Real Estate Principles A Value Approach 5th edition David C Ling, Wayne Archer - Solutions

Home mortgage lending is heavily regulated by federal laws. Is this a result of Congressional pandering to consumer groups, or are there good reasons why home mortgage lending should be regulated more than, say, automobile financing?
Most lenders making adjustable rate mortgage loans offer a “teaser rate.” Is this a good policy or is it misrepresentation?
The Congress has adopted changes in bankruptcy law that would make Chapter 7 bankruptcy more difficult for households, requiring greater use of Chapter 13, thus providing greater protection to unsecured credit card companies. As a mortgage lender, do you care about this? If so, what would be your
Estimate the market value of the following small office building. The property has 10,500 square feet of leasable space that was leased to a single tenant on January 1, four years ago. Terms of the lease call for rent payments of $9,525 per month for the first five years, and rent payments of
Describe the conditions under which the use of effective gross income multipliers to value the subject property is appropriate.
You are estimating the value of a small office building. Suppose the estimated NOI for the first year of operations is $100,000.a. If you expect that NOI will remain constant at $100,000 over the next 50 years and that the office building will have no value at the end of 50 years, what is the
Given the following owner’s income and expense estimates for an apartment property, formulate a reconstructed operating statement. The building consists of 10 units that could rent for $550 per month each.Owner’s Annual Income StatementRental income (last year)$60,600Less: Operating &
Use the following property data:Cash flow from operationsa. Assuming the going-in capitalization rate is 8.00 percent, compute a value for the property using direct capitalization.b. Assuming the required yield/return on unlevered cash flows is 10 percent, and that the property will be held by a
Data for five comparable income properties that sold recently are shown below:What is the indicated overall rate (RO)? Property NOI Sale Price Overall Rate $ 57,800 S 566,600 496,900 630,000 538,500 600,000 A 0.1020 B 49,200 0.0990 63,000 0.1000 D 56,000 58,500 0.1040 E 0.0975
Assume the market value of the subject site (land only) is $120,000. You estimate that the cost to replicate the improvements to the subject property would be $428,000 today. In addition, you estimate that accrued depreciation on the subject is $60,000. What is the indicated value of the subject
You are appraising a single-family residence located in the Huntington neighborhood at 4632 NW 56th Drive. The property is being acquired by a mortgage applicant and you have been asked to appraise the property by the lender. Seven potential comparable sales were initially identified. However,
A comparable property sold recently for $250,000. The comparable contained an estimated $3,000 in non-reality items. In addition, the appraiser estimates that market values (conditions) have increased a total of 2 percent since the sale of the comparable. What is the adjusted price of the
In the sales comparison approach, if the comparable property is superior to the subject property in some way, is an upward or downward adjustment to the sale price of the comparable required? Explain.
How would you define the highest and best use of a property?
How would you go about estimating the current market value of a publically-traded common stock? Would this take more or less time than most real estate appraisals?
What is the difference between market value and investment value?
What is a self-contained appraisal report?
Why is an estimate of the developer’s fair market profit included in the costs estimate?
University City is a town of more than 200,000 persons, with over 50,000 university and community college students. It has over 30,000 apartment units which, with one or two exceptions, are garden apartments with a maximum of three floors. Except for buildings within or immediately adjacent to the
If you were looking for an apartment at this time, what are six non-locational requirements that you would consider important?
On the U.S. Census web site, use the approach shown in Explore the Web, Chapter 5, to access the latest American Community Survey. For your county, find the distribution of reported house values for owner occupied residences.
Perfect Population Projections Inc. (PPP) has entered into a contract with the city of Popular, Pennsylvania, to project the future population of the city. Popular has become a popular place in recent years as indicated by the following data:
On the U.S. Census web site, use the approach shown in the chapter in Explore the Web to access the American Community Survey. For your county, and for your state find the distribution of income for all households. Graph the distributions using percentage for each income interval. Which is higher,
A local businessman has applied for a permit to construct a bar that will feature “adult dancing” in a commercially zoned area across the street from your residential subdivision. As an owner of a $350,000 house within the subdivision, would you favor or oppose this development? What effect do
Describe the shaded property by government rectangular survey.
How much of the wealth of a typical U.S. household is tied up in housing? How does this compare to the role that assets and investments play in the portfolios of U.S. households?
A friend has an elderly mother who lives in a house adjacent to her church. The church is growing, and would welcome the opportunity to obtain her house for its use. She would like to support the needs of her church, but she does not want to move and feels strongly about owning her own home. On the
The traditional common law concept of landlord-tenant relationship was that the landlord’s obligation was simply to stay off the property and the tenant’s obligation was to pay the rent. Explain why this is an obsolete arrangement for apartment residents in an urban society.

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