Appraiser Chan, in attempting to determine the current value of a vacant site in order to complete an appraisal, has found two similar vacant sites that have sold. If site values have been increasing by 0.75% per month, what time adjustments should be made for the two lots if one sold three months ago for exist171,000 and the other sold for exist168,000 five months ago (rounded to the nearest dollar)? a. +exist6, 412 and +exist6, 300 b. -exist3, 847 and -exist3, 780 c. +exist3, 847 and +exist6, 300 d. -exist5, 130 and -exist8, 480 Investor Billings is interested in purchasing a 15,000 square foot commercial property at 185 Dundas Avenue but it must reflect a cap rate of at least 9.75%. If the annual gross operating income is exist365,000 and the monthly operating expenses are exist24, 275, what is the maximum that Billings would pay per square foot? a. exist52.87 b. exist50.39 c. exist47.91 d. exist18.09 Appraiser Ahmed is working on an appraisal of an apartment building at 987 Jarvis Street utilizing the income approach. There are 15 one bedroom units, 37 two bedroom units and 23 three bedroom units with potential gross monthly rents of exist895, exist1, 075 and exist1, 285 respectively. All one and two bedroom units pay an additional exist40 monthly for a parking space and all units pay an additional exist15 for laundry facilities each month. The allowance for vacancy and bad debt is 4% of all income and the annual gross operating expenses are exist661, 835. What is the annual net operating income of the property based on the information provided? a. exist328, 424 b. exist331, 225 c. exist369, 685 d. exist294, 579 Mortgage default insurance (also referred to as high ratio mortgage insurance), is required in certain circumstances. The purpose of the insurance is to a. protect the borrower in the event that tax and property insurance payments fall into arrears. b. pay off the mortgage upon the death of the borrower. c. protect the borrower in the event that the borrower fails to make the mortgage payments. d. protect the lender in that the lender will be repaid if the borrower fails to keep up the payments