Cost Flashcards
(33 cards)
Indirect Costs?
Architect’s Fees
Engineer’s Fees
Surveyor’s Fees
Legal Fees & Expenses
Appraisal Fees
Building Type Category Examples?
Apartments, Hotels
Multiple Family, Motels
Stores & Standard Commercials
Garages, Industrials, Warehouses
Offices & Public Buildings
Churches
Sheds & AG Buildings
Schools
Special Supplement Cost
Miscellaneous Buildings
4 Methods of Cost Estimating?
Quantity Survey
Unit In Place
Square Foot / Cubic Foot / Point Cost
Factored Historical Cost
Direct Costs?
Materials
Labor
Supervision
Equipment Rentals
Utilities
5 Construction Types?
Heavy Structural Steel
Reinforced Concrete
Masonry or Load Bearing Walls
Wood / Steel Combustible
Prefab Structural Steel
How is Gross Rent Multiplier calculated?
Sale Price / Assessed Value
Unlike Functional Obsolescence, Economic Obsolescence is generally considered _____.
Incurable
How is Mill (Tax) Rate calculated?
Budget / Assessed Value
Economic Obsolescence?
External Deficiency
Effective age is the age of a building indicated by its _____ ________
Observed Condition
Another name for the straight-line depreciation method is the overall _____ _____ method.
Age Life
The difference between reproduction or replacement cost new of a property and its market value as of the date of the appraisal is termed ___ _____
Accrued Depreciation
The ___ _____ and ___ _____ methods require separation of elements of accrued depreciation into various categories.
Observed Condition & Engineering Breakdown
____________ is the number of years from the date of appraisal to the date when the building becomes economically valueless.
Remaining Economic Life
5 Elements of comparison appraisers consider when determining comparability of sites?
Location
Date of Sale
Economic Trends and Factors
Physical Characteristics
Conditions of Sale
The depreciation of short-lived items, as treated under incurable physical depreciation is also known as?
Curable Physical Postponed
How many square feet are in an acre?
43,560
Curable Physical Deterioration is also known as?
Deferred Maintenance
Most common units of comparison used in valuing land.
Square Foot
Front Foot
Acre / Section
Site
Units Buildable
In the reconciliation process of the appraisal, the appraiser _______ the value indications of the comparable properties into a single estimate of value.
Never Averages
Types of Physical Deterioration?
Wear & Tear
Decay
Dry Rot
Cracks
Encrustation
Structural Defects
Functional Obsolescence?
Design Deficiency
Inadequacy
Super adequacy
At what point is it appropriate to average to arrive at the final value estimate?
Never
Flaking paint on a bedroom ceiling is an example of _______ deterioration.
Curable Physical
