Table of Contents. Chapter 1: Introduction (Mobile Technology Evolution) 1
|
|
- Garry Henderson
- 5 years ago
- Views:
Transcription
1 Chapter 1: Introduction (Mobile Technology Evolution) 1 I. WHY APPRAISAL IS IMPORTANT (p. 3) II. DEFINITION OF APPRAISAL (p. 4) A. Opinion (p. 4) B. Value (p. 5) C. Appraisal Art or Science? (p. 5) D. Appraisal Practice (p. 5) E. Consulting (p. 6) F. Review (p. 6) III. HISTORY OF APPRAISAL (p. 6) A. Appraisal Foundation (p. 8) IV. PURPOSES AND USES OF APPRAISALS (p. 8) A. Standards of Appraisal (p. 8) B. Statements (p. 9) C. Advisory Opinions (p. 9) D. Intended Use, Intended Users, and Standard of Value (Purpose) (p. 9) E. Career Opportunities (p. 10) F. Real Estate (p. 11) V. DISTINGUISHING REAL ESTATE FROM PERSONAL PROPERTY (p. 13) A. Method of Attachment (p. 13) B. Adaptability (p. 13) C. Relationship of the Parties (p. 13) D. Intention of the Interested Parties (p. 14) E. Agreement of the Parties (p. 14) F. Trade Fixtures (p. 14) VI. REAL PROPERTY (p. 15) A. Bundle of Rights (p. 15) B. Estates (p. 15) C. Encumbrances (p. 18) VII. GOVERNMENT RESTRICTIONS OF PROPERTY RIGHTS (p. 20) A. Eminent Domain (p. 20) B. Taxation (p. 21) C. Police Power (p. 21) D. Escheat (p. 21) VIII. APPRAISAL IN A MOBILE WORLD (p. 21) A. The Early Days of Appraisal (The Bad Good Old Days (p. 21) B. The Garn/St. Germaine Act Changed Everything (p. 23) IX. TECHNOLOGY IMPROVES (p. 24) A. Cell Phones, Answering Machines, and Fax Machines (p. 24) B. Personal Computers (p. 24) C. Job Losses (p. 24) X. ARE THERE OPPORTUNITIES IN THE FIELD OF APPRAISAL? (p. 24) A. Education Requirements Increase (p. 25 XI. THE BAD GOOD OLD DAYS REVISITED (p. 25) A. AVMs Not Appraisals (p. 25) x
2 B. Bad Lending Practices (p. 25) C. Increased Regulation (p. 26) D. Management Companies Take Over (p. 26) XII. WHAT S HAPPENING NOW IN THE FIELD OF APPRAISAL (p. 26) A. Fewer Appraisers (p. 26) XIII. THE APPRAISAL TECHNOLOGICAL REVOLUTION (p. 27) A. Early Morning - Getting Started (p. 27) B. Mid Morning - Mobile Maps (p. 28) C. Afternoon - Payment Apps in Use (p. 29) D. Early Evening - Backing Up Work Information (p. 29) E. The Future (p. 30) XIV. CHAPTER SUMMARY (p. 31) XV. CHAPTER QUIZ (p. 33) Chapter 2: Understanding Value 37 I. WHAT IS VALUE? (p. 40) II. FOUR CHARACTERISTICS OF VALUE (p. 40) A. Utility (p. 41) B. Scarcity (p. 41) C. Transferability (p. 41) D. Effective Demand (p. 41) III. VALUE DISTINGUISHED FROM PRICE AND COST (p. 42) A. Direct and Indirect Costs (p. 42) B. Development Cost and Construction Cost (p. 42) C. Replacement Cost and Reproduction Cost (p. 43) IV. PRINCIPLES OF APPRAISAL (ECONOMIC VALUE) (p. 43) A. Principle of Supply and Demand (p. 44) B. Principle of Substitution (p. 45) C. Principle of Competition (p. 46) D. Principle of Change (p. 47) E. Principle of Anticipation (p. 48) F. Principle of Balance (p. 48) G. Principle of Surplus Productivity (p. 49) H. Principle of Contribution (p. 49) I. Principle of Increasing and Decreasing Returns (p. 50) V. EFFECT OF USE ON REAL ESTATE VALUE (p. 50) A. Highest and Best Use Principle (p. 50) B. Consistent Use Principle (p. 52) C. Conformity, Progression, and Regression Principles (p. 52) VI. PRODUCTION AS A MEASURE OF VALUE (p. 53) A. Agents of Production Principle (p. 53) VII. TYPES OF VALUE (p. 54) A. Market Value (p. 54) B. Price (p. 56) C. Value in Use (p. 56) D. Investment Value (p. 57) E. Liquidation Value (p. 57) F. Assessed Value (p. 58) xi
3 G. Insurable Value (p. 58) H. Going Concern Value (p. 58) VIII. FORCES AFFECTING VALUE (p. 58) A. Social Factors (p. 59) B. Economic Factors (p. 60) C. Political Factors (p. 61) D. Environmental (Physical) Factors (p. 62) IX. CHAPTER SUMMARY (p. 65) X. CHAPTER QUIZ (p. 68) Chapter 3: The Appraisal Process 71 I. THE EIGHT STEPS OF THE APPRAISAL PROCESS (p. 73) II. STEP 1: DEFINING APPRAISAL PROBLEM (p. 74) A. What is to Be Appraised? (p. 75) B. When is It to Be Appraised? (p. 80) C. Why is It to Be Appraised? (p. 82) D. How is It Being Valued? (p. 83) E. Defining the Appraisal Problem in the Appraisal Report (p. 92) III. STEP 2: PRELIMINARY ANALYSIS (p. 92) A. Identifying the Necessary Data (p. 93) B. Identifying the Sources of Data (p. 93) C. Preliminary Analysis (p. 93) D. Creating a Plan (p. 94) E. Fee Proposal and Contract (p. 94) IV. STEP 3: COLLECTING, VERIFYING, AND ANALYZING THE DATA (p. 94) V. STEP 4: HIGHEST AND BEST USE ANALYSIS (p. 95) VI. STEP 5: VALUING THE SITE (p. 96) A. Reasons for Separate Site Valuation (p. 96) VII. STEP 6: APPLYING THE THREE APPROACHES TO VALUE (p. 96) A. Cost Approach (p. 97) B. Sales Comparison Approach (p. 97) C. Income Approach (p. 98) VIII. STEP 7: RECONCILING THE VALUE INDICATORS (p. 98) IX. STEP 8: REPORTING THE VALUE ESTIMATE (p. 100) A. The Two Basic Appraisal Reports (p. 100) B. Essential Elements of the Appraisal Report (p. 101) X. CHAPTER SUMMARY (p. 102) XI. CHAPTER QUIZ (p. 105) Chapter 4: Property Description and Appraisal Math 109 I. PROPERTY DESCRIPTION (p. 111) II. METES AND BOUNDS SYSTEM (p. 111) A. Reference Points (p. 112) B. Courses and Distances (p. 114) III. RECTANGULAR (U.S. GOVERNMENT) SURVEY SYSTEM (p. 114) A. Base Line and Meridian (p. 114) xii
4 B. Townships (p. 115) C. Sections (p. 116) D. Partial Sections (p. 116) E. Adjustments and Government Lots (p. 118) F. Rectangular Survey System Descriptions (p. 118) G. Geodetic Survey System (p. 118) IV. LOT, BLOCK, AND TRACT SYSTEM (p. 119) V. APPRAISAL MATH (p. 119) A. Distance, Area, and Volume (p. 120) B. Area of a Rectangle (p. 121) C. Units of Area (p. 122) D. Converting Units (p. 122) E. Area of a Triangle (p. 123) F. Right Triangles (p. 124) G. Areas of Complex Figures (p. 125) H. Volume (p. 125) I. Reciprocals (p. 125) J. Percentages (p. 128) K. Direct Capitalization (p. 129) L. Interest (p. 131) VI. FINANCIAL CALCULATIONS (p. 131) A. Present and Future Value (p. 132) B. Interest Compounding (p. 132) C. Hoskold or Sinking Fund Method (p. 133) D. Inwood Method (p. 133) VII. MEASURES OF CENTRAL TENDENCY (p. 134) VIII. CHAPTER SUMMARY (p. 135) IX. CHAPTER QUIZ (p. 137) Chapter 5: Data Collection and Analysis 141 I. UNDERSTANDING DATA (p. 143) A. Market Trend Data (p. 144) B. Competitive Supply and Demand Data (p. 144) C. Subject Property Data (p. 145) D. Comparable Property Data (p. 145) II. REGIONAL AND COMMUNITY DATA (p. 146) A. Use of Regional and Community Data (p. 146) B. Regional and Community Value Indications (p. 147) C. Housing Supply and Demand (p. 149) III. NEIGHBORHOOD DATA (p. 151) A. Defining Neighborhood Boundaries (p. 151) B. Neighborhood Value Indicators (p. 153) C. Sources of Neighborhood Data (p. 155) D. Neighborhood Inspection (p. 156) IV. SITE DATA (p. 158) A. Site Description (p. 158) B. Physical Data (p. 159) V. BUILDING DATA (p. 161) xiii
5 A. Categories of Building Data (p. 162) VI. SPECIFIC MARKET DATA (p. 167) A. Prices and Terms of Sale (p. 168) B. Date of Sale (p. 168) C. Financing (p. 168) D. Sale Conditions (p. 168) E. Cost Data (p. 168) F. Income and Expense Data (p. 169) VII. TOTAL FOR MOBILE APP FOR APPRAISERS (p. 169) VIII. MOBILE APPS, FORMS, AND OTHER INFORMATION FOR APPRAISERS (p. 175) A. General and Appraisal Apps (p. 175) B. ipad Apps (p. 175) C. Appraisal Forms and Guide Information (p. 176) D. Online Appraisal Forms (p. 176) E. Appraisal Errors and Omissions (p. 177) F. Online Appraiser Publications (p. 178) G. Mobile Technology Companies for Appraisers to Watch (p. 178) IX. CHAPTER SUMMARY (p. 179) X. CHAPTER QUIZ (p. 181) Chapter 6: Site Valuation 185 I. HIGHEST AND BEST USE (p. 187) A. Highest and Best Use Defined (p. 187) B. Purpose of Highest and Best Use Analysis (p. 188) C. Characteristics of Highest and Best Use (p. 188) D. Importance of the Principle of Anticipation (p. 191) E. Interim Uses (p. 191) II. VACANT AND IMPROVED LAND (p. 191) A. Legal Nonconforming Uses (p. 193) B. True Highest and Best Use (p. 193) C. Principle of Consistent Use (p. 194) D. Excess Land or Surplus Land (p. 194) E. Plottage (p. 195) F. Highest and Best Use in Residential Appraisals (p. 195) III. METHODS OF SITE VALUATION (p. 195) A. Sales Comparison Method (First and Most Important Method) (p. 196) B. Allocation Method (Second Method) (p. 201) C. Extraction Method (Third Method) (p. 202) D. Development Method (Fourth Method) (p. 203) E. Land Residual Method (Fifth Method) (p. 203) F. Ground Rent Capitalization Method (Sixth Method) (p. 206) G. Depth Tables ( Method ) (p. 206) IV. CHAPTER SUMMARY (p. 208) V. CHAPTER QUIZ (p. 210) Chapter 7: Residential Construction 213 I. CLASSIFICATION OF HOUSES (p. 215) A. Types of Houses (p. 215) xiv
6 II. ARCHITECTURAL STYLES (p. 218) A. Compatibility (p. 220) III. ELEMENTS OF HOUSE DESIGN (p. 221) A. Siting (p. 221) B. Interior Functional Zone (p. 222) C. Room Characteristics (p. 224) IV. CONSTRUCTION METHODS AND MATERIALS (p. 227) A. Foundations (p. 227) B. Framing and Sheathing (p. 229) C. Exterior Finishes (p. 235) D. Doors and Windows (p. 236) E. Insulation (p. 239) F. Ventilation (p. 239) G. Interior Finishes (p. 240) H. Plumbing (p. 241) I. Heating and Air Conditioning (p. 242) J. Electrical (p. 242) K. Quality (p. 243) V. CHAPTER SUMMARY (p. 244) VI. CHAPTER QUIZ (p. 247) Chapter 8: Cost Approach to Value 251 I. BASICS OF THE COST APPROACH (p. 253) II. APPLICATION OF THE COST APPROACH (p. 253) III. ESTIMATING COST (p. 254) A. Reproduction and Replacement Cost (p. 254) B. Types of Cost (p. 254) IV. COST ESTIMATING TECHNIQUES (p. 255) A. Comparative Unit Method (p. 255) B. Unit-in-Place Method (p. 259) C. Quantity Survey Method (p. 260) D. Cost Index Trending (p. 261) V. ESTIMATING DEPRECIATION (p. 261) A. Depreciation Terminology (p. 261) B. Age and Economic Life (p. 262) VI. TYPES OF DEPRECIATION (p. 263) A. Physical Deterioration (p. 264) B. Functional Obsolescence (p. 264) C. External (Economic) Obsolescence (p. 265) VII. METHODS OF ESTIMATING DEPRECIATION (p. 265) A. Economic Age-Life Method (p. 265) B. Sales Comparison Method (p. 267) C. Capitalization Method (p. 267) D. Cost to Cure Method (p. 268) E. Observed Condition Method (p. 268) VIII. UNIFORM RESIDENTIAL APPRAISAL REPORT (URAR) (p. 268) IX. CHAPTER SUMMARY (p. 269) X. CHAPTER QUIZ (p. 271) xv
7 Chapter 9: Sales Comparison Approach to Value 275 I. MARKET THEORY OF VALUE (p. 277) II. REAL ESTATE MARKETS (p. 277) A. Description of Improvements (URAR) (p. 278) III. COMPARABLE SALES (p. 283) IV. STEPS IN THE SALES COMPARISON APPROACH (p. 283) A. Data Collection (p. 284) B. Verification of Data (p. 285) C. Selecting Units of Comparison (p. 285) D. Analysis and Adjustment of Comparable Prices (p. 286) E. Reconciliation of Comparable Value Indicators (p. 286) V. THE ADJUSTMENT PROCESS (p. 287) A. Elements of Comparison (p. 287) VI. ADJUSTMENT TECHNIQUES (p. 298) A. Paired Data Analysis (p. 298) B. Relative Comparison Analysis (p. 302) C. Analysis of Price Per Square Foot (p. 302) VII. CALCULATION OF PERCENTAGE ADJUSTMENTS (p. 302) VIII. SEQUENCE OF ADJUSTMENTS (p. 304) IX. RECONCILIATION (p. 305) X. CHAPTER SUMMARY (p. 308) XI. CHAPTER QUIZ (p. 310) Chapter 10: Income Approach to Value 313 I. USE OF THE INCOME APPROACH (p. 315) II. INVESTOR S PERCEPTION OF VALUE (p. 315) A. Rate of Return (p. 316) B. Competing Investment Opportunities (p. 318) III. INCOME CAPITALIZATION (p. 318) A. Direct Capitalization (p. 318) B. Income Estimation (p. 319) C. Multipliers and Capitalization Rates (p. 326) D. Calculating Value by Direct Capitalization (p. 330) E. Yield Capitalization (p. 333) IV. DISCOUNTING (p. 333) A. Compounding (p. 334) B. Annuities (p. 336) C. Yield Rates (p. 336) V. CHAPTER SUMMARY (p. 337) VI. CHAPTER QUIZ (p. 340) Chapter 11: Reconciliation and Final Value Opinion 343 I. RECONCILIATION (p. 343) A. Definition of Reconciliation (p. 344) B. Use of Reconciliation in Appraisals (p. 345) xvi
8 II. THE RECONCILIATION PROCESS (p. 346) A. Reviewing the Appraisal (p. 347) B. Assessing the Reliability of Value Indicators (p. 348) C. The Reconciliation Judgment (p. 350) III. FINAL OPINION OF VALUE (p. 351) A. Uniform Residential Appraisal Report (URAR) (p. 351) B. Point Estimates and Range Values (p. 352) C. Self Review (p. 353) IV. CHAPTER SUMMARY (p. 354) V. CHAPTER QUIZ (p. 356) Chapter 12: The Appraisal Report 359 I. FUNCTION OF THE APPRAISAL REPORT (p. 359) II. REPORTING REQUIREMENTS UNDER USPAP (p. 361) A. Scope of Work Rule (p. 361) B. Oral and Written Appraisal Reports (p. 361) III. UNIFORM RESIDENTIAL APPRAISAL REPORT (URAR) (p. 362) A. Page One of the URAR (p. 362) B. Page Two of the URAR (p. 368) C. Page Three of the URAR (p. 371) D. Pages Four Through Six of the URAR (p. 373) E. Desktop Underwriter s Quantitative Analysis Report (p. 373) F. Desktop Underwriter s Property Inspection Report (p. 373) G. Computer and Vendor s Software (p. 373) H. Attachments to the Report (p. 374) IV. CHAPTER SUMMARY (p. 374) V. CHAPTER QUIZ (p. 375) Chapter 13: Appraising Special Interests 379 I. PARTIAL INTERESTS IN REAL ESTATE (p. 379) A. Ways to Divide the Fee Simple (p. 381) B. Partition Action (p. 388) II. APPRAISING PARTIAL INTERESTS (p. 388) A. Leasehold and Leased Fee Interests (p. 388) B. Easements (p. 392) C. Liens (p. 393) D. Shared Ownership Interests (p. 393) III. OTHER FORMS OF OWNERSHIP (p. 394) A. Condominiums and PUDs (p. 394) B. Cooperatives (p. 395) C. Timeshares (p. 396) D. Manufactured Homes (p. 396) E. Prefabricated/Modular Homes (p. 398) F. Ground Leases (p. 398) IV. CHAPTER SUMMARY (p. 399) V. CHAPTER QUIZ (p. 402) xvii
9 Chapter 14: The Appraisal Profession 405 I. STANDARDS (p. 405) II. PROFESSIONAL ASSOCIATIONS (p. 407) III. STANDARDS OF PROFESSIONAL COMPETENCE AND CONDUCT (p. 411) A. The Appraisal Foundation (p. 411) B. Certification and Licensing (p. 412) IV. THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (p. 427) A. General Principles (p. 427) B. Standards and Standards Rules (p. 427) C. Statements on Appraisal Standards (p. 427) D. Advisory Opinions (p. 427) E. Modifications of USPAP (p. 427) F. Introductory Provisions of the USPAP (p. 428) V. NATIONAL ASSOCIATION OF INDEPENDENT FEE APPRAISERS CODE OF ETHICS (p. 432) VI. CHAPTER SUMMARY (p. 436) VII. CHAPTER QUIZ (p. 437) Chapter 15: Financial Institutions and Regulations 441 I. FINANCIAL INSTITUTIONS (p. 443) A. Depository Institutions (p. 443) B. Noninstitutional Lenders (p. 443) II. PRIMARY AND SECONDARY FINANCE MARKETS (p. 443) III. FIRREA (p. 445) A. Resolution: Failed Savings Institutions (p. 445) B. Reorganization of Federal Finance Regulators (p. 445) C. Federal Finance Institutions Regulatory Agencies (FFIRA) (p. 446) D. Real Estate Appraisal Reform Amendments: Title XI (p. 447) E. Appraisals Covered by FIRREA (p. 450) F. FFIRA Appraisal Standards (p. 451) IV. SECONDARY MARKET APPRAISAL REQUIREMENTS (p. 453) A. Appraiser Qualifications (p. 454) B. Unacceptable Appraisal Practices (p. 455) V. REPORTING REQUIREMENTS (p. 455) A. Report Forms (p. 455) B. Age of Appraisal Report (p. 455) C. Required Attachments (p. 456) D. Completion Certificates (p. 456) E. Selection of Comparable Properties (p. 456) VI. CHAPTER SUMMARY (p. 457) VII. CHAPTER QUIZ (p. 460) xviii
10 Appendix Glossary 469 Index 475 Great Books From ETC 490 Editor s Note: As the Uniform Standards of Professional Appraisal Practice (USPAP) are revised every two years, the references to USPAP in this text may become outdated. The reader is encouraged to obtain the latest edition of USPAP from the Appraisal Foundation s subscription service. xix
Fundamentals of Real Estate APPRAISAL. 10th Edition. William L. Ventolo, Jr. Martha R. Williams, JD
A Fundamentals of Real Estate APPRAISAL 10th Edition William L. Ventolo, Jr. Martha R. Williams, JD Dennis S. Tosh, PhD William B. Rayburn, PhD, MAI, CFA Consulting Editors Dearb rri Real Estate Education
More informationCourse Outline. TERM EFFECTIVE: Fall 2016 CURRICULUM APPROVAL DATE: 02/22/2016
5055 Santa Teresa Blvd Gilroy, CA 95023 Course Outline COURSE: RE 164 DIVISION: 50 ALSO LISTED AS: TERM EFFECTIVE: Fall 2016 CURRICULUM APPROVAL DATE: 02/22/2016 SHORT TITLE: REAL ESTATE APPRAIS LONG TITLE:
More informationClassroom Procedures Introduction to the Course
Course Schedule SECTION 1. (Day 1 Morning) Overview Registration Introduction Part 1. The Valuation Process Classroom Procedures Introduction to the Course Introduction to the Valuation Process Step 1:
More informationRegistration Classroom Rules and Procedures Introduction
Course Schedule SECTION 1. (Day 1 Morning) Introduction Registration Classroom Rules and Procedures Introduction Part 1. The Appraiser and Public Trust Ethical and Competent Practice Exercising Sufficient
More informationTennessee Basic Principles of Real Estate and New Affiliates 90 Hour Course Outline
Tennessee Basic Principles of Real Estate and New Affiliates 90 Hour Course Outline Basic Principles of Real Estate I. The Real Estate Business Describe real estate activities Identify real estate professions
More informationUnit 16. Real Estate Appraisal
Unit 16 Real Estate Appraisal How to Maximize this Unit Have your book open to the Unit Have your recorder (iphone voice command recommended) ready to record, with proper title prepared. Read through the
More informationHow to Read a Real Estate Appraisal Report
How to Read a Real Estate Appraisal Report Much of the private, corporate and public wealth of the world consists of real estate. The magnitude of this fundamental resource creates a need for informed
More informationBasic Appraisal Procedures
Hondros Learning Basic Appraisal Procedures Timed Outline Topic Area Reference(s) Learning Objectives The student will be able to identify and/or apply: Teaching Method Time Segment (Minutes) Day 1 Chapter
More informationIndiana Real Estate Pre License Course. 90 Hour Course Outline
Indiana Real Estate Pre License Course 90 Hour Course Outline I. The Real Estate Business Describe real estate activities Identify real estate professions Define residential, commercial, investment Identify
More informationSchedule. SECTION 1. Cost Approach Principles and Cost Estimation (Morning Day 1) Overview 8:00 8:30 Registration Classroom Rules and Procedures
Schedule SECTION 1. Cost Approach Principles and Cost Estimation (Morning Day 1) Overview 8:00 8:30 Registration Classroom Rules and Procedures Introduction Cost Approach Pretest Part 1. Introduction to
More informationconcepts and techniques
concepts and techniques S a m p l e Timed Outline Topic Area DAY 1 Reference(s) Learning Objective The student will learn Teaching Method Time Segment (Minutes) Chapter 1: Introduction to Sales Comparison
More informationPennsylvania Real Estate Fundamentals & Practice Course. 75 Hour Course Outline
Pennsylvania Real Estate Fundamentals & Practice Course 75 Hour Course Outline I. The Real Estate Business Describe real estate activities Identify real estate professions Define residential, commercial,
More informationTable of Contents SECTION 1. Overview... ix. Schedule...xiii. Part 1. Origins of Eminent Domain
Table of Contents Overview... ix Schedule...xiii SECTION 1 Part 1. Origins of Eminent Domain Preview Part 1... 1 Origins of Eminent Domain... 3 Definitions... 4 Sources of Eminent Domain Law... 5 Agencies
More informationThe Appraisal Foundation
The Appraisal Foundation The Real Property Appraiser Qualification Criteria and Interpretations of the Criteria Real Property Appraiser Qualification Criteria adopted February 16, 1994, effective January
More informationSales Associate Course
Sales Associate Course Chapter Sixteen Appraisal 1 2 Appraiser Specific amount Impartial (non biased) Defendable Estimate (Opinion) of value Fee based on time and difficulty Must follow Uniform Standards
More information2. The, and Act, also known as FIRREA, requires that states set standards for all appraisers.
CHAPTER 4 SHORT-ANSWER QUESTIONS 1. An appraisal is an or of value. 2. The, and Act, also known as FIRREA, requires that states set standards for all appraisers. 3. Value in real estate is the "present
More informationTable of Contents SECTION 1. Overview... ix. Schedule...xiii. Part 1. Origins of Eminent Domain
Table of Contents Overview... ix Schedule...xiii SECTION 1 Part 1. Origins of Eminent Domain Preview Part 1... 1 Origins of Eminent Domain... 3 Definitions... 4 Sources of Eminent Domain Law... 6 Agencies
More informationReal Estate Principles
Real Estate Principles Chapter 1: An Introduction to Real Estate The Real Estate Industry Real Estate Transactions Real Estate Brokerage Real Estate as a Career Real Estate and the Law Chapter 2: The Nature
More informationResidential Site Valuation and Cost Approach 2 nd Edition Hondros Learning Chapter Quiz and Work Problem Answer Key:
Residential Site Valuation and Cost Approach 2 nd Edition Hondros Learning Chapter Quiz and Work Problem Answer Key: Chapter 1 Quiz 1. A parcel of land with on-site improvements (e.g., utilities) is best
More informationArizona Department of Real Estate (ADRE) I. Real Estate Statutes.. 15 Questions
Arizona Department of Real Estate (ADRE) Education Division www.azre.gov REAL ESTATE BROKER ARIZONA STATE SPECIFIC EXAMINATION CONTENT OUTLINE Janice K. Brewer Governor Judy Lowe Commissioner The state
More informationDeveloping a Reviewer s Mentality... 1
Table of Contents Overview... ix Course Schedule... xiii SECTION 1 Introduction Developing a Reviewer s Mentality... 1 Part 1. Role of the Reviewer Preview Part 1... 5 Defining Review... 9 Why Clients
More informationOrigins of Eminent Domain Definitions Sources of Eminent Domain Law Agencies with Power to Condemn Limitations on Condemnation Examples of Takings
Course Schedule SECTION 1. (Day 1 Morning) Overview Registration Orientation (Classroom Rules and Procedures) Part 1. Origins of Eminent Domain Origins of Eminent Domain Definitions Sources of Eminent
More informationAppraiser Qualifications Board
Appraiser Qualifications Board Course Analysis Course Name Provider Date of Approval Course Expiration Date This detailed breakdown of the subject content of this course is provided by the AQB as part
More informationIntroducing Property Valuation
Introducing Property Valuation Michael Blackledge Routledge Taylor & Francis Group LONDON AND NEW YORK Illustrations Cases Acknowledgements Disclaimers x xii xiv xv 1: Background 1 Economic context 3 1.1
More informationT HE R EAL P ROPERTY A PPRAISER Q UALIFICATION C RITERIA
T HE R EAL P ROPERTY A PPRAISER Q UALIFICATION C RITERIA AND I NTERPRETATIONS OF THE C RITERIA REAL PROPERTY APPRAISER QUALIFICATION CRITERIA EFFECTIVE JANUARY 1, 2003 INCLUDES ALL INTERPRETATIONS AND
More informationA Demonstration Appraisal Report. Of a. Located at. Date of Appraisal. Prepared for. Prepared by
A Demonstration Appraisal Report Of a Located at Date of Appraisal Prepared for Prepared by International Association of Assessing Officers Professional Designation Subcommittee 314 West 10 th Street Kansas
More informationCritical facts regarding the DRE licensing exam SAMPLE
Critical facts regarding the DRE licensing exam 1 Critical facts regarding the DRE licensing exam APPLYING FOR THE STATE EXAM All Department of Real Estate (DRE) application forms and processing times
More informationAPPRAISER EXAMINATION
APPRAISER EXAMINATION Candidate Handbook To navigate through this document, use the bookmarks in the left column. PRINT HANDBOOK June 2004 Quick Reference RESERVATIONS Before making an exam reservation
More informationTable of Contents SECTION 1. Overview... ix. Course Schedule... xiii. Introduction. Part 1. Introduction to the Income Capitalization Approach
Table of Contents Overview... ix Course Schedule... xiii SECTION 1 Introduction Part 1. Introduction to the Income Capitalization Approach Preview Part 1... 1 Market Value... 3 Anticipation and Other Relevant
More informationA Demonstration Appraisal Report. Of a. Located at. Date of Appraisal. Prepared for. Prepared by
A Demonstration Appraisal Report Of a Located at Date of Appraisal Prepared for Prepared by International Association of Assessing Officers Professional Designation Subcommittee 314 W. 10 th Street Kansas
More informationLand, Agricultural Improvements, CAFO, Rural Residence, Farm
*--FSA Appraisal Guidelines Land, Agricultural Improvements, CAFO, Rural Residence, Farm The following information elements and content descriptions are provided as guidelines to assist lenders and appraisers
More informationFHA Reference Materials for This Seminar... 1 Primary Audience for This Seminar... 1 Not Yet Approved for FHA Appraisal Assignments?...
Table of Contents Overview... vii Seminar Schedule... xi Section 1 Introduction FHA Reference Materials for This Seminar... 1 Primary Audience for This Seminar... 1 Not Yet Approved for FHA Appraisal Assignments?...
More informationMODULE 7-A: APPRAISALS, BPOS AND USPAP
MODULE 7-A: APPRAISALS, BPOS AND USPAP LEARNING OBJECTIVES One of the most challenging aspects of the real estate business is the development of prices or values of the rights to real estate. Buyers and
More informationReal Estate Appraisal Professional Standards
Real Estate Appraisal Professional Standards Summary This proposal is to amend the Florida Administrative Code (FAC) to allow a Certified Residential Appraiser or a Certified General Appraiser to use standards
More informationBUSI 352 Learning Objectives
BUSI 352 Learning Objectives Purpose and Scope of the Course The Case Studies in Residential Appraisal course (BUSI 352) explores the depth and breadth of knowledge around the valuation of residential
More informationIntroducing. Property. Valuation. Second edition. Michael Blackledge. Routledge R Taylor & Francis Croup LONDON AND NEW YORK
Introducing Property Valuation Second edition Michael Blackledge Routledge R Taylor & Francis Croup LONDON AND NEW YORK I Contents List of illustrations List ofcases Acknowledgements Disclaimers x xiii
More informationDemonstration Appraisal Report Utilizing a Form Report
Demonstration Appraisal Report Utilizing a Form Report National Association of Independent Fee Appraisers 330 North Wabash Avenue, Suite 2000 Chicago, IL 60611 Phone: (312) 321-6830 Fax: (312) 673-6652
More informationRULES OF GEORGIA REAL ESTATE APPRAISERS BOARD CHAPTER STANDARDS FOR APPRAISAL COURSES TABLE OF CONTENTS
CHAPTER 539-2 STANDARDS FOR APPRAISAL COURSES RULES OF GEORGIA REAL ESTATE APPRAISERS BOARD CHAPTER 539-2 STANDARDS FOR APPRAISAL COURSES TABLE OF CONTENTS 539-2-.03 Courses. Amended. 539-2-.03 Courses.
More informationprocedures Basic Appraisal F i n a l Examination #2 2 nd edition
F i n a l Examination #2 A n s w e r Key Page 82 1. When determining effective gross income from potential gross income, an appraiser considers a. debt service. b. depreciation. c. fixed expenses. d. vacancy
More informationCalifornia Real Estate License Exam Prep: Unlocking the DRE Salesperson and Broker Exam 4th Edition
California Real Estate License Exam Prep: Unlocking the DRE Salesperson and Broker Exam 4th Edition ANSWER SHEET INSTRUCTIONS: The exam consists of multiple choice questions. Multiple choice questions
More informationUniform Residential Appraisal Report (URAR) Model Appraisal
Basic Appraisal Procedures Residential Applications & Model Appraisals 15-13 Uniform Residential Appraisal Report (URAR) Model Appraisal On the following pages are examples of a completed Fannie Mae/Freddie
More informationINDEX MANUAL OF FORMS NEW JERSEY LAND TITLE INSURANCE RATING BUREAU. Effective: February 15, 2016
INDEX MANUAL OF FORMS NEW JERSEY LAND TITLE INSURANCE RATING BUREAU Effective: February 15, 2016 Monmouth Executive Center 100 Willow Brook Road Suite 100 Freehold, New Jersey 07728 (732) 462-7170 Fax
More informationRegistration Course Description Classroom Rules & Procedures
Course Schedule SECTION 1. (Day 1 Morning) Introduction Part 1. Introduction and Overview Registration Course Description Classroom Rules & Procedures Part 2. Components of Discounted Cash Flow Analysis
More informationCornerstone 2 Basic Valuation of Machinery and Equipment
INSTITUTE FOR PROFESSIONALS IN TAXATION PERSONAL PROPERTY TAX SCHOOL Cornerstone 2 Basic Valuation of Machinery and Equipment Learning Objectives At the end of this section, the learner will be able to:
More information2009 QBS Request for Statement of Interest (SOI) On Call Appraisal Services
2009 QBS Request for Statement of Interest (SOI) On Call Appraisal Services The Kane County Division of Transportation is in need of professional services from an appraisal firm to provide appraisals for
More informationUNIT 1. THE REAL ESTATE PROFESSION Overview Career Application
TABLE OF CONTENTS: UNIT 1. THE REAL ESTATE PROFESSION Session : of the Real Estate Industry Real Estate and Society Historic Importance of Real Estate Economic Importance of Real Estate Social Importance
More informationUNIFORM APPRAISAL DATASET (UAD) FHA SPOTLIGHT - SELECTION AND VERIFICATION OF COMPARABLE SALES
Spring 2011 Issue 3 FHA APPRAISER In This Issue: Welcome to the third issue of the Federal Housing Administration Appraiser Roster Newsletter. We hope you will find it informative. Uniform Appraisal Dataset
More informationIndustrial and Commercial Real Estate Appraisal Procedures
Property Valuation Thought Leadership Industrial and Commercial Real Estate Appraisal Procedures John C. Ramirez The application of the asset-based approach to business valuation often involves the appraisal
More informationEssentials of Real Estate Economics
Essentials of Real Estate Economics SIXTH EDITION, Dennis J. McKenzie Richard M. Betts MAI, SRA, ASA (Real Estate) Property Analyst Carol A. Jensen Cabrillo College, Aptos and City College of San Francisco
More information(ii) Particulars of land sales used: Date of sale Sale price** Address of property Land sales not used in analysis with reason code** (iii) (iv)
Issue by Methodology Documents, Studies or Information Subject to Disclosure Party Responsible and Timing of Disclosure 1 COST APPROACH (a) Land Value Particulars relating to land value by market area
More informationChapter 7. Valuation Using the Sales Comparison and Cost Approaches. Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
Chapter 7 Valuation Using the Sales Comparison and Cost Approaches McGraw-Hill/Irwin Copyright 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Decision Making in Commercial Real Estate Centers
More informationNational Exam Content Outline for Salesperson and Broker
National Exam Content Outline for Salesperson and Broker Effective: January 1, 2017 The national portion of the real estate exam is made up of eighty (80) scored items, which are distributed as noted in
More informationInteragency. Appraisal and Evaluation. Guidelines
Interagency Appraisal and Evaluation Guidelines (December 2, 2010) Interagency Appraisal and Evaluation Guidelines Table of Contents I. Purpose..............................................................
More informationContent Outlines Brok Br er ok Cemetery Salesperson Brok Br er ok Membership Campground Salesperson r Brok Br er ok
Content Outlines Content Outline For Real Estate Salesperson Effective February 15, 2019 (Designed for a single 180 question examination) This Arizona Real Estate Salesperson Examination Content Outline
More informationCopyright, 1999, 2002, 2004, Freddie Mac. All Rights Reserved.
Page 1 of 13 Engineering Requirements/Chapter 12: Appraiser and Appraisal Requirements/12.1: General requirements 12.1: General requirements For all multifamily purchase programs and products, the Seller/Servicer
More informationPart 1. Introduction to the Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets. Preview...
Table of Contents Overview... ix Course Schedule... xiii SECTION 1 Part 1. Introduction to the Fundamentals of Separating Real Property, Personal Property, and Intangible Business Assets Preview... 1 Course
More informationPart 1. Estimating Land Value Using a Land Residual Technique Based on Discounted Cash Flow Analysis
Table of Contents Overview... v Seminar Schedule... ix SECTION 1 Part 1. Estimating Land Value Using a Land Residual Technique Based on Discounted Cash Flow Analysis Preview Part 1... 1 Land Residual Technique...
More informationPart 2. Measures of Central Tendency: Mean, Median, and Mode
Table of Contents Overview... vii Schedule... xi SECTION 1 Introduction... 1 Part 1. Introduction to Statistics Preview Part 1... 3 Why Is Knowledge of Statistics Useful to the Appraiser?... 5 How Does
More informationReal Estate Appraisal
Market Value Chapter 17 Real Estate Appraisal This presentation includes materials from Ling and Archer, 4 th edition, Real Estate Principles The highest price a property will bring if: Payment is made
More informationTypical Valuation Approaches and How to Deal With Them
Typical Valuation Approaches and How to Deal With Them January, 2018 Anthony F. DellaPelle, Esq., CRE Shareholder, McKirdy, Riskin, Olson & DellaPelle, P.C. Morristown, New Jersey Christian F. Torgrimson,
More informationEXAM REVIEW COURSE MANUAL
EXAM REVIEW COURSE MANUAL I. LEGAL ASPECTS A. PROPERTY 1. Real Property 2. Fixtures 3. Run with the Land 4. Personal Property B. ESTATES 1. Freehold a. Fee Simple Estates (Fee Estate) b. Fee Simple Defeasible
More informationTo all Appraisers: Brief Overview:
To all Appraisers: As the appraisal industry continues to change, the demand for alternative valuation solutions grows. That is why is excited to announce the addition of a new product - the Desktop Appraisal
More informationREAL ESTATE. National Content Outlines ARIZONA REAL ESTATE. State Content Outlines
REAL ESTATE National Content Outlines ARIZONA REAL ESTATE State Content Outlines National Exam Content Outlines for Real Estate Salespersons and Brokers Effective July 1, 2010 The national portion of the
More informationIntroductions... 3 Summary of Day Part 2. Potential Client Agencies and How to Contact Them
Table of Contents Overview... vii Course Schedule... xi SESSION 1 Session 1 Preview... 1 Part 1. Introductions, Purpose, and Content of Course Introductions... 3 Summary of Day 1... 3 Part 2. Potential
More informationAppraisal. Colorado. Licensing and Continuing Education JULY DECEMBER Appraisal Education From the Name You Trust.
JULY DECEMBER 2016 Colorado Appraisal Licensing and Continuing Education Now Offering Evening Licensing Courses! Appraisal Education From the Name You Trust. Interested in an Appraisal Career? While many
More informationCONSTRUCTION AND LEASE AGREEMENT STREET. by and between., as Landlord. and., as Tenant. Dated as of,
SAMPLE Ground Lease Institutional Landlord Negotiated Form CONSTRUCTION AND LEASE AGREEMENT STREET by and between, as Landlord and, as Tenant Dated as of, CONSTRUCTION AND LEASE AGREEMENT TABLE OF CONTENTS
More informationCOLORADO. Appraisal LICENSING & CONTINUING EDUCATION NEW NAME. NEW LOOK. SAME GREAT EDUCATION. is NOW Brightwood Real Estate Education JANUARY JUNE
JANUARY JUNE 2018 COLORADO Appraisal Offered by Brightwood College, San Antonio (Ingram) LICENSING & CONTINUING EDUCATION is NOW Brightwood Real Estate Education NEW NAME. NEW LOOK. SAME GREAT EDUCATION.
More informationIntroduction to Appraisal
Real Estate Appraisal Module 1 Chapter 1 Introduction to Appraisal Key Terms Appraisal Appraisal Foundation Appraisal Institute (AI) Appraisal Review Appraiser FIRREA (Financial Institutions Reform, Recovery,
More informationCENTER FOR PROFESSIONAL EDUCATION 9590 West 14 th Avenue Lakewood, CO (720)
CENTER FOR PROFESSIONAL EDUCATION 9590 West 14 th Avenue Lakewood, CO 80215 (720) 889-0797 Approved and Regulated by Division of Private Occupational Schools, Department of Higher Education, State of Colorado
More informationReal Estate Principles Chapter 13 Quiz
Real Estate Principles Chapter 13 Quiz 1. Warehouse and other industrial space for rent is generally expressed using which unit of measurement? A. Cubic foot B. Square foot C. Front foot D. Square yard
More informationARIZONA DEPARTMENT OF REAL ESTATE 2910 N. 44th Street, Ste. 100, Phoenix, AZ
This is an outline of the prescribed curriculum for the Arizona real estate salesperson's pre-license course. The course comprises a minimum of 90 hours of classroom instruction and is one prerequisite
More informationabsorption rate ad valorem appraisal broker price opinion capital gain
absorption rate The estimated time required to sell or lease property within a designated area at its fair market value. ad valorem Real estate taxes imposed on property based on its assessed value. appraisal
More informationReal Estate Appraisal / Finance 322 Spring, 2011
Instructor: Office: / Spring, 2011 Rich Hall Finance Dept. / 134 Rehn Hall 6:30 PM - 7:00 PM Tuesday or any time by appointment. Rehn Hall Room 134 (Finance Office) 453-2459 email: hallr@siu.edu / 529-5500
More informationTable of Contents SECTION 1. Overview... vii. Course Schedule... xi. Part 1. Introduction to Green Buildings: Examples
Table of Contents Overview... vii Course Schedule... xi SECTION 1 Part 1. Introduction to Green Buildings: Examples Preview Part 1... 1 Self-Assessment... 2 1.1 Discussion Questions. Ice Breaker... 3 1.2
More informationCHAPTER 4 - VALUATION
CHAPTER 4 - VALUATION Notes: READ THIS CAREFULLY: It is important for the student to remember that the license exam will not test you about "mechanical" aspects of appraisal (i.e., "what does an appraiser
More informationYellow highlighting emphases added by A.L. Appraisal Co.
1 2 3 4 5 6 7 8 9 10 11 (AO-11) This communication by the Appraisal Standards Board (ASB) does not establish new standards or interpret existing standards. Advisory Opinions are issued to illustrate the
More informationT HE REAL PROPERTY APPRAISER
October 2009 T HE REAL PROPERTY APPRAISER Q UALIFICATION CRITERIA AND INTERPRETATIONS OF THE CRITERIA REAL PROPERTY APPRAISER QUALIFICATION CRITERIA EFFECTIVE JANUARY 1, 2008 APPENDIX APPRAISER QUALIFICATIONS
More informationClick below for the appropriate content outline.
Click below for the appropriate content outline. REAL ESTATE General Content Outlines ALASKA Real Estate State Content Outlines General Exam Content Outline for Salespersons and Brokers Effective: February
More informationState of Mexicali Ad Valorem Taxation of Property Statutes, Rules and Regulations
STATUTES CODE OF MEXICALI OF 2000, TITLE 50 REVENUE AND TAXATION, CHAPTER 7 AD VALOREM TAXATION OF PROPERTY Sec. 50-7-1. Legislative intent The intent and purpose of the tax laws of this state are to have
More informationTangible Personal Property Summation Valuation Procedures
Property Tax Valuation Insights Tangible Personal Property Summation Valuation Procedures Robert F. Reilly, CPA For ad valorem property taxation purposes, industrial and commercial taxpayer tangible personal
More informationARIZONA DEPARTMENT OF REAL ESTATE 2910 North 44 Street, Suite 100, Phoenix, AZ
OUTLINE OF PRESCRIBED 90 HOUR PRELICENSE CURRICULUM FOR This is an outline of the prescribed curriculum for the Arizona real estate broker's prelicense course. The course comprises a minimum of 90 hours
More information86 years in the making Caspar G Haas 1922 Sales Prices as a Basis for Estimating Farmland Value
2 Our Journey Begins 86 years in the making Caspar G Haas 1922 Sales Prices as a Basis for Estimating Farmland Value Starting at the beginning. Mass Appraisal and Single Property Appraisal Appraisal
More informationAnatomy Of An Appraisal
Anatomy Of An Appraisal Leslie A. Fields The most important thing to know about an appraisal report is how to review and critique it. Leslie A. Fields a partner with the Law Firm of Faegre & Benson LLP,
More informationEqual Credit Opportunity Act (ECOA) Valuations Rule
OCTOBER 3, 2013 Equal Credit Opportunity Act (ECOA) Valuations Rule SMALL ENTITY COMPLIANCE GUIDE The Bureau recently finalized changes to this rule. The October 2013 Final Rule amends the final rule published
More informationBUSI 398 Residential Property Guided Case Study
BUSI 398 Residential Property Guided Case Study PURPOSE AND SCOPE The Residential Property Guided Case Study course BUSI 398 is intended to give the real estate appraisal student a working knowledge of
More informationChapter 8 Qualifying Property
The 3 "Cs" of Lending Capacity to Pay does the borrower make enough money to repay loan? lenders use qualifying ratios Creditworthiness [Character] is the borrower likely to repay loan on time? lenders
More informationTable of Contents. I. Scope [ 1.1] II. Introduction [ 1.2] A. In General [ 1.3] B. Statutes [ 1.4]
Table of Contents CHAPTER 1 OVERVIEW OF WISCONSIN CONDOMINIUM LAW by Scott L. Langlois I. Scope [ 1.1] II. Introduction [ 1.2] A. In General [ 1.3] B. Statutes [ 1.4] III. Definitions [ 1.5] A. Condominium
More informationINSTITUTE FOR PROFESSIONALS IN TAXATION REAL PROPERTY TAX SCHOOL REVIEW AND INTRODUCTION
INSTITUTE FOR PROFESSIONALS IN TAXATION REAL PROPERTY TAX SCHOOL REVIEW AND INTRODUCTION This section is an overview of the major topics covered by IPT s Property Tax School which are directly relevant
More informationContents Lists of Figures and Tables xi About the Author xiii Foreword xv Acknowledgments xvi Part I Introduction
CHAPTER # Contents Lists of Figures and Tables... xi About the Author... xiii Foreword...xv Acknowledgments...xvi Part I Introduction... 1 1 Overview of Land Valuation Assignments and Adjustment Procedures...
More informationClick below for the appropriate content outline.
Click below for the appropriate content outline. REAL ESTATE General Content Outlines KANSAS Real Estate State Content Outlines General Exam Content Outline for Salespersons and Brokers Effective: February
More informationASA s 7 th Annual Equipment Valuation Conference. Cost Approach and Sales Comparison Approach: A Closer Look at Depreciation
ASA s 7 th Annual Equipment Valuation Conference Cost Approach and Sales Comparison Approach: A Closer Look at Depreciation Background Information Rick Wilichowski Managing Director, Machinery & Equipment
More informationReal Estate 63-Hour Sales Associate Pre-Licensing Course. Topics Covered & Learning Objectives
Real Estate 63-Hour Sales Associate Pre-Licensing Course Topics Covered & Learning Objectives Lesson 1: Administrative Matters And Course Overview; The Real Estate Business Describe the various activities
More information2011 ASSESSMENT RATIO REPORT
2011 Ratio Report SECTION I OVERVIEW 2011 ASSESSMENT RATIO REPORT The Department of Assessments and Taxation appraises real property for the purposes of property taxation. Properties are valued using
More informationDearborn Modern Real Estate Practice in Illinois (8 th edition) Examination Outline National Portion
Dearborn Modern Real Estate Practice in Illinois (8 th edition) Examination Outline National Portion Testing Outline Chapter 1. Agency Relationships and Contracts, 28 questions A. Agency Relationships
More informationAppraisal Engagement Instructions
Appraisal Engagement Instructions OVERVIEW The appraisal report must be prepared by a state licensed or certified appraiser and must comply with the Appraiser Independence Requirements (AIR), Uniform Standards
More informationInteragency Appraisal and
Interagency Appraisal and Evaluation (IAEG) Workshop Purpose (77456) Supersedes the 1994 Interagency Appraisal & Evaluation Guidelines Address supervisory matters relating to real estate appraisal and
More informationThis chapter explores the principles of value, the forces that impact the value of property, and the appraisal process.
Principles of Real Estate Chapter 13-Valuation and Economics This chapter explores the principles of value, the forces that impact the value of property, and the appraisal process. Overview Objectives
More informationAPPRAISAL REPORT. Vacant Commercial Land SW 268 th Street Miami, FL Cruz Appraisals, Inc SW 72 nd Street, Suite 263 Miami, FL 33173
APPRAISAL REPORT Prepared for Mr Jorge Palomeras Jpal Marketing Corporation Property Appraised Vacant Commercial Land 12711 SW 268 th Street Miami, FL 33032 Date of Valuation October 6, 2017 Prepared by
More informationGeneral Market Analysis and Highest & Best Use. Learning Objectives
General Market Analysis and Highest & Best Use Learning Objectives Module & Title Module 1 Real Estate Markets and Analysis Module 2 Types and Levels of Market Analysis Module 3 The Six-Step Process and
More informationWhat/Who Determines that an Appraiser is Qualified in our Program?
What/Who Determines that an Appraiser is Qualified in our Program? Mike Jones, SR/WA, Maryland Certified General Appraiser Realty Specialist, FHWA Office of Real Estate Services Is it becoming tougher
More information