1. Sales Comparison Approach Use the data in Table I to apply the sales comparison approach to the questions lisked below. Show all calculations. Round all dollar figures to the nearest whole number. Reund percentages to three decimal places. a) Calculate the per acre unit price of all six comparable sales. Mace your answer in Table 2 (next poge). b) Adjust per acre unit prices of all six comparable sales for time using the average rate per month method. Base your time adjustment on comparable sales with a Productivity II rating. Show bow you determined the appropriate rate of adjustment. Also show the adjustment factor for each compurable sale and the adjusted per acre current unit price in Table 2. c) Two sales have a Productivity Rating that differs from the subject property. Adjust the per acre current unit price indieations (from part b) for differences in productivity. Explain how yoa determined the sire of the adjustinents. Show the adjustments and the per acre indicated unit value in Table 2. Based on these results, what per acre value do you assign to the subject property (do not use an average)? Explain bow you selected this value. d) Calculate the per unit value of corn and soybean acres. Use sales 4 and 6 to make these calculations. Show the calculations. c) Calculate the total final value of the subject property 1) using the per acre value from part e and 2) the com and soybean per acre values from part d. Based on this information, assign a final total value for the subject property, explaining your decision. Show your calculations for each part of the problem. Use the workspace on page 2 - 3 . WORK SPACE FOR PROBLEM 1 a) See Unit Price column in Table 2. Sale 1= Sale 2 - Sale 3= Sale 4= Sale 5= Sale 6= b) Do paired time adjustment only for Productivity Rating II sales using the average rate per month method. Round to four decimal places. Paired Sales Paired Sales Paired Sales Show how you determined the appropriate rate adjustment. The time adjustments for each sale are: All three pairs have a time adjustment around , which 1 select as the monthly time adjustment. The time adjustments for each sale are: Sale 1 - Show how you determined the appropriate rate adjustment. The time adjustments for each sale are: All three pairs have a time adjustment around , which 1 select as the monthly time adjustment. The time adjustments for each sale are: Sale 1= Sale 2 = Sale 3 - Sale 4= Sale 5= Sale 6= c) There is only one Class I sale and one Class III sale among the comparable sales. The average of the class II sales is which I will use as the value of class II sales. To find the value of productivity adjustment: Productivity Rating II average of comps Productivity Rating I - II Productivity Rating II - III The Prod. I adjustment is ; and the Prod. III adjustment is See adjustments in Table 2. The per acre value assigned the subject property is based on a comparison to sale 6, which is most similar to the subject property and the most recent sale. The subject property value is assigned at d) Sale 4 has all corn acres = Using Sale 6: 690 acres X 410 acres X = s e) From c: 675 acres X From d: ( 400 acres X 1+1275 acres X ) = Final value of subject property is from to Explain selection: Final value estimate of the subject property is 1. Sales Comparison Approach Use the data in Table I to apply the sales comparison approach to the questions lisked below. Show all calculations. Round all dollar figures to the nearest whole number. Reund percentages to three decimal places. a) Calculate the per acre unit price of all six comparable sales. Mace your answer in Table 2 (next poge). b) Adjust per acre unit prices of all six comparable sales for time using the average rate per month method. Base your time adjustment on comparable sales with a Productivity II rating. Show bow you determined the appropriate rate of adjustment. Also show the adjustment factor for each compurable sale and the adjusted per acre current unit price in Table 2. c) Two sales have a Productivity Rating that differs from the subject property. Adjust the per acre current unit price indieations (from part b) for differences in productivity. Explain how yoa determined the sire of the adjustinents. Show the adjustments and the per acre indicated unit value in Table 2. Based on these results, what per acre value do you assign to the subject property (do not use an average)? Explain bow you selected this value. d) Calculate the per unit value of corn and soybean acres. Use sales 4 and 6 to make these calculations. Show the calculations. c) Calculate the total final value of the subject property 1) using the per acre value from part e and 2) the com and soybean per acre values from part d. Based on this information, assign a final total value for the subject property, explaining your decision. Show your calculations for each part of the problem. Use the workspace on page 2 - 3 . WORK SPACE FOR PROBLEM 1 a) See Unit Price column in Table 2. Sale 1= Sale 2 - Sale 3= Sale 4= Sale 5= Sale 6= b) Do paired time adjustment only for Productivity Rating II sales using the average rate per month method. Round to four decimal places. Paired Sales Paired Sales Paired Sales Show how you determined the appropriate rate adjustment. The time adjustments for each sale are: All three pairs have a time adjustment around , which 1 select as the monthly time adjustment. The time adjustments for each sale are: Sale 1 - Show how you determined the appropriate rate adjustment. The time adjustments for each sale are: All three pairs have a time adjustment around , which 1 select as the monthly time adjustment. The time adjustments for each sale are: Sale 1= Sale 2 = Sale 3 - Sale 4= Sale 5= Sale 6= c) There is only one Class I sale and one Class III sale among the comparable sales. The average of the class II sales is which I will use as the value of class II sales. To find the value of productivity adjustment: Productivity Rating II average of comps Productivity Rating I - II Productivity Rating II - III The Prod. I adjustment is ; and the Prod. III adjustment is See adjustments in Table 2. The per acre value assigned the subject property is based on a comparison to sale 6, which is most similar to the subject property and the most recent sale. The subject property value is assigned at d) Sale 4 has all corn acres = Using Sale 6: 690 acres X 410 acres X = s e) From c: 675 acres X From d: ( 400 acres X 1+1275 acres X ) = Final value of subject property is from to Explain selection: Final value estimate of the subject property is