1. You have been asked to estimate the value of a home for sale. The subject property has three bedrooms, two bathrooms, and is in good condition. A highly comparable property just sold near the subject recently. You will use this recent sale as the comp to estimate value of of the subject property.

The comp sold for $129,000. It has three bedrooms, one bathroom, and is in good condition.

Assume bedrooms are worth $4,000 and bathrooms are worth $2,000.

What is the indicated value of the subject based on the comparable sale?

Your Answer:

Show your work on the previous question: How did you estimate value of the subject property?

2. You have been asked to estimate the value of a home for sale. The subject property has three bedrooms, one bathroom, and is in good condition. A highly comparable property just sold near the subject recently. You will use this recent sale as the comp to estimate value of of the subject property.

The comp sold for $135,000. It has three bedrooms, two bathrooms, and is in good condition.

Assume bedrooms are worth $5,000 and bathrooms are worth $3,000.

What is the indicated value of the subject property based on the comparable sale?

Your Answer:

Show your work on the previous question: How did you calculate value of the subject property?

3. The subject property has 2 bedrooms and 2 bathrooms. It sits on a corner lot.

A comparable sale is located very near the subject and recently sold for $320,000. It has 3 bedrooms and 2 bathrooms. It sits on a standard lot and also has a back deck.

In this area, bedrooms are worth $9,000; bathrooms are $5,000; decks are $3,000. Corner lots are highly valued in this area and are worth $10,000.

What is the indicated value of the subject based on the comparable sale?

Hint: Make a list of each comparable component (bedrooms, bathrooms, type of lot, decks) and then decide which require an adjustment and if they should be positive or negative.

Your Answer:

Show your work on the previous question: How did you calculate value of the subject property?

4. The subject property has 2 bedrooms and 2 bathrooms. It sits on a corner lot.

A comparable sale is located very near the subject and recently sold for $320,000. It has 3 bedrooms and 2 bathrooms. It sits on a standard lot and also has a back deck.

In this area, bedrooms are worth $9,000; bathrooms are $5,000; decks are $3,000. Corner lots are highly valued in this area and are worth $10,000.

What is the indicated value of the subject based on the comparable sale?

Hint: Make a list of each comparable component (bedrooms, bathrooms, type of lot, decks) and then decide which require an adjustment and if they should be positive or negative.

Your Answer:

5. A property comparable to the single-family home you are appraising sold three months ago for $456,000. You have determined that the adjustments required for differences in the comparable and subject property are as follows:

Transaction Characteristics Property Rights Conveyed: none Financing Terms: none Conditions of Sale: none Expenditures Immed. After Sale: $3,000 Market Conditions (monthly, not compounded): 0.5%

Property Characteristics Location: 3% Physical Characteristics: -5% Economic Characteristics: none Use: none Non-Realty Components: -$5,000

Making adjustments in the order found in Exhibit 7-6 in the textbook, what is the final adjusted sale price of the comparable?

Your Answer:

6. Show how you made adjustments to get the final adjusted sale price of the comparable. Make sure to explain this with words and numbers and show/explain:

1. were the items already in the correct order? If not, what is the correct order of adjustments?

2. what is the dollar amount of each adjustment?

A comparable property sold recently for $157,000. The adjustments for the various elements of comparison have been calculated as follows:

Location: -1% Market Conditions: +3% Physical Characteristics: +$12,500 Financing Terms: -$2,000 Conditions of Sale: none Property Rights Conveyed: none Use: none Non-Realty Components: -$3,000

Making adjustments in the order found in Exhibit 7-6 in the textbook, what is the final adjusted sale price of the comparable?

hint: the order of adjustments matters!

Your Answer:

Show how you made adjustments to get the final adjusted sale price of the comparable. Make sure to explain this with words and numbers and show/explain:

1. were the items already in the correct order? If not, what is the correct order of adjustments?

2. what is the dollar amount of each adjustment?

Thank you.

Please show work