Single Family - UBC Sauder School of Business



Single Family

Guided Case Study

(Structured Narrative Appraisal Report)

Appraisal Institute of Canada/Institut Canadien des (valuateurs

ADDRESS OF SUBJECT PROPERTY:

PREPARED BY:

( Report format copyright 2008 by the Appraisal Institute of Canada.

SINGLE FAMILY DEMONSTRATION APPRAISAL REPORT

TRANSMITTAL INFORMATION

Property Address

|Municipality |Province |Postal Code |

| | | |

|Legal Description |

| |

| |

Prepared for:

Real Estate Division-Sauder School of Business

University of British Columbia

PO Box 3510 Station Terminal

Vancouver, B.C. V6B 3Y4

as part of the process in qualifying for the CRA designation.

|Appraiser: |Address: |

|Telephone No. | |

Purpose of Appraisal is to estimate the current OR retrospective Market Value of the Fee Simple Estate.

This report consists of pages together with items attached as the Addenda to the report.

The appraiser, in submitting this report, is aware that it will be graded on the basis of the requirements set out in the currently applicable version of the “Guide for the Preparation of Demonstration Appraisal Reports for Single-Family Properties” as posted on the UBC Real Estate Division website.

Type of Report: Short Narrative

|Final Estimate of Value | |Date of Value Estimate | |

|Signature of Appraiser | |Date of Signature | |

Page I

PHOTOGRAPHS OF SUBJECT

FRONT VIEW

(Showing Depth)

REAR VIEW

| |Page ii |

|TABLE OF CONTENTS |

|Section |Page Number |

| Photographs of Subject Property |i |

| Table of Contents |ii |

| Summary of Salient Facts and Important Conclusions |iii |

| | |

|Part I - Preface | |

| | |

| Definition of the Appraisal Problem |1 |

| Assumptions and Limiting Conditions |2 |

| Scope | |

| Regional and Area Analysis | |

| Neighbourhood Analysis and Trends | |

| Land Description and Analysis | |

| Description of Improvements | |

| Assessment and Taxes | |

| Zoning or Land Use Classification | |

| | |

|Part II - Analysis and Conclusions | |

| | |

| Highest and Best Use Estimate | |

| Cost Approach - Land Value | |

| - Cost Analysis of Improvements | |

| - Depreciation | |

| - Summary | |

| Direct Comparison Approach | |

| Reconciliation of Value Indications and Final Estimate of Value | |

| Certification | |

| | |

|Schedules |Addenda Item/ Page No. |

| | |

| City/Regional Map |A |

| Neighbourhood Map | |

| Site/Plot Plan | |

| Floor Plan(s) | |

| Comparable Land Sales Map | |

| Cost Summary; Cost Manual/Service Excerpts and Worksheets | |

| Comparable Improved Sales Map | |

| Photographs of Improved Sales | |

| Additional Photographs of Subject (optional) | |

| Neighbourhood Photographs (optional) | |

| Transfer and Mortgage Documents for Comparables | |

| Other Materials (list) | |

Page iii

SUMMARY OF SALIENT FACTS AND IMPORTANT CONCLUSIONS

Type of single-family dwelling:

Address of property:

Effective date of the appraisal:

Dimensions and area of site:

Dimensions and area of building(s):

Assessment: Land:

Building:

Total:

Taxes:

Zoning/Land use classification:

Highest and best use:

Estimate of land value (as if vacant):

Estimate of value by Cost Approach:

Estimate of value by Direct Comparison Approach:

Final estimate of value:

Page              of pages

DEFINITION OF THE APPRAISAL PROBLEM

PURPOSE of the appraisal is to estimate the Market Value of the subject property as at the effective date of appraisal. FUNCTION of the report is for the awarding of credits by the Appraisal Institute of Canada.

Present registered owner

Past sales history (5 years)

Legal description

Encumbrances

|Mortgage information |[ ] No mortgage |

|1st held by |2nd held by |

| |Principal |Monthly |Are taxes |Date |Interest |Amortization |Conditions |

| |outstanding |payments |included? |due |rate |period | |

|1st |$ |$ | | | % | | |

|2nd |$ |$ | | | % | | |

Rights-of-way, other encumbrances: [ ] none [ ] (if any, describe)

Definition of property rights appraised

The Fee simple estate is "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, expropriation, police power and escheat." Appraisal of Real Estate (2nd Canadian edition)

Definition of market value

Market value is defined in the Appraisal of Real Estate (2nd Canadian edition) as: "The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress."

Effective date of appraisal

Page               of pages

ASSUMPTIONS AND LIMITING CONDITIONS

This report is subject to the following assumptions and limiting conditions.

1. Legal description is that which is recorded in the Registry or Land Title office and is assumed to be correct.

2. Every effort has been made to verify the information received from others which is believed reliable and correct.

3. Sketches, drawings, diagrams, photographs, etc., are included for the sole purpose of illustration and serve to assist the reader in visualizing the property.

4. The distribution of land and building as stated in this report, apply only under the program of utilization as identified in the report.

5.

6.

7.

Page               of pages

SCOPE

Page               of pages

REGIONAL AND AREA ANALYSIS

General locale

|Population Total: Population Trend: |[ ] Increasing |[ ] Stable |[ ] Decreasing |

Major employers and employment trends

Real Estate Summary (applicable to Municipal/City area)

| |20 |20 |20 |

|Single family (S.F.) building starts | | | |

|Average sale price (S.F. only) | | | |

|Number of sales (S.F. only) | | | |

|Average marketing period (S.F. only) | | | |

Availability of land (briefly discuss)

Financing typical rates % to %

Discuss availability of financing and interest rate trends

External obsolescence (economic)

Summary (include property value trends, comments related to supply and demand, and overall desirability of area)

Page               of pages

NEIGHBOURHOOD ANALYSIS AND TRENDS

|Convenience to |Excellent |Good |Fair |Poor |

|Regional shopping | | | | |

|Neighbourhood shopping | | | | |

|Elementary schools | | | | |

|Secondary schools | | | | |

|Churches | | | | |

|Employment | | | | |

|Police and fire protection | | | | |

|Transportation | | | | |

|Recreational facilities | | | | |

|Business district | | | | |

| |

|Present land use | % 1 family | % 2-4 family | % Apts. | % Condo |

| | % Commercial | % Industrial | % Vacant | % Other |

|Change in present land use |[ ] Not likely |[ ] Likely* |[ ] Taking place* |

| |* From | |To | |

|Predominant occupancy |[ ] Owner |[ ] Tenant |[ ] Vacant | % |

|Age of neighbourhood |Developed | % | |

|Age of typical home |From | |To | |

|Type of development |[ ] Custom built |[ ] Developer |[ ] Subsidized |[ ] |

|Type of homes | |

|Value range of homes |From | |To | |

| |$ | |$ | |

Neighbourhood boundaries; comments on factors, favourable and unfavourable, affecting marketability (e.g., public parks, schools, view, noise); external depreciation (locational) and other factors pertinent to the estimate of value.

Page               of pages

LAND DESCRIPTION AND ANALYSIS

External nuisance(s) [ ] None [ ] Describe

Location:

Distance of subject from

Centre of city Public transportation

Topography

[ ] Level [ ] Sloped (explain)

Site

|[ ] Regular |[ ] Irregular |[ ] Corner lot | |

|[ ] Waterfront |[ ] View lot |[ ] Standard lot | |

Area:

Frontage:

Depth:

Utilities

|[ ] Telephone |[ ] Cable television |[ ] Electricity |[ ] Municipal water |[ ] Well |

|[ ] Sanitary sewer |[ ] Septic tank |[ ] Storm sewer |[ ] Gas | |

|[ ] Garbage collection |[ ] Underground elec./tel. |[ ] | | |

Street

|[ ] Public |[ ] Private |[ ] Paved |[ ] Gravel |[ ] Curb |

|[ ] sidewalks |[ ] Lighted |[ ] Hydrants |[ ] Storm sewer | |

|[ ] On-street parking | | | | |

Lane/Alley access

|[ ] Paved |[ ] Lighted |[ ] Gravel |[ ] Side |[ ] Rear |

Evidence of settling: [ ] Yes [ ] No

If yes, explain:

Surface drainage problem: [ ] Yes [ ] No

If yes, explain:

Degree of comparability with neighbouring lots (size), traffic levels, other features, favourable/unfavourable features:

Page               of pages

|DESCRIPTION OF IMPROVEMENTS |

|DESCRIPTION OF BUILDING |

|Dimensions | |Area | |Type/style | |Year Built | |

|Foundation |[ ] Poured concrete |[ ] Concrete blocks |[ ] Concrete posts |[ ] Wood posts |

|Framing |[ ] Wood |[ ] Concrete |[ ] Steel |[ ] |

|Basement |[ ] Full |[ ] Partial |[ ] None |[ ] Slab |

| |[ ] Crawl space | | | |

|Basement Finish | |

|Exterior Walls |Brick veneer |Clapboard |Stucco |Siding: |Vinyl |

|(percentage) | | | | |Wood |

| |Stone veneer |Aluminum |Solid masonry | |Aluminum |

|Roof |[ ] Asphalt shingles |[ ] Wood shingles or shake |[ ] Slate |[ ] Clay/tile |

| |[ ] Built-up tar & gravel |[ ] Gutters & down spouts |[ ] |

|Interior Walls |[ ] Dry wall |[ ] Plaster |[ ] Paneling: |type |

|Floor Coverings |Above ground |Carpet |Tile |Ceramic |Hardwood |Linoleum |

|(percentage) |Basement |Carpet |Tile |Linoleum |Other | |

|Fireplaces |Number: | | |Location: | |Type: | |

|Kitchen |[ ] Built-in dishwasher |[ ] Garburator |[ ] Built-in range |[ ] Exhaust fan |[ ] Vent hood |

| | | |and oven | | |

| |Cabinets - type and material: | |Quality | |

| |Counter material: | |Other features | |

| |Fixtures: | |Quality | |

|Electricity |No. of amps: | |[ ] Circuit breakers |[ ] Fuses |

|Plumbing |Pipes |[ ] Copper |[ ] Galvanized |[ ] Mixed | | |

| |Hot water tank |[ ] Electricity |[ ] Gas |[ ] Oil |Capacity: | |

| |Connections |[ ] Washer |[ ] Dishwasher |[ ] | | |

| |Drainage |[ ] Plastic |[ ] Galvanized |[ ] | | |

|Heating |[ ] Forced air |[ ] Hot Water |[ ] Steam |[ ] | |

| |[ ] Oil fired |[ ] Gas fired |[ ] Electric |[ ] Humidifier | |

|Air Conditioning |[ ] Yes |[ ] No |[ ] Central |Swimming pool |[ ] Yes |Type: | |

|Garage |[ ] Single |[ ] Double |[ ] Attached |[ ] Detached |[ ] None | |

| |[ ] Carport |[ ] Electricity |[ ] Heated |[ ] Interior finish| | |

| |Type of construction: | |

| |Flooring: | |Dimensions: | |Area: | |

|Porch |[ ] Open |[ ] Screened |[ ] Enclosed |Size: | |[ ] None |

|Patio/Deck |[ ] Concrete |[ ] Wood |[ ] |Size: | |[ ] None |

|Rental Equip. |[ ] Water softener |[ ] Hot water tank |[ ] Furnace |[ ] | |[ ] None |

Page               of pages

DESCRIPTION OF IMPROVEMENTS (continued)

Please identify each room with an “X”, or more than one, indicate with a number

|Room List |Foyer |Living |Dining |Kitchen |

|Energy efficiency and insulation level | | | | |

|Quality of construction (materials and finish) | | | | |

|Condition of improvements | | | | |

|Rooms Size and layout | | | | |

|Plumbing - adequacy and condition | | | | |

|Electrical - adequacy and condition | | | | |

|Kitchen cabinets - adequacy and condition | | | | |

|Compatibility to neighbourhood | | | | |

|Overall liveability | | | | |

|Appeal and marketability | | | | |

|Additional features | | | | |

* requires comments

Additional features:

Recent modernization, renovation, and major repairs:

Site improvements

|[ ] Detached garage |Dimensions: |Area: | | |

|[ ] Driveway |[ ] Paved |[ ] Gravel |[ ] Concrete |Area: |

|[ ] Fence |[ ] Wood |[ ] Chain link |[ ] Length: |Height: |

[ ] Landscaping Description:

[ ] Other Describe:

Page               of pages

DESCRIPTION OF IMPROVEMENTS: OBSERVED DEPRECIATION

Condition of Building

Physical Depreciation - Curable

Physical Depreciation - Incurable

Short-lived:

Long-lived:

|Age concept |No. of years |

|Chronological age | |yrs. |

|Effective age | |yrs. |

|Economic life | |yrs. |

|Remaining economic life | |yrs. |

Justification of Effective Age and Economic Life:

Functional Obsolescence

External Obsolescence

Page               of pages

ASSESSMENT AND TAXES

Assessment and tax data

Year Assessed value (total) Land Buildings Tax rate Equitable?

20 $ $ $ [ ] Yes [ ] No

Total Taxes Year of appraisal 20__ 20__ 20__

$ $ $ $

Special assessment or Local improvement charges:

Reasons: Annual amount: Date of expiry:

Prepayment option: [ ] Yes [ ] No If Yes, Cost:

Basis of Assessment

Assessment Range of Improved Sales in the Direct Comparison Approach and Degree of Comparability

Tax Trends (current & future), Analysis and Conclusions

Page               of pages

ZONING OR LAND USE CLASSIFICATION

|Designation | |Bylaw number | |Date of passing | |

Permitted uses

|Bylaw Requirements/Conformity Analysis Chart |

|Requirement |Bylaw |Subject |Conforms |

| | |Measurements | |

| |Minimum |Maximum | |Yes |No |

|Frontage | | | | | |

|Front setback | | | | | |

|Side yard | | | | | |

|Rear yard | | | | | |

| | | | | | |

| | | | | | |

| | | | | | |

| | | | | | |

Conclusion

Subject is [ ] in full conformity

[ ] a legal, non-conforming use

[ ] a non-conforming use

Summary

Zoning by-laws strictly enforced [ ] Yes [ ] No

Comments:

Page               of pages

HIGHEST AND BEST USE ESTIMATE

Definition

Highest and best use is defined in the text Appraisal of Real Estate (2nd Canadian edition) as "the reasonably probable and legal use of vacant land or an improved property that is physically possible, legally permissible, appropriately supported, financially feasible, and that results in the highest value".

Analysis and support of highest and best use of the site, as if vacant

Discussion of adequacy of the existing improvement(s)

Conclusion and support of highest and best use as improved

Page               of pages

| |

|COST APPROACH - LAND VALUE |

| |

|Data Comparison Chart |

|Item |Subject |Comparable no. 1 |Comparable no. 2 |Comparable no. 3 |

|Address | | | | |

| | | | | |

|Legal description | | | | |

| | | | | |

|Sale date | | | | |

|Instrument no. | | | | |

|Registration date | | | | |

|Vendor | | | | |

|Purchaser | | | | |

|Sale price | | | | |

|Right conveyed |Fee simple | | | |

|Financing | | | | |

|Conditions of sale | | | | |

|Expenses made immediately after| | | | |

|purchase | | | | |

|Time difference (mos) |0 | | | |

|Zoning | | | | |

|Location | | | | |

|Frontage/depth | | | | |

|Lot area | | | | |

|Topography | | | | |

|Utilities | | | | |

|Interior/corner lot | | | | |

|Local Improvement Charges | | | | |

|Easements/Rights of Way | | | | |

| | | | | |

| | | | | |

| | | | | |

|Other comments | | | | |

| | | | | |

| | | | | |

| | | | | |

| | | | | |

Page               of pages

| |

|COST APPROACH - LAND VALUE (continued) |

| |

|Adjustment Chart |

|Item |Comparable no. 1 |Comparable no. 2 |Comparable no. 3 |

|Sale price | | | |

|Real property rights conveyed adjustment | | | |

|Adjusted price | | | |

|Financing adjustment | | | |

|Conditions of sale adjustment | | | |

|Expenses made immediately after purchase adjustment | | | |

|Adjusted price | | | |

|Date of sale adjustment | | | |

|Adjusted price | | | |

|Other adjustments as required: | | | |

|- Zoning | | | |

|- Location | | | |

|- Frontage/depth | | | |

|- Lot area | | | |

|- Topography | | | |

|- Utilities | | | |

|- Interior/corner lot | | | |

|- Local Improvement Charges | | | |

|- Easements/Rights of Way | | | |

| | | | |

| | | | |

| | | | |

|Total Other Adjustments | | | |

|Final Adjusted Sale Price | | | |

|Adjusted unit sale price / frontage OR | | | |

|Adjusted unit sale price / area | | | |

|For reconciliation purposes: | | | |

| | | | |

|Total Adjustment | | | |

|Total adjustment as % of Sale Price | | | |

Page               of pages

COST APPROACH - LAND VALUE (continued)

Adjustment Analysis in Order: 1. Property Rights 2. Financing 3. Motivation 4. Expenses made immediately after purchase 5. Time 6. Other

Page               of pages

COST APPROACH - LAND VALUE (continued)

Reconciliation

| |

|Final Estimate of Site Value: $ |

Page               of pages

COST APPROACH – COST ANALYSIS

Replacement / Reproduction Cost new (RCN) Estimate: [Describe which type of cost used, briefly explain why, and outline any implications; add extra page if necessary]

|Cost Manual (name): | |[ X ] Worksheet and excerpts attached |

| | |as Schedule ___ |

| RCN estimate |$ | |

| | | | |

| | | | |

|Contractors: |Name and Address | |RCN Estimate |

| | | | |

|1. | | |$ |

| | | | |

| | | | |

| | | | |

|2. | | |$ |

| | | | |

| | | | |

| | | | |

| |

|RCN conclusion and rationale: |

|RCN Subtotal: |$ |

| |

|Extras (state source): | |

|(not included in above RCN estimate) |

| Attached deck/patio |$ | |

| Porches |$ | |

| Attached garage/car port |$ | |

| Basement finish |$ | |

| |$ | |

| |$ | |

| |$ | |

|Extras Subtotal: |$ |

| |

| | | | | |

|Total Replacement/Reproduction Cost New of Building(s) | | |$ | |

| | | | | |

|Site Improvements: | |

| |

|Item | |Cost New | |Age/Life | |Depreciated Value |

| | |$ | |/ | |$ |

| | |$ | |/ | |$ |

| | |$ | |/ | |$ |

| | |$ | |/ | |$ |

| | |$ | |/ | |$ |

| | |$ | |/ | |$ |

| | |$ | |/ | |$ |

| |

| | | | | |

|Total Depreciated Value of Site Improvements | | |$ | |

| | | | | |

Page               of pages

| |

|COST APPROACH – DEPRECIATION |

|I. Physical Depreciation |

|a. Curable |

|Physical Depreciation – Repair |

|Item | |RCN | |Cost to Cure |

| | |$ | |$ |

| | | | | |

| | | | | |

| | | | | |

| | | | | |

| | | | | |

|Total | |$ | |$ |

| |

|b. Incurable |

|Physical Depreciation – Short-Lived |

|Item |RCN |Effective Age |Economic Life |% Dep. |Accrued Depreciation |

| | | | | | |

| | | | | | |

| | | | | | |

| | | | | | |

| | | | | | |

| | | | | | |

|Total |$ | | | |$ |

|Physical Depreciation – Long-Lived |

| | | | | | | |

|RCN estimate | | | |$ |

|Less: | | | | | |

| RCN repair |$ | | | |

| RCN short-lived |$ | | | |

|Remaining RCN to be depreciated | | |$ |

|Effective Age ( ) |= | |% |X |$ |= |$ |

|Economic Life ( ) | |Depreciation | | |Remaining RCN to | |Depreciation |

| | | | | |be depreciated | |Long-lived |

| |

| | | | | | | | |

|Total Actual Physical Deprecation: | | |$ | |

| | | | | | | | |

Page               of pages

COST APPROACH - DEPRECIATION (continued)

II. Functional Obsolescence (support required for estimates where there is actual depreciation)

a. Curable

| | |

|Total Actual Functional Obsolescence - Curable: |$ |

| |

Page               of pages

COST APPROACH - DEPRECIATION (continued)

II. Functional Obsolescence (support required for estimates where there is actual depreciation)

b. Incurable

| | |

|Total Actual Functional Obsolescence - Incurable: |$ |

| |

Page               of pages

COST APPROACH - DEPRECIATION (continued)

III. External Obsolescence (support required for estimates where there is actual depreciation)

a. Economic

b. Locational

|Total Actual External Obsolescence: | |

| |$ |

| |

Page               of pages

| |

|COST APPROACH – SUMMARY |

| |

|REPLACEMENT / REPRODUCTION COST NEW | | | | |$ |

| | | | | | |

|PHYSICAL DEPRECIATION | | | | | |

|a. Curable – Repair |$ | | | | |

|b. Incurable – Short-Lived |$ | | | | |

|c. Incurable – Long-Lived |$ | | | | |

| | | | | | |

|Total Physical Depreciation | | |$ | | |

| | | | | | |

|FUNCTIONAL OBSOLESCENCE | | | | | |

|a. Curable |$ | | | | |

|b. Incurable |$ | | | | |

| | | | | | |

|Total Functional Depreciation | | |$ | | |

| | | | | | |

|EXTERNAL OBSOLESCENCE | | |$ | | |

| | | | | | |

|TOTAL OBSOLESCENCE | | | | |$ |

| | | | | | |

|DEPRECIATED COST OF BUILDING(S) | | | | |$ |

|Plus Depreciated Site Improvements | | | | |$ |

|Plus Site Value | | | | |$ |

|VALUE INDICATED BY COST APPROACH | | | | |$ |

| | | | | | |

| | | |Rounded to: | |$ |

| |

| |

|Cost Approach Conclusion: Market Value = |$ | |

| |

Page               of pages

|DIRECT COMPARISON APPROACH |

|Data Comparison Chart |

|Item |Subject Property |Comparable No. 4 |Comparable No. 5 |Comparable No. 6 |

|Address | | | | |

|Legal description | | | | |

|Sale date | | | | |

|Instrument no. | | | | |

|Registration date | | | | |

|Vendor | | | | |

|Purchaser | | | | |

|Sale Price | | | | |

|Rights conveyed |Fee Simple | | | |

|Financing | | | | |

|Conditions of sale | | | | |

|Expenses made immediately after| | | | |

|purchase | | | | |

|Time difference (mos.) |0 | | | |

|Distance from subject (blocks) |0 | | | |

|Location | | | | |

|Bldg size (above grade) | | | | |

|Type/Quality Construction | | | | |

|Energy efficiency | | | | |

|Design and appeal | | | | |

|Age | | | | |

|Condition | | | | |

|Room Count |Ttl |Bds |Bth |Ttl |

|Basement/finished below grade | | | | |

|area | | | | |

|Air conditioning | | | | |

|Heating | | | | |

|Fireplace | | | | |

|Appliances | | | | |

|Lot size | | | | |

|Zoning | | | | |

|Garage/carport | | | | |

|Local Improvement Charges | | | | |

| | | | | |

| | | | | |

|Other comments: | | | | |

| | | | | |

| | | | | |

| | | | | |

Page               of pages

| |

|DIRECT COMPARISON APPROACH (continued) |

|Adjustment Chart |

|Item |Comparable no. 4 |Comparable no. 5 |Comparable no. 6 |

|Sale price | | | |

|Real property rights conveyed adjustment | | | |

|Adjusted price | | | |

|Financing adjustment | | | |

|Conditions of sale adjustment | | | |

|Expenses made immediately after purchase adjustment | | | |

|Adjusted price | | | |

|Date of sale adjustment | | | |

|Adjusted price | | | |

|Other adjustments as required: | | | |

|- Location | | | |

|- Building size | | | |

|- Construction | | | |

|- Energy efficiency | | | |

|- Design and appeal | | | |

|- Age | | | |

|- Condition | | | |

|- Room count | | | |

|- Basement unfinished area | | | |

|- Basement/finished below grade area | | | |

|- Air conditioning | | | |

|- Heating | | | |

|- Fireplace | | | |

|- Appliances | | | |

|- Lot size | | | |

|- Zoning | | | |

|- Garage/carport | | | |

|- Local Improvement Charges | | | |

|- | | | |

|- | | | |

|- | | | |

|Total Other Adjustments | | | |

|Final Adjusted Sale Price | | | |

|For reconciliation purposes: | | | |

| | | | |

| | | | |

|Total Adjustment | | | |

|Total adjustment as % of Sale Price | | | |

Page               of pages

DIRECT COMPARISON APPROACH (continued)

Adjustment Analysis in Order: 1. Property Rights 2. Financing 3. Motivation 4. Expenses made immediately after purchase 5. Time 6. Other

Page               of pages

DIRECT COMPARISON APPROACH (continued)

Adjustment Analysis (continued)

Other adjustments

Page               of pages

DIRECT COMPARISON APPROACH (continued)

Reconciliation

| |

|Direct Comparison Approach Conclusion: $ |

Page               of pages

RECONCILIATION OF VALUE INDICATIONS AND FINAL ESTIMATE OF VALUE

Indicated value by Cost Approach $

Indicated value by Direct Comparison Approach $

The Market Value, as defined, for the subject property as of

(Date)

is estimated to be $

The exposure time for the subject property has been estimated at .

Page               of pages

| |

|CERTIFICATION |

| |

|I certify that, to the best of my knowledge and belief: |

| |

|the reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the code of |

|Professional Ethics and the Standards of Professional Appraisal Practice. |

| |

|the statements of fact contained in this report are true and correct. |

| |

|the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased |

|professional analyses, opinions, and conclusions. |

| |

|I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest or bias with respect to the |

|parties involved. |

| |

|my compensation is not contingent upon the reporting of a predetermined value or direction in value that favours the cause of the client, the amount of the |

|value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. |

| |

|I have made a personal inspection of the property that is the subject of this report, located at , on |

|. |

| |

|no one provided significant professional assistance to the person signing this report. |

| |

|the final estimate of market value, as of is estimated to be: |

|(Date) |

| | | |

| |($ ) | |

| |

| | | |

|Signature of Appraiser | |Date Signed |

| |

| |

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