Real Estate Appraisal Template

PROP1005
PROJECT 2
Residential
Appraisal
Report
Real Estate
Division
ADDRESS OF
SUBJECT
PROPERTY:
PREPARED BY:
SANJEET HOODA
STUDENT NO: 100360828
Grader
Base form Provided by UBC Sauder School of Business - BUSI 330.1 (v2.0 03_2020) Page 1 of 36
PROP1005: Project No. 2
Name:
Student Number:
Mark %
Letter Grade
Name:
Student Number:
RESIDENTIAL APPRAISAL REPORT (PROP1005, Project No. 2)
LETTER OF TRANSMITTAL INFORMATION
Name:
Student Number:
PHOTOGRAPHS OF SUBJECT
FRONT VIEW
(Showing Depth)
REAR VIEW
Name:
Student Number:
PHOTOGRAPHS OF SUBJECT
STREET VIEW
(Showing along the street)
STREET VIEW
(Showing along the street)
Name:
Student Number:
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)
Name:
Student Number:
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
Name:
Student Number:
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
Name:
Student Number:
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
Name:
Student Number:
Regional and Area Analysis
Cut and Past Project 1 corrected Regional and Area into this report
Name:
Student Number:
Neighbourhood Analysis and Trends
Cut and Past Project 1 corrected Neighbourhood into this report
Name:
Student Number:
Land Description and Analysis
Cut and Past Project 1 corrected Land Analysis into this report
Name:
Student Number:
Official Community Plan (OCP) and Zoning
Cut and Past Project 1 corrected OCP & Zoning into this report
Name:
Student Number:
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
Name:
Student Number:
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
Name:
Student Number:
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
Name:
Student Number:
Name:
Student Number:
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.
Name:
Student Number:
The property can also be improved and can be used as a office for new business setups including construction etc.
Name:
Student Number:
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
Name:
Student Number:
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
Name:
Student Number:
Adjustment Analysis in Order: 1. Property Rights 2. Financing 3. Motivation 4. Expenses made

immediately after purchase 5. Time 6. Other
Name:
Student Number:
Reconciliation
Final Estimate of Site Value: $
Name:
Student Number:
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 $
Name:
Student Number:
COST APPROACH – DEPRECIATION
Age-Life Method
Item RCN Effective Age Economic Life % Dep. Accrued
Depreciation
Total $ $
Description of process applied and justification of estimate:
Name:
Student Number:
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 = $
Name:
Student Number:
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:
Name:
Student Number:
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
Name:
Student Number:
Adjustment Analysis in Order: 1. Property Rights 2. Financing 3. Motivation 4. Expenses made

immediately after purchase 5. Time 6. Other
Name:
Student Number:
Page of pages
Adjustment Analysis (continued)

Other adjustments
Name:
Student Number:
Page of pages
Reconciliation
Direct Comparison Approach Conclusion: $
Name:
Student Number:
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 .
Name:
Student Number:
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
Name:
Student Number:
ADDENDA
Name:
Student Number:
Name:
Student Number:
PROP1005
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6 Garikipati
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8 Jain
9 Kuo
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11 Naraghi
12 Nguyen
13 Singh
14 Singh
15 Lam

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PROP1005

STUDENT NO: 100360828

RESIDENTIAL APPRAISAL REPORT (PROP1005, Project No. 2)

LETTER OF TRANSMITTAL INFORMATION

Section Page Number

SUMMARY OF SALIENT FACTS AND IMPORTANT CONCLUSIONS

Type of single-family dwelling: SINGLE DETACHED HOUSE

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

Effective date of the appraisal: SINGLE FAMILY RESIDENTS ZONE

Dimensions and area of site: 5,564 SQUARE FEET

FIRST FLOOR: 3,158

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

Final estimate of value: $2,520,000

PAST HISTORY: NONE

Mortgage information [■ ] No mortgage

1st held by 2nd held by

Principal Monthly Are taxes Date Interest Amortization Conditions

Rights-of-way, other encumbrances

Definition of property rights appraised

Definition of market value

Effective date of appraisal

06, AUGUST, 2020

ASSUMPTIONS AND LIMITING CONDITIONS

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

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

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

Regional and Area Analysis

Neighbourhood Analysis and Trends

Cut and Past Project 1 corrected Neighbourhood into this report

Land Description and Analysis

Official Community Plan (OCP) and Zoning

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

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

Stone veneer Aluminum Solid masonry Aluminum

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

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

Fireplaces Number: 1 Location: LIVING ROOM Type:

Counter material: GRANITE Other features

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

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

Connections [ ■ ] Washer [■ ] Dishwasher [ ]

Drainage [■ ] Plastic [ ] Galvanized [ ]

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

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

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

Flooring: Dimensions: Area:

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

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

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

DESCRIPTION OF IMPROVEMENTS (continued)

Bathroom location Description of fixtures installed

*Comments required Good Average Fair Poor*

Recent modernization, renovation, and major repairs

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

DESCRIPTION OF IMPROVEMENTS: OBSERVED DEPRECIATION

Physical Depreciation - Incurable

Justification of Effective Age and Economic Life:

Comments required Good Average Fair Poor