Determine the completeness of the report under review within the scope of work applicable in the review assignment. These laws clarify which property is commercial, residential and industrial and what can be built on such properties.
This is the reason why the client wants to build a gas station in the area. Determine the Highest and Best Use of the property as vacant and as improved.
The major indicator is that it includes the business which is specified for the money making efforts and is not engaged in the goods productions. Identifies actions taken Real property assignment 4 indicates time charged Identifies contacts, including name, phone number, subject, commitments, etc.
Fee simple, leased fee, life estates, easements, rights-of-way, etc. The reported analyses, opinions and conclusions are limited only by the reported assumptions and limiting conditions. A complete description and location of the property Any consideration of rights or encumbrances such as water, riparian, mineral, easements, and rights-of-way The owner of record and, if practical or available, copies of deeds, plat maps, blueprints and surveys The history of the property, including any sales within the five 5 years preceding the valuation date or any sales since the valuation date to the present.
My analyses, opinions and conclusions were developed, and this report has been prepared, in conformity with the applicable Internal Revenue Service Valuation Guidelines. Valuators, therefore, should decide when substantially enough information is available to make a proper determination.
The valuation report should effectively communicate the methodology and reasoning, as well as identify the supporting documentation. The statements of fact contained in this report are true and correct. Documents delays in the examination The case activity record, along with the supporting workpapers, should justify time spent is commensurate with work performed.
Adjustments are made for financing, condition of sale, date of sale, physical characteristics and location to indicate the value of the subject.
In the Income Approach, an income stream is projected based on analysis of historical financial income and expense statements, vacancy rates, rent rolls and terms of existing leases.
Credible and compelling work by the valuator will facilitate resolution of issues without litigation. In the Market or Sales Comparison Approach, properties similar to the subject properties sold close to the valuation date are compared to the subject property. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved.
Identify the report under review, the property interest being valued, the effective date of the valuation, and the date of the review. Care should be taken to consider the number of sales available, their relative comparability, the degree and rationale for adjustments to the sales and the relative correlation and reliability of the value indications from the sales.
Adjustments to income and expense data should be made as necessary to reflect the appropriate income streams consistent with the valuation methodology selected.
The valuator should determine which methodologies are to be utilized in developing the opinion of value of the subject property. This section requires specific information to be included or addressed in each report. December 15th Issue The main concern in this case is that the client Jim wants to build a gas station in an area which is a zone for commercial office use.
In the Cost Approach, an estimated reproduction or replacement cost of the improvements is computed and then reduced for physical, economic and functional depreciation. I have no bias with respect to the subject of this report or to the parties involved with this assignment.
Valuation reports should clearly communicate the results and identify the information relied upon in the valuation process. The valuator should consider the appropriate valuation approaches, such as the market approach, the income approach and the cost approach.
This approach is generally useful for specialty properties where other approaches lack sufficient supporting data and where land value and depreciation amounts are reasonably determinable. Professional judgment should be used to select the approach es ultimately used and the method s within such approach es that best indicate the value of the property.
Identify and state the scope of the review process conducted. The valuator will work in concert with the internal customer and taxpayer to attempt to resolve all outstanding issues.
Description of improvements, including features, condition, and any forms of physical, functional or economic obsolescence Use s to which the property is being put Zoning and permitted uses 4. My compensation is not contingent on an action or event resulting from the analyses, opinions or conclusions in, or the use of, this report.
To this result, an amount is added for the value of the underlying land.Read this essay on Real Property Assignment. Come browse our large digital warehouse of free sample essays. Get the knowledge you need in order to pass your classes and more. Only at mint-body.com".
Real Property Assign 4 In: Other Topics Submitted By cdheard71 Words Pages 3.
Facts: Assignment #1 Real Property Law Assignment #1 Real Property Issue The issue in this case falls under the State laws applicable in Boring, Oregon.
Under the applicable contract law, in cases involving reward offers, the person must pay off the. For a contract involving an agreement to transfer title to real property, as here, to be enforceable, more than offer, acceptance and consideration must be present.
More about Real Property Law Assignment Essay. Assignment of Business Law Essay Words | 4 Pages; Assignments Maritime LAw Essay Words | 10 Pages. Law Assignment #5 Real Property Law Assignment #5 Real Property Memorandum From: XXXX Date: December 15th Issue The main concern in this case is that the client Jim wants to build a gas station in an area which is.
REAL PROPERTY ESSAY # MODEL ANSWER.
Sylvia had a lot of relatives, and she looked up a bunch of ‘papers’ related to property transactions which had. Real Property Valuation Guidelines English; Real Property Valuation Guidelines. As appropriate for the assignment, and if not considered in the process of determining and weighing the indications of value provided by other procedures, the valuator should separately consider the following factors in reaching a .Download