An appraiseris attempting to estimate the value of a house based on 3 nearby, recent, and arms-length comparable sales.

The house has 2000 feet of AGLA and the basement has 1500 sft finished and 500 sft unfinished. It also has a walk-out basement, and was financed with a conventional loan without any required seller concessions.

Comparable Sale Info

Comp 1 sold for $230,000 with no seller financing concessions. It has 2,110 AGLA sft, 2000 sft of finished basement, and 110 sft of unfinished basement, and it is a regular basement (not a walk-out).

Comp 2 sold for $215,000 with a $3000 seller financing concession. It has 2,070 of AGLA sft, 1,000 sft of finished basement sft and 1,070 sft of unfinished basement. It is walk-out basement.

Comp 3 sold for $200,000 with $2000 of seller financing. It has 2,200 AGLA sft, 1,200 sft of finished basement, and 1000 sft of unfinished basement, and it is a walk-out basement.

Value Adjustments for you to use:

Prior pairwise analyses determined that the marginal value of AGLA is $60/sft versus $30 for finished basement square footage and $18 for unfinished basement square footage. Walk-out basements were determine to add $8000 to the value of homes in this price range.

Suggestion on how to do this quiz:

I suggest you create and comp sale adjustment grid in MS excel to organize all the data and to have the math done automatically. I also suggest you include physical feature differences between comps and the subject and then in columns right below that you put the $ value of adjustments. You will then answer (below here) a series of questions related to the grid table which are organized by each specific comparable sale.

Enter Answer numbers using the following format:

- NO dollar ($) signs.

- Use "-" for negative adjustments

- Do not add "+" signs for positive adjustments.

- NO spaces between numbers and "-" sign.

Flag question: Question 1Question 10.1 pts

#1) What was the sales price for Comp #1? $__________.

Do not enter the "$" with your answer, just the number along with commas to seperate thousands, eg. 120,000

Flag question: Question 2Question 20.1 pts

After adjusting for the seller concession of comp 1 its adjusted sale price is: $_____________.

note: do not get confused if there was no seller concession paid the original and adjusted prices are the same

Flag question: Question 3Question 30.1 pts

The AGLA Size Adjustment for Comp#1 is $_____________.

If negative, yes DO put the negative sign in front of your answer...but do not include the $ sign. If positive, DO NOT put a + sign in front of your answer

Flag question: Question 4Question 40.08 pts

What is the Finished basement sft adjustment for Comp 1: $_________

Flag question: Question 5Question 50.1 pts

What is the Un-Finished basement sft adjustment for Comp 1: $_________

Flag question: Question 6Question 60.08 pts

The Walk-Out Basement Adjustment for Comp#1 is $_____________.

Flag question: Question 7Question 70.1 pts

What is the Adjusted Sale Price for Comp #1? $______________. Do not enter the $ sign

Flag question: Question 8Question 80.1 pts

What is the Net Adjustment Percentage for Comp #1 (i.e. the sum of all adjustments/original sale price)? ____________%.

Tip: sum all the adjustments (except for the first one seller concession adjustment which should not be included in the statistics. By summing without changing signs positive and negative values will offset: eg: sum -5, +3, -1 = 3

Round up to whole numbers, no decimals, put negative signs in when needed, no % signs

Flag question: Spacer

COMP 2 Related Questions

Flag question: Question 9Question 90.08 pts

After adjusting for the seller concession of comp 2 its adjusted sale price is: $_____________.

Flag question: Question 10Question 100.1 pts

The AGLA Size Adjustment for Comp#2 is $_____________.

Flag question: Question 11Question 110.1 pts

What is the Finished basement sft adjustment for Comp 2: $_________

Flag question: Question 12Question 120.1 pts

What is the Un-Finished basement sft adjustment for Comp 2: $_________

Flag question: Question 13Question 130.1 pts

The Walk-Out Basement Adjustment for Comp#2 is $_____________.

Flag question: Question 14Question 140.1 pts

What is the Adjusted Sale Price for Comp #2? $______________.

Flag question: Question 15Question 150.2 pts

What is the Net Adjustment Percentage for Comp #2 (i.e. the sum of all adjustments/original sale price)? ____________%.

Tip: sum all the adjustments (except for the first one seller concession adjustment which should not be included in the statistics. Then divide this summation by the original sale price

Round up to whole numbers, no decimals, put negative signs in when needed, no % signs

Flag question: Spacer

Comp 3 Related Questions

Flag question: Question 16Question 160.1 pts

After adjusting for the seller concession of comp 3 its adjusted sale price is: $_____________.

Flag question: Question 17Question 170.1 pts

The AGLA Size Adjustment for Comp#3 is $_____________.

Flag question: Question 18Question 180.1 pts

What is the Finished basement sft adjustment for Comp 3: $_________

Flag question: Question 19Question 190.1 pts

What is the Un-Finished basement sft adjustment for Comp 3: $_________

Flag question: Question 20Question 200.1 pts

The Walk-Out Basement Adjustment for Comp#3 is $_____________.

Flag question: Question 21Question 210.1 pts

What is the Adjusted Sale Price for Comp #3? $______________.

Flag question: Question 22Question 220.2 pts

What is the Net Adjustment Percentage for Comp #3 (i.e. the sum of all adjustments/original sale price)? ____________%.

Tip: sum all the adjustments (except for the first one seller concession adjustment which should not be included in the statistics. Then divide this summation by the original sale price

Round up to whole numbers, no decimals, put negative signs in when needed, no % signs

Flag question: Question 23Question 230.1 pts

Which Comp should be given the greatest weight in the appraisers final estimate of value

Group of answer choices

1

2

3

None of the above...all should be given an equal weight