Module04 - Outline

Module04 - Outline - Module 4 - Property inspections...

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1 Module 4 - Property inspections Objectives 6.1. Preparing to Inspect the Site 6.2. Highest and Best Use Analysis 6.3. Major Categories of Site Information 6.4. Computing Area and Volume 7.1 Planning the Building Inspection 7.2 Performing the Building Inspection 7.3 Understanding Construction Details 7.4 Functional Utility and Architectural Styles 6.1 PREPARING TO INSPECT THE SITE Reasons for Inspecting and Analyzing the Site Highest and Best Use Estimate This is an estimate of the land use that will support its highest value. Identify Key Features 1. Physical Characteristics 2. Site Location Elements 3. Public and Private Restrictions Identify Possible Legal or Physical Problems Examples include: 1. Non-conforming uses and encroachments 2. Flood risks, poor soils, environmental hazards What Data and Tools are Needed? Sales History of Subject A three-year sales history, and any current sale agreement, option or listing are required due to USPAP. Site and Neighborhood Data 1. Legal characteristics of the site: ownership, assessed value, zoning, recorded easements and encumbrances. 2. Appropriate maps, local demographics, location of schools, churches, and public offices; shopping, transportation, and land use information. Data Sources Data sources include: property profiles furnished by client or title companies, public records, data services, chambers of commerce, census reports, and state and federal agencies. Tools and Equipment 1. Checklist or form, and clipboard 2. Note pad, recorder, graph paper 3. Tape or laser measure or roller 4. Ice pick in a sheath 5. Camera 6. Plat and street maps
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2 6.2 HIGHEST AND BEST USE ANALYSIS Definition “...that reasonable and probable use that will support the highest present value of the land, as of the date of value of the appraisal.” Purpose 1. Forms the basis for data collection. 2. Suggests the appraisal methods to use. 3. Is required by USPAP for all market value appraisal reports. Alternative Use Assumptions 1. The highest and best use of the land as if vacant, and 2. The highest and best use as presently improved . Highest and Best Use Criteria 1. Physically possible 2. Legally permissible 3. Economically feasible 4. Maximally productive 6.3 MAJOR CATEGORIES OF SITE INFORMATION Important Physical Characteristics Size and Shape 1. Minimum legal size 2. Allowable construction 3. Assemblage/plottage 4. Gross area vs. useful area 5. Shape, frontage and depth Topography, Soil, and Geology 1. Topography describes the surface features of the land. a. Advantage of irregular land: potential views, privacy b. Disadvantage: higher development and utility costs c. Important variable: relation of site to nearby properties 2. Soil and geology: investigate and consider: a. Its ability to support structures b. Its suitability for septic tanks c. Any known soil liquification or earthquake hazard areas Drainage and Flood Hazards 1. Water drainage: consider: a. Existing systems, natural and constructed b. Future systems, and how they affect the site 2. Flood Hazards: consider:
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This note was uploaded on 09/17/2011 for the course CGS 3300 taught by Professor Kaleem during the Spring '08 term at FIU.

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Module04 - Outline - Module 4 - Property inspections...

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