54 You have obtained 3 comparable sales of sites similar to the property at 456 Baltimore Drive sale # 1: This vacant lot located in a neighbourhood approximately 4 kilometres from Baltimore Drive sold 8 months ago for $140,000. The lot has basically the same size and dimensions as the subject, however, it backs on a park and it is estimated that this feature adds $10,000 to the value of the comparable Sale #2: This vacant lot sold one month ago for $138,800 and is in close proximity to Baltimore Drive. This lot is basically the same size and dimensions as the subject Sale #3: This property sold 3 months ago for $125,000 and is located in a neighborhood approximately 2 kilometres from the subdivision in which Baltimore Drive is located. It is the same size and dimensions as the subject, however, this comparable is inferior to the subject by $15,000 due to the fact that the comparable is on a busy corner Site values have increased steadily and evenly a total of 6% over the last year your final estimate of value for the subject site? (answers may be rounded) My adjusted sale prices are for Sale # 1: $135,600, for sale #2: $139,500 and for Sale #3: $111 650and estimate of value for the subject site is $128,900 My adjusted sale prices are for Sale #1: $155,600, for Sale #2, $139,500 and for sale #3 $11 1,650; and estimate of value for the subject site is $135,500 My adjusted sale prices are for Sale # 1: $155,600, for Sale #2: $139,500 and for Sale #3: $1 11,650; and estimate of value for the subject site is $139,500 My adjusted sale prices are for Sale #1: $135,600, for Sale #2 $139,500 and for Sale #3: $141,875; and estimate of value for the subject site is $139,500. a b c d 55 The bungalow at 456 Baltimore Drive measures 9.25 metres by 13.73 metres. The cost to construct this home today is $62.75 per square foot. There is a separate building on the property measuring 7.3 metres by 6.35 metres which is currently being occupied by the owner's parents as an apartment. The cost to construct this apartment today is $54.85 per square foot. The garage measures 21 feet, 3 inches by 19 feet and costs $36.35 per square foot to build. The actual age of the house is 15 years, the effective age is 12 years and the remaining economic life is 40 years. The apartment was constructed 7 years ago and the effective age appears to be the same. The remaining economic life is 35 years. The garage has a remaining economic life of 20 years, is 15 years old and, due to a deteriorating roof, has an effective age of 18 years Based on this information, which of the following statements is correct? (1 square metre= 10.76 square feet) a The total depreciation for the house, apartment and garage is $44,405. b The total replacement cost of the house, apartment and garage is $271,026 c The total replacement cost of the house, apartment and garage is $85,751 d The total depreciation for the house, apartment and garage is $31,300. END OF EXAMINATION