1. Chart explains adjustments made to three sales:
Sale 1 Sale 2 Sale 3
Selling Price $150,000 $160,000 $140,000
Adjustment #1 +10,000 -5,000 +20,000
Adjustment #2 -10,000 -5,000 -10,000
Indicated Value $150,000 $150,000 $150,000
Which sale is the most comparable to subject probperty?
i) Sale 1
ii) Sale 2
iii) Sale 3
iv) All of the sales are equally comparable
2. Fieldwork for tan appraisal assignment of 10-acre parcel of R-3 (apartment) land, on which building permits have been obtained, indicates comparably located and zoned sites are selling for $10.00 per square foot. Though, a recently enacted city Specific Plan calls for downzoning of 10-acre parcel to R-1, which permits four units to acre. Single-family lots are selling for $100,000, which comprises 25% for developer's cost and profit. What impact does new Specific Plan have on property value if apartments are built?
i) -54%
ii) -31%
iii) 0%
iv) +31%
3. Subject is 1,900 square foot, 25-year-old single-family residence which is typical for neighborhood. These homes are well designed and suffer no external obsolescence. Very comparable 20-year old neighboring home, of 2,000 square feet, just sold for $231,600. Current replacement cost is evaluated at $140 per square foot. Lots in neighborhood have sold for $50,000. Approximately how much depreciation does subject suffer?
i) $93,000
ii) $116,000
iii) $138,000
iv) Cannot be estimated based on the data given
4. If subject property is located in Eastwood and has 105 units, what is the most supportable per unit location adjustment for Sale 5?
i) -$14,000
ii) -$16,000
iii) -$20,000
iv) -$22,000
5. If subject property is located in Westwood and has 74 units, what is its value?
i) Less than $6,600,000
ii) $6,600,000 to $6,699,999
iii) $6,700,000 to $6,799,999
iv) $6,800,000 or more