sales
127(1)
Similar Features
127(2)
Financing Terms
129(2)
Arm's-Length Transactions
131(1)
Sources of Data
131(2)
Exercise 6.6
133(1)
Summary
133(1)
Achievement Examination 6
134(2)
Site Valuation
136(16)
Overview
136(1)
Separate Site Valuations
136(6)
Cost Approach
136(1)
Assessments and Taxation
137(1)
Condemnation Appraisals
137(1)
Income Capitalization
137(1)
Highest and Best Use
137(5)
Exercise 7.1
142(1)
Site Data
142(1)
Environmental Concerns
142(2)
Methods of Site Valuation
144(6)
Exercise 7.2
145(2)
Exercise 7.3
147(1)
Exercise 7.4
148(2)
Summary
150(1)
Achievement Examination 7
150(2)
The Cost Approach---Part I: Reproduction/Replacement Cost
152(19)
Overview
152(1)
Cost Approach Formula
152(1)
Reproduction Cost Versus Replacement Cost
153(1)
Exercise 8.1
154(1)
Finding Reproduction/Replacement Cost
154(14)
Index Method
155(1)
Exercise 8.2
156(1)
Square-Foot Method
156(4)
Exercise 8.3
160(1)
Unit-in-Place Method
161(4)
Exercise 8.4
165(1)
Quantity Survey Method
166(2)
Exercise 8.5
168(1)
Summary
168(1)
Achievement Examination 8
169(2)
The Cost Approach---Part II: Depreciation
171(28)
Overview
171(1)
Accrued Depreciation
171(15)
Age-Life Method
175(2)
Exercise 9.1
177(1)
Observed Condition Method
178(2)
Exercise 9.2
180(1)
Capitalized Value Method
181(1)
Exercise 9.3
182(1)
Sales Comparison Method
183(1)
Exercise 9.4
183(1)
Itemizing Accrued Depreciation
183(1)
Exercise 9.5
184(1)
Exercise 9.6
185(1)
Cost Approach Using the URAR From
186(1)
Summary
186(1)
Achievement Examination 9
187(12)
The Sales Comparison Approach
199(26)
Overview
199(1)
Gather, Record, and Verify the Necessary Data (Continued)
199(4)
Comparison Grid
199(4)
Determine Highest and Best Use
203(1)
Estimate Land Value
204(1)
Estimate Value by Sales Comparison Approach
204(13)
Data Analysis
204(4)
Exercise 10.1
208(1)
Exercise 10.2
209(4)
Exercise 10.3
213(1)
Net Adjustments
213(3)
Exercise 10.4
216(1)
Value Estimate
216(1)
Exercise 10.5
216(1)
Application of Sales Comparison Approach
217(2)
Summary
219(1)
Achievement Examination 10
219(6)
The Income Capitalization Approach
225(21)
Overview
225(1)
The Income-Based Approaches to Appraisal
225(1)
Income Capitalization and the Principle of Anticipation
225(1)
Potential Gross Income
226(7)
Rent
226(3)
Exercise 11.1
229(1)
Outside Economic Factors
229(1)
Other Income
230(1)
Exercise 11.2
230(1)
Gross Income and Gross Rent Multipliers
231(2)
Exercise 11.3
233(1)
Effective Gross Income
233(2)
Exercise 11.4
234(1)
Net Operating Income
235(8)
Classification of Operating Expenses
235(1)
Expenses for Accounting Purposes versus Expenses for Appraisal Purposes
236(1)
Reconstructing the Operating Statement
236(1)
Exercise 11.5
237(1)
Applying the GRM to Residential Properties
238(3)
Income Approach Using the URAR From
241(1)
Operating Statement Ratios
241(1)
Exercise 11.6
242(1)
Summary
243(1)
Achievement Examination 11
243(3)
Direct and Yield Capitalization
246(27)
Overview
246(1)
Direct Capitalization Formula
246(1)
Capitalization Rate
247(5)
Exercise 12.1
248(1)
Building a Capitalization Rate
249(1)
Selecting the Rate for Capital Recapture
250(1)
Selecting the Interest Rate by the Market Extraction Method
251(1)
Exercise 12.2
251(1)
Band of Investment Method---Mortgage and Equity Elements
252(1)
Relationship of Capitalization Rate and Risk
253(1)
Exercise 12.3
253(1)
Capitalization Techniques Using Residual Income
253(4)
Building Residual Technique
254(1)
Exercise 12.4
254(1)
Land Residual Technique
255(1)
Exercise 12.5
255(1)
Valuing the Land and Building as a Whole
256(1)
Exercise 12.6
256(1)
Yield Capitalization
257(1)
Value of One Dollar
257(2)
Annuity Method of Capitalization
259(6)
Building Residual Technique
260(2)
Exercise 12.7
262(1)
Valuing the Property as a Whole
263(1)
Exercise 12.8
263(2)
Recapture Rates
265(1)
Exercise 12.9
266(1)
Ellwood Tables
266(1)
Summary
267(1)
Achievement Examination 12
268(5)
Reconciliation and the Appraisal Report
273(42)
Overview
273(1)
Definition of Reconciliation
273(4)
The Process of Reconciliation
274(1)
Exercise 13.1
274(1)
Review of the Three Approaches
274(2)
Weighing the Choices
276(1)
Exercise 13.2
277(1)
Reconciliation Is Not
277(1)
Types of Appraisals
278(1)
Types of Appraisal Reports
278(1)
Styles of Written Appraisal Reports
279(9)
Form Style Report
279(1)
Form 2055
279(1)
Narrative Style Report
280(1)
Introduction
280(4)
Suppositions of the Appraisal
284(1)
Presentation of Data
285(1)
Data Analyses and Conclusions
286(2)
Supporting Material
288(1)
Exercise 13.3
288(1)
Sample Appraisal Report
288(19)
Summary
307(1)
Achievement Examination 13
307(8)
Appraising Partial Interests
315(11)
Overview
315(1)
Types of Partial Interests
315(3)
Condominiums
315(1)
Planned Unit Developments
316(1)
Time-Share Projects
316(1)
Manufactured Homes
317(1)
Other Forms of Ownership
317(1)
Exercise 14.1
318(1)
Appraising Lease Interests
318(3)
Definition of Terms
318(1)
Creation of Lease Interests
319(1)
Exercise 14.2
320(1)
Leased Fee and Leasehold Valuations
321(3)
Exercise 14.3
324(1)
Summary
324(1)
Achievement Examination 14
325(1)
Appraisal Math and Statistics
326(28)
Overview
326(1)
Calculators
326(1)
Percents
327(4)
Converting Percents to Decimals
327(1)
Converting Decimals to Percents
327(1)
Percentage Problems
328(1)
Problem-Solving Strategy
329(2)
Exercise 15.1
331(1)
Interest
331(3)
Simple Interest
331(1)
Compound Interest
332(2)
Exercise 15.2
334(1)
Area and Volume
334(13)
Area of Squares and Rectangles
335(3)
Exercise 15.3
338(1)
Area of Triangles
339(1)
Exercise 15.4
340(1)
Area of Irregular Closed Figures
340(1)
Exercise 15.5
341(1)
Living Area Calculations
342(1)
Exercise 15.6
343(1)
Volume
343(3)
Exercise 15.7
346(1)
Statistics
347(4)
Population and Sample
347(1)
Organization of Numerical Data
347(1)
Measures of Central Tendency
348(1)
Measures of Dispersion
349(1)
Regression Analysis---An Old Technique with a New Use
350(1)
Summary
351(1)
Achievement Examination 15
351(3)
Web Sites 354(2)
Appendix: Uniform Standards of Professional Appraisal Practice 356(30)
Glossary 386(16)
Answer Key 402(39)
Index 441

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