Real Estate Appraisal Template

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The document appears to be a residential appraisal report that assesses the value of a property.

The document is a residential appraisal report that evaluates a single family home property.

The document contains sections such as photographs of the property, property details, comparable properties analysis, valuation approaches, and certification.

PROP1005

PROJECT 2
Residential
Appraisal
Report

Real Estate
Division

ADDRESS OF
SUBJECT
PROPERTY:

PREPARED BY:
SANJEET HOODA

STUDENT NO: 100360828

Grader

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PROP1005: Project No. 2
Name:
Student Number:
Mark %

Letter Grade

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PROP1005: Project No. 2
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Student Number:

RESIDENTIAL APPRAISAL REPORT (PROP1005, Project No. 2)

LETTER OF TRANSMITTAL INFORMATION

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PROP1005: Project No. 2
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PHOTOGRAPHS OF SUBJECT

FRONT VIEW
(Showing Depth)

REAR VIEW

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PROP1005: Project No. 2
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PHOTOGRAPHS OF SUBJECT

STREET VIEW
(Showing along the street)

STREET VIEW
(Showing along the street)

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PROP1005: Project No. 2
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TABLE OF CONTENTS

Section Page Number


Photographs of Subject Property
Table of Contents
Summary of Salient Facts and Important Conclusions

Part I - Preface
Definition of the Appraisal Problem
Assumptions and Limiting Conditions
Regional and Area Analysis (optional from Project 1)
Neighbourhood Analysis and Trends (optional from Project 1)
Land Description and Analysis (optional from Project 1l)
OCP and Zoning
Description of Improvements (optional from Project 1l)
Description of Improvements: Observed Depreciation
Part II - Analysis and Conclusions
Highest and Best Use Estimate
Cost Approach - Land Value
- Cost Analysis of Improvements
- Depreciation
- Summary
Direct Comparison Approach
Reconciliation of Value Indications and Final Estimate of Value
Certification
Addenda Page No.

City/Regional Map A
Neighbourhood Map
Site/Plot Plan (optional from Project 1)
Floor Plan(s) (optional from Project 1)
Comparable Land Sales Map
Cost Summary; Cost Manual/Service Excerpts and Worksheets
Comparable Improved Sales Map
Photographs of Improved Sales
Additional Photographs of Subject (optional from Project 1)
Neighbourhood Photographs (optional from Project 1)
Transfer and Mortgage Documents for Comparables (optional)
Other Materials (list)

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PROP1005: Project No. 2
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SUMMARY OF SALIENT FACTS AND IMPORTANT CONCLUSIONS

Type of single-family dwelling: SINGLE DETACHED HOUSE

Full Address of property: (Street, City, 6131 NUMBER 6 ROAD, RICHMOND, BC, CANADA
P.C.)
LOT 8 BLOCK 4N PLAN NWP12960 SECTION 8 RANGE 5W
Legal Description LAND DISTRICT 36.

Property Identification Number (PID) 003-534-707

BC Assessment information (current) Land Improvements Total

(From EValue BC website) $1,432,000 $1,088,000 $2,520,000

Property Tax (Municipal Website) $7,535 / Year

Zoning designation

Effective date of the appraisal: SINGLE FAMILY RESIDENTS ZONE

Dimensions and area of site: 5,564 SQUARE FEET

FIRST FLOOR: 3,158


Dimensions and area of building(s):
SECOND FLOOR: 2,406
CAN BE BEST USED FOR FARMING AS THE LAND COMES
Highest and best use: INTO FARM ZONE

Estimate of land value (as if vacant): $1,432,000

Estimate of value by Cost Approach: $2,520,000

Estimate of value by Direct Comparison


Approach:

Final estimate of value: $2,520,000

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PROP1005: Project No. 2
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DEFINITION OF THE APPRAISAL PROBLEM
PURPOSE of the appraisal is to estimate the Market Value of the subject property as at the effective date of
appraisal.

The INTENDED USE of the report is for the awarding of credits for completion of course PROP1005.

The INTENDED USER(s) are our client Mr Coley-Donohue and Langara College.
REGISTERED OWNER: HARBHAJAN
SINGH NAHAL

PAST HISTORY: NONE

Encumbrances on Title

Mortgage information [■ ] No mortgage

1st held by 2nd held by

Principal Monthly Are taxes Date Interest Amortization Conditions


outstanding payments included? due rate period

1st $ $ %
nd
2 $ $ %

Rights-of-way, other encumbrances


[ ■ ] none [ ] (if any, describe)

Definition of property rights appraised


The Fee simple estate is "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by
the governmental powers of taxation, expropriation, police power and escheat."
Appraisal of Real Estate (3rd Canadian edition)

Definition of market value


Market value is defined in the Appraisal of Real Estate (3rd Canadian edition) as: "The most probable price, as of a specified date, in
cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after
reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently,
knowledgeably, and for self-interest, and assuming that neither is under undue duress."

Effective date of appraisal

06, AUGUST, 2020

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PROP1005: Project No. 2
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ASSUMPTIONS AND LIMITING CONDITIONS

This report is subject to the following assumptions and limiting conditions.

1. Legal description is that which is recorded in the Registry or Land Title office and is assumed to be
correct.

2. Every effort has been made to verify the information received from others which is believed reliable and
correct.

3. Sketches, drawings, diagrams, photographs, etc., are included for the sole purpose of illustration and
serve to assist the reader in visualizing the property.

4. The distribution of land and building as stated in this report, apply only under the program of utilization
as identified in the report.

5. There are no hidden defects in the property nor soil moreover the no hazardous substance available
on the property.

6. Property is been appraised free and clear of liens.

7. There is a compliance with zoning and land use regulations

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PROP1005: Project No. 2
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Regional and Area Analysis

Cut and Past Project 1 corrected Regional and Area into this report

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PROP1005: Project No. 2
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Neighbourhood Analysis and Trends

Cut and Past Project 1 corrected Neighbourhood into this report

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PROP1005: Project No. 2
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Land Description and Analysis

Cut and Past Project 1 corrected Land Analysis into this report

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PROP1005: Project No. 2
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Official Community Plan (OCP) and Zoning

Cut and Past Project 1 corrected OCP & Zoning into this report

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PROP1005: Project No. 2
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DESCRIPTION OF IMPROVEMENTS
DESCRIPTION OF BUILDING
Dimensions Area 5,564 SQ. Type/style: Year Built : 2005
Foundation [■] Poured concrete [ ] Concrete blocks [ ] Concrete posts [ ] Wood posts

Framing [■ ] Wood [ ] Concrete [ ] Steel [ ]

Basement [ ] Full [ ] Partial [■ ] None [ ] Slab


[ ] Crawl space

Basement Finish
Exterior Walls Brick veneer Clapboard Stucco Siding: Vinyl
(percentage) 20 % 70% Wood : 10%

Stone veneer Aluminum Solid masonry Aluminum

Roof [■ ] Asphalt shingles [ ] Wood shingles or shake [ ] Slate [ ] Clay/tile


[ ] Built-up tar & gravel [ ] Gutters & down spouts [ ]

Interior Walls [ ■] Dry wall [ ] Plaster [ ] Paneling: type

Floor Coverings Above ground [50%] Carpet Tile Ceramic Hardwood Linoleum
(percentage) Basement Carpet Tile Linoleum Other

Fireplaces Number: 1 Location: LIVING ROOM Type:


[ ] Built-in range WOOD
Kitchen [■ ] Built-in dishwasher [ ■ ] Garburator
and oven
[ ■ ] Exhaust fan [ ■ ] Vent hood
Cabinets - type and material: WOOD Quality

Counter material: GRANITE Other features


MARBLE
Fixtures: Quality

Electricity No. of amps: 82 [ ] Circuit breakers [■ ] Fuses

Plumbing Pipes [ ] Copper [ ] Galvanized [ ■] Mixed


Hot water tank [ ] Electricity [ ■ ] Gas [ ] Oil Capacity:

Connections [ ■ ] Washer [■ ] Dishwasher [ ]

Drainage [■ ] Plastic [ ] Galvanized [ ]

Heating [ ] Forced air [ ] Hot Water [ ] Steam [ ]


[ ] Oil fired [■ ] Gas fired [ ] Electric [ ] Humidifier

Air Conditioning [ ] Yes [ ] No [ ■ ] Central Swimming pool [ ] Yes Type:

Garage [ ] Single [■] Double [ ] Attached [ ] Detached [ ] None


[ ] Carport [ ] Electricity [ ] Heated [ ] Interior finish

Type of construction:

Flooring: Dimensions: Area:

Porch [ ■ ] Open [ ] Screened [ ] Enclosed Size: [ ] None

Patio/Deck [ ] Concrete [■ ] Wood [ ] Size: [ ] None

Rental Equip. [ ] Water softener [■ ] Hot water tank [ ] Furnace [ ] [ ] None

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PROP1005: Project No. 2
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DESCRIPTION OF IMPROVEMENTS (continued)


Please identify each room with an “X”, or if more than one, indicate with a number
Room List Foyer Living Dining Kitchen Den Family Bedrooms No. Baths Laundry Other
Basement N/A N/A N/A N/A N/A Room
N/A N/A N/A N/A N/A
1st Level X X 2 X
2nd Level X X X 4 3

Finished area above grade contains a total area of Rooms Bedrooms: Baths: 5
5,584 SQUARE FEET : 14 4
Finished basement area contains a total area of rooms bedrooms baths

Bathroom location Description of fixtures installed


Right near the entrance of the room Bathtub, sink

*Comments required Good Average Fair Poor*


Energy efficiency and insulation level [ ] [X ] [ ] [ ]
Quality of construction (materials and finish) [ ] X[ ] [ ] [ ]
Condition of improvements [ ] [ ] [x ] [ ]
Rooms size and layout [ ] [ ] X[ ] [ ]
Plumbing – adequacy and condition [ ] [X ] [ ] [ ]
Electrical – adequacy and condition [ ] [x ] [ ] [ ]
Kitchen cabinets – adequacy and condition [ ] [ ] [ ] [ ]
Compatibility to neighbourhood [ ] [ ] [ ] [x ]
Overall livability [ ] [ ] [ x] [ ]
Appeal and marketability [ ] [X ] [ ] [ ]
Additional features

Recent modernization, renovation, and major repairs

Site improvements

[ ■ ] Driveway [ ] Paved [ ] Gravel [ ] Concrete Area:


[ ■ ] Fence [ ] Wood [ ] Chain link [ ] Length: Height: 98M
44M
[ ] Landscaping Description
[ ] Other Describe

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DESCRIPTION OF IMPROVEMENTS: OBSERVED DEPRECIATION

Condition of Building
Physical Depreciation - Curable

Physical Depreciation - Incurable


Short-lived:
Exterior and Dry walls: Hence the exterior needs some paint job and the dry wall repair is needed but as the house is n
that old things can be maintained.

Long-lived:
Age concept No. of years
Chronological age 59 yrs.
Effective age 44 yrs.
Economic life 61 yrs.
Remaining economic life 20 yrs.

Justification of Effective Age and Economic Life:


EFFECTIVE LIFE: As the house was constructed in the year 2008, so there is not any serious problem with anything a
more over the life expectancy is almost for 20 YEARS
EFFECTIVE RATE: Everything installed in the house is running well and maintenance is done on time. Moreover, the
subject property is fair maintained in general and the effective age will be up to 44 years.

Functional Obsolescence

The light Lamps as well as the Main Entrance Gate sensors are not working properly and need to be repaired
Cameras also need to installed again

External Obsolescence

House need Paint jobs on the exterior

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PROP1005: Project No. 2
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PROP1005: Project No. 2
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HIGHEST AND BEST USE ESTIMATE

Definition
Highest and best use is defined in the text Appraisal of Real Estate (3rd Canadian edition) as "the reasonably probable
and legal use of vacant land or an improved property that is physically possible, legally permissible, appropriately
supported, financially feasible, and that results in the highest value".

Analysis and support of highest and best use of the site, as if vacant
Full Discussion of all four Tests in this report

The Property described above is very suitable for living as well as for commercial purposes.
The house is 5,584 SQ Feet in its area and constructed in a way that you can even have a lot of space for your kitchen
farming.
So, as according to my point of view this property can be best use for farming purposes just because the land comes
under the commercial property land. if you are developing the area into some kind of farming such as Berry Farming,
then you can also save your taxes, moreover the property has a lot of space so you can also use it as your office for some
construction business and other. The land is very much fertile for many of the crops to grow.
However, the land is located on the westminister Highway so there is no problem of going in and around the city. Hence
there is a food connectivity between the property and other major places.

Discussion of adequacy of the existing improvement(s)


Full Discussion of all four Tests in this report

The site has been constructed to be a single detached house with a total building area of 5,584 SQ feet which includes
garage and driveway on both sides. The house is developed into a single-story building with no basement. The house is
constructed using wood, concrete and some marble. The current property is fully confirmed with the RF zoning.

Moreover, the said property is been taken care of very well. Everything is working in its best condition.
The ceilings, floor and other walls are kept in a good condition. Heating and ventilation facilities are working properly. So
overall the property is in good condition.

Conclusion and support of highest and best use as improved


At Last I just want to conclude by mentioning that the property is a well-maintained house with a lot of space which can be
used in many different ways
So, the best use of the land can be for the purpose of farming as well as residential.
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The property can also be improved and can be used as a office for new business setups including construction etc.

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PROP1005: Project No. 2
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COST APPROACH - LAND VALUE

Data Comparison Chart


Item Subject Comparable no. 1 Comparable no. 2 Comparable no. 3
Address 6131 Number 6 Road 6071 Number 6 Road 6111 Number 6 Road 6171 Numbe6 Road
Richmond Richmond Richmond Richmond

Legal description

Sale date 2008 12/4/2010 07/08/2015 04/03/2012

Instrument no. None None None None

Registration date None None None None

Vendor None None None None

Purchaser None None None None

Sale price 440,000 999,000 1,650,000 980,000

Right conveyed Fee simple Free hold Free hold Free hold

Financing None None None None

Conditions of sale None None None None

Expenses made None None None None


immediately after purchase

Time difference (mos) 0 4 5 6

Zoning RF RF RF RF

Location Richmond Richmond Richmond Richmond

Frontage/depth

Lot area 5,543 5,532 5,443 5,421

Topography None None None None

Utilities Sewage, hydro Sewage, hydro Sewage, hydro Sewage, hydro

Interior/corner lot Interior Interior Interior Interior

Local Improvement None None None None


Charges

Easements/Rights of Way None None None None

Other comments None None None None

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COST APPROACH - LAND VALUE (continued)

Adjustment Chart
Item Comparable no. 1 Comparable no. 2 Comparable no. 3
Sale price

Real property rights conveyed adjustment

Adjusted price

Financing adjustment

Conditions of sale adjustment

Expenses made immediately after purchase adjustment

Adjusted price

Date of sale adjustment

Adjusted price

Other adjustments as required:

- Zoning

- Location

- Frontage/depth

- Lot area

- Topography

- Utilities

- Interior/corner lot

- Local Improvement Charges

- Easements/Rights of Way

Total Other Adjustments

Final Adjusted Sale Price

Adjusted unit sale price / frontage OR

Adjusted unit sale price / area

For reconciliation purposes:

Total Adjustment

Total adjustment as % of Sale Price

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PROP1005: Project No. 2
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COST APPROACH - LAND VALUE (continued)

Adjustment Analysis in Order: 1. Property Rights 2. Financing 3. Motivation 4. Expenses made


immediately after purchase 5. Time 6. Other

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COST APPROACH - LAND VALUE (continued)

Reconciliation

Final Estimate of Site Value: $

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PROP1005: Project No. 2
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COST APPROACH – COST ANALYSIS OF IMPROVEMENTS


Reproduction Cost New (RCN) Estimate
Cost Manual (name): [ X ] Worksheet and excerpts attached

as Schedule ___

RCN estimate $

Contractors: Name and Address RCN Estimate

RCN conclusion and rationale:


Subtotal: $

Extras (state source):


(not included in above RCN estimate)

Attached deck/patio $
Porches $
Attached garage/car port $
Basement finish $
$
$
$
Subtotal: $

Total Reproduction Cost New of Building(s) $

Site Improvements: (see


PROP1005.9)

Item Cost New Age/Life Depreciated Value


$ / $
$ / $
$ / $
$ / $
$ / $
$ / $
$ / $

Total Depreciated Value of Site Improvements $

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PROP1005: Project No. 2
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COST APPROACH – DEPRECIATION

Age-Life Method
Item RCN Effective Age Economic Life % Dep. Accrued
Depreciation

Total $ $

Description of process applied and justification of estimate:

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PROP1005: Project No. 2
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COST APPROACH – SUMMARY

REPRODUCTION COST NEW $

Less Total Depreciation $

DEPRECIATED COST OF BUILDING(S) $


Plus Depreciated Site Improvements $
Plus Site Value $
VALUE INDICATED BY COST APPROACH $

Rounded to: $

Cost Approach Conclusion: Market Value = $

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DIRECT COMPARISON APPROACH
Data Comparison Chart
Item Subject Property Comparable No. 4 Comparable No. 5 Comparable No. 6
Address
Legal description
Sale date
Instrument no.
Registration date
Vendor
Purchaser
Sale Price
Rights conveyed Fee Simple
Financing
Conditions of sale
Expenses made
immediately after purchase
Time difference (mos.) 0
Distance from subject 0
(blocks)
Location
Bldg size (above grade)
Type/Quality Construction
Energy efficiency
Design and appeal
Age
Condition
Room Count Ttl Bds Bth Ttl Bds Bth Ttl Bds Bth Ttl Bds Bth

Basement unfinished area


Basement/finished below
grade area
Air conditioning
Heating
Fireplace
Appliances
Lot size
Zoning
Garage/carport
Local Improvement
Charges

Other comments:

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PROP1005: Project No. 2
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DIRECT COMPARISON APPROACH (continued)


Adjustment Chart
Item Comparable no. 4 Comparable no. 5 Comparable no. 6
Sale price
Real property rights conveyed adjustment
Adjusted price
Financing adjustment
Conditions of sale adjustment
Expenses made immediately after purchase adjustment
Adjusted price
Date of sale adjustment
Adjusted price
Other adjustments as required:
- Location
- Building size
- Construction
- Energy efficiency
- Design and appeal
- Age
- Condition
- Room count
- Basement unfinished area
- Basement/finished below grade area
- Air conditioning
- Heating
- Fireplace
- Appliances
- Lot size
- Zoning
- Garage/carport
- Local Improvement Charges
-
-
-
Total Other Adjustments

Final Adjusted Sale Price

For reconciliation purposes:

Total Adjustment
Total adjustment as % of Sale Price

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DIRECT COMPARISON APPROACH (continued)

Adjustment Analysis in Order: 1. Property Rights 2. Financing 3. Motivation 4. Expenses made


immediately after purchase 5. Time 6. Other

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Page of pages

DIRECT COMPARISON APPROACH (continued)

Adjustment Analysis (continued)


Other adjustments

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DIRECT COMPARISON APPROACH (continued)

Reconciliation

Direct Comparison Approach Conclusion: $

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PROP1005: Project No. 2
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RECONCILIATION OF VALUE INDICATIONS AND FINAL ESTIMATE OF VALUE

Indicated value by Cost Approach $

Indicated value by Direct Comparison Approach $

The Market Value, as defined, for the subject property as of


(Date)
is estimated to be $

The exposure time for the subject property has been estimated at .

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CERTIFICATION

I certify that, to the best of my knowledge and belief:

 the reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity
with the requirements of the code of Professional Ethics and the Standards of Professional Appraisal Practice.

 the statements of fact contained in this report are true and correct.

 the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions,
and are my personal, unbiased professional analyses, opinions, and conclusions.

 I have no present or prospective interest in the property that is the subject of this report, and I have no personal
interest or bias with respect to the parties involved.

 my compensation is not contingent upon the reporting of a predetermined value or direction in value that favours the
cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a
subsequent event.

 I have made a personal inspection of the property that is the subject of this report, located at
, on .

 no one provided significant professional assistance to the person signing this report.

 the final estimate of market value, as of is estimated to be:


(Date)

($ )

Signature of Student Date Signed

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PROP1005: Project No. 2
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ADDENDA

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PROP1005: Project No. 2
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PROP1005

Last

1 Braybrooks

2 Contreras Garduno

3 Dhillon

4 Dhillon

6 Garikipati

7 Hoang

8 Jain

9 Kuo

10 Moru

11 Naraghi

12 Nguyen

13 Singh

14 Singh

15 Lam

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