Functional obsolescence - Study guides, Class notes & Summaries

Principles of real estate II (Champions) Latest 2024 Already Passed Functional obsolescence Refers to the loss in desirability of the style, layout or function of an element of a property over time Sales comparison best indicator of value for existing properties highest and best use the legal use for property that gives the greatest return in money and/or amenities external obsolescence the loss in value of a property caused by factors outside the property itself principle o...

A delinquent tax incurs a penalty of... a. 20% for the first calendar month it is delinquent, plus 1% for each additional month until it is paid b. 6% for the first calendar month it is delinquent, plus 1% for each additional month or portion of a month it remains unpaid c. 5% for the first calendar month it is delinquent, plus 2% for each additional month or portion of a month it remains unpaid d. 10% for the first calendar month it is delinquent, plus 2% for each additional month or port...

DC Property Management Exam Study Guide with Complete Solutions Management Plan - Correct Answer 1. Current use 2. Current condition 3. Fiscal projections 4. Operational issues Market Analysis - Correct Answer Regional and neighborhood evaluation focusing on: 1. Demographic conditions 2. Geographic features 3. Governmental perspective 4. Existing real estate supply 5. Future developments 6. Tenant demand Analysis of Alternatives - Correct Answer Theoretical costs and potential ...

Which would NOT be used in the capitalization approach? A. gross income B. operating expenses C. reproduction cost D. allowance for vacancy - C. reproduction cost A property had a land value of $40,000, a 2,000 square feet structure with a rebuilding cost of $70 per square foot, depreciation of $5,000 due to functional obsolescence and $1,500 due to physical depreciation. What would be the estimate of value for this property using the cost approach? A. $133,500 B. $140,000 C. $173,500 ...

Real Estate Practice Exam Questions Answered 100% Correctly 2024 1. Brokerage definition... the business practice of bringing together the parties in a practice. 2. What are two examples of special use property? schools and cemetary 3. What is an example of functional obsolescence? bathroom 4. Principal definition... a consumer of real estate services who has entered into an agency relationship with a broker or another licensee employed by a broker. 5. Capitalization definition... th...

Management Plan This describes in detail the subject property's current use along with its physical condition, fiscal projections, and any operational issues. It also includes an analysis of the market (both regional and neighborhood), the competing properties, as well as potential improvements or alternative uses for the subject property. Market Analysis This focuses on both a regional and neighborhood evaluation, which includes the demographic conditions, geographic features, governm...

The approach used as the best indicator of value for existing properties. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolescence - B Refers to the loss in desirability of the style, layout, or function of an element of a property over time. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolescence - A The price a willing seller will sell for, and the price a willing buyer ...

Champions Principles of Real Estate 2 Latest Version Graded A+ appraisal value of a property maybe affected by social, economic, govt and environmental influences Loan-to-Value Ratio (LTV) The percentage of value or sales price that a lender is willing to finance. limited appraisal report exterior only/drive by inspection. deemed as low risk loan highest and best use of property legal use that gives the greatest return Principal of Contribution cost does not equal value Re...

Which of the following clauses in a conventional mortgage instrument entitles the lender to accelerate the loan if the loan is assumed? Prepayment Right-to-sell Due-on-sale Variable interest rate ☑: Due-on-sale If the value of a property is affected by negative forces outside the property, which are beyond the control of the owner, this is referred to as: physical deterioration accrued depreciation functional obsolescence economic obsolescence ☑: economic obsolescence EXCELLENC...

Barney Fletcher Practice Exam 2024 Which would NOT be used in the capitalization approach? A. gross income B. operating expenses C. reproduction cost D. allowance for vacancy -Correct Answer-C. reproduction cost A property had a land value of $40,000, a 2,000 square feet structure with a rebuilding cost of $70 per square foot, depreciation of $5,000 due to functional obsolescence and $1,500 due to physical depreciation. What would be the estimate of value for this property using the co...