Chapter 6 CHAPTER TERMS AND CONCEPTS Access Assemblage Association agreement Building footprint Condominium Corner lot Coverage ratio Culdesac lot Depth Excess depth Flag lot Frontage ID: 625117
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PROPERTY INSPECTION AND ANALYSIS: THE SITE
Chapter
6Slide2
CHAPTER TERMS AND CONCEPTSAccessAssemblageAssociation agreementBuilding footprint
CondominiumCorner lotCoverage ratioCul-de-sac lotDepth
Excess depthFlag lotFrontageGross areaHighest and best useInterim useInterior lotKey lotLocationLot shape2Slide3
CHAPTER TERMS AND CONCEPTSLot typeNet areaOff-site improvementsOn-site improvementsOrientation
Planned Unit Development(PUD)PlottagePlottage value
Private restrictionsPublic restrictionsRight of accessT-intersection lotTopographyTownhouseTransportationUseful areaUtilities3Slide4
LEARNING OUTCOMESList three reasons for making site inspections.
List the four criteria for highest and best use.List the three main categories of site information.
Calculate the area of a square, rectangle, triangle, trapezoid, and circle.4Slide5
PREPARING TO INSPECT THE SITEReasons for Inspecting the SiteEstimate Highest and Best UseThe land use that will support its highest valueIdentify Key Features
Physical characteristicsSite location elementsPublic and private restrictionsIdentify any Legal or Physical Problems
5Slide6
LEGAL PROBLEMSNon-Conforming Use:
Unrecorded Easement:
Encroachment6Slide7
PHYSICAL PROBLEMSFlood Risk
Soil or Fault Problem
Environmental Hazards7Slide8
WHAT DATA AND TOOLS ARE NEEDED?Sales History of SubjectThree years of history prior to date of value
Site and Neighborhood DataFlood maps, aerial photos, easements (title report), plat map, zoning map and available utilitiesData SourcesCity or County OfficesMLS, FEMA and Public Records
Tools and EquipmentChecklist, computer, measuring device, camera, map or GPS8Slide9
SITE DESCRIPTION SECTION OF THE URAR9Slide10
HIGHEST & BEST USEThe Uniform Standards of Professional Appraisal Practice.Requires an analysis of Highest and Best use if intended use of the appraisal is to form an “….opinion of market value”
This is the only time USPAP requires an opinion of highest and best use.
10Slide11
HIGHEST AND BEST USE ANALYSISDefinition“The reasonable and profitable use that will support the highest land value as of the date of value.”Use CriteriaPhysically possibleLegally permissible
Economically feasibleMost productive (Profitable)11Slide12
HIGHEST AND BEST USE ANALYSIS (Continued)PurposeBasis of data collectionSuggests the appraisal methods
Is usually required by USPAPUse AssumptionsThe highest and best use as if vacant landThe highest and best use as presently improved
12Slide13
Figure 6.213Slide14
MAJOR CATEGORIES OF SITE INFORMATIONPhysical CharacteristicsSite Location Elements
Public and Private Restrictions14Slide15
PHYSICAL CHARACTERISTICS OF THE SITESize and ShapeTopography, Soil, and Geology
Drainage and Flood HazardsEnvironmental FactorsForm of Ownership
A physical and legal featureLot Type and OrientationOn-Site and Off-Site Improvements15Slide16
SIZE AND SHAPESize is Usually in Square Feet or AcresAssemblage or Plottage
Joining of two or more parcelsMay/May not increase value (Plottage Value)Gross vs. Net Lot Area
Building Footprint or Coverage RatioLot Shape and DepthFrontage and Excess Depth16Slide17
TOPOGRAPHYTopography or ContourLot Type and Orientation
View lotsCity, Ocean, Lake, Forest
17Slide18
SOIL, & GEOLOGYSoil and GeologyPoor soil stability
Soil too dense or sandyPermafrostSwampsPoor absorptionPoor septic systems
18Slide19
DRAINAGE AND FLOOD HAZARDSAppraiser Should Note the Drainage Pattern
Flood Maps/Flood Plain19Slide20
ENVIRONMENTAL FACTORSRadon and Methane GasHazardous Wastes
Lead PaintFormer Oil FieldsToxic Wastes
20Slide21
FORM OF OWNERSHIPConventional Detached LotAirspace Condominium
21Slide22
LOT TYPE AND ORIENTATIONCommon Types of Lots
22Slide23
ON-SITE & OFF-SITE IMPROVEMENTSOn-Site ImprovementsEarth leveling, grading, filling, drainage, compaction or excavation
Off-Site ImprovementsWidening and paving of streets, curbs, gutters, sidewalks, alleys, street lighting and parking
23Slide24
ANALYSIS OF SITE LOCATION ELEMENTSEvaluation of the NeighborhoodProximity to Earthquake, Flood and Environmental Hazards
Comparison with Neighborhood PropertiesUtilitiesTransportation
24Slide25
EVALUATION OF THE NEIGHBORHOODConvenience to Schools, Hospitals, Community CentersRelationship to Employment and Shopping
Market Appeal of the Neighborhood25Slide26
PUBLIC RESTRICTIONSRegional and Master PlansZoning Regulations
Subdivision RequirementsBuilding and Safety RegulationsEnvironmental Protection LawsFederal Flood Zones
Geological Hazard Zones26Slide27
PROPERTY TAXESAd ValoremDirect Assessments
Property Transfer ChargesLeases (In California)27Slide28
PRIVATE RESTRICTIONSDeed Restrictions
Association Agreements
EasementsLeases28Slide29
AREA OF SHAPES29
Side
Side
W
L
h
b1
b2
h
b1
b2
h
b
Area = s x s
Area = W x L
A =
b1 +b2
2
A= ½ h x b
A =
Π
r
2
h
b
rSlide30
SUMMARY30
Site
inspection is one of the most important parts of the entire appraisal process. It is desirable to have certain kinds of information before the actual site inspection begins. The tools and equipment necessary to perform the inspection were outlined. During the inspection, the appraiser should first investigate the physical characteristics of the site. Physical characteristics also include the form of ownership, type of lot, its orientation, and physical access.
The improvements made to the site or on areas surrounding
it must
be
noted.