CIVIL SERVICE - NYC CITY ASSESSOR EXAM WITH COMPLETE SOLUTIONS 100% VERIFIED!!! LATEST UPDATE ALREADY GRADED A+

CIVIL SERVICE - NYC CITY ASSESSOR EXAM WITH COMPLETE
SOLUTIONS 100% VERIFIED!!! LATEST UPDATE ALREADY GRADED
A+



Effective Gross Income - (ANSWER)The gross income less the vacancy factor and bad debt allowance//
operating expenses are Deducted to get the ratio



Non-Realty Components - (ANSWER)Personal property, not to include in comparable property



Rights Conveyed - (ANSWER)In general, appraiser estimates market value in fee simple. Sometimes, need
to include air rights, mineral rights, leasehold rights



Sales Comparison Approach to Value - (ANSWER)1. Define appraisal problem

2. Collect & analyze data

3. Select appropriate units of comparison

4. Make reasonable adjustments on the market to comparable property

5. Applying data to subject of appraisal



Financing - (ANSWER)Adjustments must be made to comparable sales for special or creative financing



Conditions of Sale - (ANSWER)Arms-length sale vs. non-arms-length sale

Adjust accordingly



Expenditures made immediately following purchase - (ANSWER)Expenditures anticipated by buyer/seller



Market conditions adjustment - (ANSWER)Adjustments based on property values, if increased/decreased
since sale date



Location adjustment - (ANSWER)Adjustments based on difference between subject and comparable
property, on zoning, building codes, flood zones

,CIVIL SERVICE - NYC CITY ASSESSOR EXAM WITH COMPLETE
SOLUTIONS 100% VERIFIED!!! LATEST UPDATE ALREADY GRADED
A+



Physical characteristics - (ANSWER)Adjustments for size, conditions, quality grade, maintenance,
organization, remodeling and additions



Economic Characteristics adjustments - (ANSWER)Adjustments based on lease terms, expense ratios,
types of tenants



Arms-length Sale Criteria - (ANSWER)- buyer/seller typically motivated

- both well informed/advised

- acting in best self interest

- reasonable time exposed in market

- price represents typical pricing for area

- no special / creative financing (IAAO 1997)



Data to Collect on Each Sale - (ANSWER)- actual sale price

- type of deed

- date of sale

- date of agreement

- personal property

- type of financing



Actual Sale Price - (ANSWER)Price property sells for, without any adjustments



Type of Deed - (ANSWER)Warranty deed, quit claim deed



Date of Agreement to Sell - (ANSWER)Date buyer & seller enter into a contract

, CIVIL SERVICE - NYC CITY ASSESSOR EXAM WITH COMPLETE
SOLUTIONS 100% VERIFIED!!! LATEST UPDATE ALREADY GRADED
A+



Type of Financing - (ANSWER)Veterans Administration (VA), Federal Housing Administration (FHA),
conventional seller, etc



Paired Sales Analysis - (ANSWER)Current Sale (CS) - Prior Sale (PS) = Overall dollar amount (ODC)

ODC/PS= % Change (%C)

%C/Months = %C per Month



Sequence of Adjustments - (ANSWER)1. Financing

2. Sale price adjusted for financing

3. Changing market conditions

4. Sale price adjusted for changing market conditions

5. Locations

6. Physical characteristics

7. Adjusted sale price of comparables



Income Capitalization Approach Steps - (ANSWER)1. Estimate potential gross income

2. Deduct for vacancy and collection loss

3. Add miscellaneous income to get effective gross income

4. Determine operating expenses

5. Deduct operating expenses from effective gross income to determine net operating income before
discount, recapture, and taxes

6. Select proper capitalization rate

7. Determine appropriate capitalization procedure to be used

8. Capitalize the net operating income into an estimated property value



Potential Gross Income - (ANSWER)Income from rent that property will produce w/ 100% occupancy
based on market rent