APPLICATION TO REGISTER A SUBJECT PROPERTY BUSI 398 RESIDENTIAL PROPERTY GUIDED CASE STUDY

Transcription

1 Please fill out this form, save it to your computer, then submit it via Turnitin.com (see Submit Written Assignments and Projects on your Course Resources webpage for details) APPLICATION TO REGISTER A SUBJECT PROPERTY BUSI 398 RESIDENTIAL PROPERTY GUIDED CASE STUDY Student's Name: Student Number: Phone Number: Address: Date of Application: Street Address of Property to Be Appraised: Postal Code (MANDATORY): Legal Description: Effective Date of Appraisal (optional at this point): Verified that property is available using the BUSI 398 Course Resources webpage: Completed Subject Property Checklist: Mandatory Requirements (Figure 4.1): Completed Subject Property Checklist: Recommended Requirements (Figure 4.2):

2 Figure 4.1: Subject Property Checklist: Mandatory Requirements Consider the following statements and research criteria (in brackets) carefully before checking off the items. 1. Sufficient market information is available. 2. Comparable land sales exist such that the majority precede the effective date of appraisal. (Minimum requirement of four land sales from different vendors; if there is more than one sale from the same vendor, you will need to explain why). 3. Comparable improved property sales exist such that the majority precede the effective date of appraisal. (Minimum requirement of four comparable sales). 4. House is at least 5 years old as of the effective date of appraisal. (Minimum requirement to demonstrate all three types of depreciation: repair, short lived and long-lived). What is the age of the house? 5. The effective date of appraisal does not precede the date of registration and approval of the student's choice of subject property by more than five years. You are not required to commit to an effective date at this point but outline your initial thoughts on the date you plan to choose, so your tutor may provide advice. (1-2 sentences). 6. Site as if vacant can be sold on its own. Briefly explain in 1-2 sentences how you have concluded/verified this?

3 7. Property rights being appraised are fee simple. Briefly explain how you have concluded/verified the subject s interest is fee simple (1-2 sentences). Are there any leases that must be considered? Are there any condominium interests or other partial interests that may cause complications? Lesser interests are unacceptable however, if they exist; you will need to consult with your tutor on how to handle /discuss them in your final report. 8. Highest and best use is as a single-family residential property. Briefly explain in 1-2 sentences how you concluded/ verified this? 9. Site appears to be improved to its highest and best use. (Consider highest and best use of site both as if vacant and as improved) Briefly explain in 1-2 sentences how you concluded/verified this? 10. Subject has at least one actual example of physical deterioration, curable. Provide at least one example. 11. Access to; and the physical inspection of the interior and exterior of the subject property. Access is necessary to complete the report. Do you have consent from the property owner, or landlord to inspect the property? Is it in writing? Briefly explain.

4 Figure 4.2: Subject Property Checklist: Recommended Requirements (in order to minimize the implications on work required for the assignments) 12. Subject has / does not have actual examples of functional or external obsolescence. 13. Subject represents either a legal conforming or legal non-conforming use. 14. Subject has /does not have any encumbrances on title. 15. Municipality would permit the subject building(s) to be rebuilt if destroyed. Question relates to highest and best use - if this is the case, briefly explain in 1-2 sentences how you have concluded/verified this. 16. Subject has / does not have known structural deficiencies. 17. Subject has / does not have heritage designation. 18. Subject has / does not have known environmental contamination issues.

5 19. Subject appears to be a standard lot relative to the subject neighbourhood. Briefly explain how your subject relates to other properties. If your subject property is atypical of those in your neighbourhood/market area, consider how this will impact value. Briefly explain in 1-2 sentences. 20. Subject improvements appears to be typical of many others in the neighbourbood/market. Briefly explain how your subject relates to other properties. If your subject property is atypical of those in your neighbourhood/market area, consider how this will impact value. Briefly explain in 1-2 sentences. 21. Site coverage (building area to lot area ratio) appears to be typical of that of similar properties. Briefly explain how your subject relates to other properties. If your subject property is atypical, (for e.g. excess land) of those in your neighbourhood/market area - consider how this will impact value. Briefly explain in 1-2 sentences. 22. House floor plan/s and plot plan (setbacks and improvements shown) are available for the subject property. Do you have a copy of these plans if not, how will you access them? This worksheet is to help ensure that your chosen subject property is optimal for completing this course. If you find your property presents difficulties in the areas noted above, then you should discuss this with your tutor before submitting this assignment. The goal is to help you avoid problems before they arise, because if you are forced to change subject properties later in the course, you will have wasted a lot of time and effort!