Given the following information, determine the final appraisal value of the subject property. $$\begin{array} { | l | c | }
\hline & \text { Adjustrnents } \
\hline \text { Market Conditions }& - 0.50 \% ( p e r \text { month } ) \
\hline \text { Lot Size } \ & \$ 25,000 \text { (per acre) } \
\hline\text { EFfective Age (Years) } & \$ 1,000 ( \text { per year) } \
\hline\text { Living Area (Sq. Ft) } & \$ 45.00 ( \text { per sq. ft.) } \
\hline \text { Bath } & \$ 1,250 ( \text { per bath) } \
\hline\text { Bedroorrs }&\$3,000(per bedroom)\
\hline
\end{array}$$
$$\begin{array} { | l | c | c | }
\hline & \text { Subject Property } & \text { Comparable Property } \
\hline \text { Time Sold } & \text { Today } & 4 \text { Morths Apo } \
\hline \text { Lot Size (Acres) } & 0.83 & 0.80 \
\hline \text { Effective Ape (Years) } & 8 & 7 \
\hline \text { Living Area (Sq. Ft) } & 2,197 & 2,383 \
\hline \text { Bath } & 3.5 & 3.5 \
\hline \text { Bedroorns } & 4 & 4 \
\hline \text { Sale Price } & - & \$ 287,000 \
\hline
\end{array}$$
A) $271,140
B) $272,640
C) $284,120
D) $289,380

Question

Given the following information, determine the final appraisal value of the subject property.  $$\begin{array} { | l | c | } 
\hline & \text { Adjustrnents } \
\hline  \text { Market Conditions }& - 0.50 \% ( p e r \text { month } ) \
\hline \text { Lot Size } \ & \$ 25,000 \text { (per acre) } \
\hline\text { EFfective Age (Years) }  & \$ 1,000 ( \text { per year) } \
\hline\text { Living Area (Sq. Ft) } & \$ 45.00 ( \text { per sq. ft.) } \
\hline \text { Bath }  & \$ 1,250 ( \text { per bath) } \
\hline\text { Bedroorrs }&\$3,000(per bedroom)\
\hline
\end{array}$$
$$\begin{array} { | l | c | c | } 
\hline & \text { Subject Property } & \text { Comparable Property } \
\hline \text { Time Sold } & \text { Today } & 4 \text { Morths Apo } \
\hline \text { Lot Size (Acres) } & 0.83 & 0.80 \
\hline \text { Effective Ape (Years) } & 8 & 7 \
\hline \text { Living Area (Sq. Ft) } & 2,197 & 2,383 \
\hline \text { Bath } & 3.5 & 3.5 \
\hline \text { Bedroorns } & 4 & 4 \
\hline \text { Sale Price } & - & \$ 287,000 \
\hline
\end{array}$$
A) $271,140
B) $272,640
C) $284,120
D) $289,380

Quizplus · Accepted Answer

The final appraisal value of the subject property is calculated by adjusting the sale price of the comparable property based on the differences between the subject and the comparable properties. 1. Market Conditions: The comparable sold 4 months ago, so we adjust for market conditions: $287,000 * 0.5% * 4 = $5,740 decrease.2. Lot Size: The subject has 0.03 more acres than the comparable: 0.03 * $25,000 = $750 increase.3. Effective Age: The subject is 1 year older: 1 * $1,000 = $1,000 decrease.4. Living Area: The subject has 186 fewer sq. ft.: 186 * $45 = $8,370 decrease.5. Bathrooms: Both properties have the same number of bathrooms, so no adjustment.6. Bedrooms: Both properties have the same number of bedrooms, so no adjustment.Adding up the adjustments: -$5,740 (market conditions) + $750 (lot size) - $1,000 (effective age) - $8,370 (living area) = -$14,360 total adjustments.Subtracting the total adjustments from the sale price of the comparable property: $287,000 - $14,360 = $272,640.

Given the Following Information, Determine the Final Appraisal Value of the Subject