Chapter 1 Overview of Approaches to Value Rooks

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Unformatted text preview: 10/04/11 10/04/11 Chapter 1 - Approaches to Value 1 Important Words Important Appraisal Appraisal Report Replacement Cost Assumptions Restricted Use Appraisal Lot and Block System Metes and Bounds Cost Approach Comparable Approach Contract Rents Effective Date of the Effective Appraisal Appraisal 10/04/11 Intended User Land Reproduction Cost Limiting Conditions Comparable Sale Rectangular Survey Report Income App Depreciation Market Rents Market Rents Chapter 1 ­ Approaches to Value 2 Important Words ~ 2 Important Report Self-Contained Appraisal Letter Report Final Estimate of Value General Data Real Property Personal Property Subject Property Planned Unit Development Planned Highest and Best Use 10/04/11 Narrative Appraisal Report Summary Appraisal Report Oral Report Site (situs) Site (situs) Specific Data Real Estate (The Dirt) Real (The Fractional Interests Plottage Gross Monthly Rent Gross Multiplier (GMRM) ((GRM)) ((GRM)) Chapter 1 ­ Approaches to Value 3 Important Words ~ 3 Important Highest and Best Use Hypothetical Conditions Improvements 10/04/11 URAR Report Reconciliation Chapter 1 ­ Approaches to Value 4 Introduction to Appraisal & Value Importance of the Appraiser Provide an opinion of value to aid the client to make Provide decision. decision. How much of a loan should the lender make? How much to list the property for. How much insurance will be needed. Estate purposes. Tax purposes. Government acquisition in eminent domain. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 5 Introduction to Appraisal & Value ~ 2 Originally real estate brokers established values Originally for banks and other lenders. There is a basic conflict of interest when a broker is representing the buyer or the seller or both of them. the Brokers who are Real Estate Appraisers should Brokers not act as both in a transaction. not Because of these initial conflicts brokerage and Because appraisal gradually separated into distinctly different fields. different 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 6 What Appraisers Have to Sell Appraisers have the following to sell to a client: a. b. c. d. e. 10/04/11 10/04/11 Knowledge Experience Integrity Objectivity Uncompromised willingness to do the work on a Uncompromised timely basis for a mutually agreed upon fee. timely (A.E.I.O.U.) Chapter 1 ­ Approaches to Value 7 Adequate Knowledge The appraiser should have had a good general The education. education. Currently each state outlines the requirements Currently for acceptance for licensing and certification. This amounts to the appraiser having taken certain educational courses, certain experience, a standard of ethics, and an ability to report accurately. accurately. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 8 Experience It is felt that experience will qualify most It individuals to do quality work in a given field. Another idiom today is that more education, more degrees is a suitable substitute for experience. experience. Finally, the prevailing mentality today is that a Finally, certain education is necessary but with adequate actual experience. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 9 Integrity References and recommendations are the most References common method of determining whether or not any individual has integrity. not The states, and the federal government attempt The to establish the integrity of an individual. to Finally, it is strongly felt today that education Finally, will help improve ethics, and integrity. will 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 10 Objectivity Appraisers sign the “Statement of Limiting Appraisers Conditions” which includes a statement that states that the appraiser has no present or future interest in the subject property. the Objectivity is very difficult for some people. With Objectivity others it is less of a problem. Some individuals feel that whatever it is that they have done would best qualify an individual for any endeavor, other people are truly, almost naturally more objective. are Perhaps objectivity is really a matter of self Perhaps confidence and honesty. confidence 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 11 Willingness to do Work on a Timely Willingness Basis for a Mutually Agreed Upon Fee Basis It is critical that the appraiser is capable of It allocating their time, and their completion of accepted assignments in a timely fashion. accepted It should remain obvious that acceptance of an It assignment should preclude the person who accepted the assignment has the time, and is capable of performing the work in an agreed upon time. upon 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 12 The Appraisal Process 1. Define the Problem 2. Plan the Appraisal 3. Collect and Analyze the Data General Data Comparable Property Data Subject Property Data Highest & Best Use Analysis Land Value Analysis 4. Apply the Value Approaches Sales Comparison Approach Cost Approach Income Approach 5. Arrive at a Value Conclusion 6. Report the Value Conclusion 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 13 1. Define the Problem The first step in any appraisal is to Define The Problem. There are 7 steps in this definition of the problem. Identification of: The client and other intended users. 2. The intended use of the appraiser’s opinions and The conclusions. conclusions. 3. The type and definition of value. 4. The Effective date of the appraiser’s opinions and The conclusions. conclusions. 5. The Characteristics of the property. 6. Any extraordinary assumptions necessary in the assignment. 10/04/11 Any hypothetical conditions necessary in the assignment. 14 10/04/11 Chapter 1 ­ Approaches to Value 7. 1. 1.The Client & Other Users 1. The client and other intended users. The identification of the client and other intended users helps limit The who you might be liable to. who For example you might be doing a letter report for a builder For concerning a “Future Market Value” helping him determine the profitability of a project. Another reader could conclude that this is a general value for the entire area and subsequently purchase a property, ultimately suffering a loss. Would that person then, try and hold you accountable for their loss? person The identification of the client (the person who ordered the The appraisal normally) and other intended users should restrict the appraisal use of the appraisal to people who understand what you are trying to submit in any conclusions. trying 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 15 2. The intended use of Opinions and Conclusions 1.The intended use of the appraiser’s opinions and conclusions. What are you doing the appraisal for? What kind of value are you What trying to conclude. trying Usually the value we seek is “Market Value” for the purpose of a Usually lender who is going to make a loan. lender We could be looking for “Condemnation Value” in an eminent We domain proceeding by the city, county, or state. domain Sometimes we do an appraisal for a property settlement in a Sometimes divorce. Here the attorney normally wants equity value. divorce. An appraisal for “Equity Value” when a couple is trying to position An a “Living Trust” and their allocation of property. “Living 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 16 3.The type and Definition of Value 1. The type and definition of value. We are required to state the Type of Value we are seeking We and give a definition of that value. and In most appraisals the definition of “Market Value” is In included in the report. included The value sought could be for Tax Purposes in depreciation The schedules for investors. We would need to state that that was the reason for the appraisal and why it was important to separate the improvements and the land. separate 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 17 4. Effective date of Opinions and Conclusions 1. The Effective date of the appraiser’s opinions and The conclusions. conclusions. The Effective Date is normally the date of inspection. The date The that you saw and inspected the property. The value of the property on, then give a date, then state the value. That way someone would not be able to rely on the value next year, or last year. value Sometimes we do an appraisal in the past. In that case the date of Sometimes inspection would not be the Effective Date of the appraisal. This could be the case in a probate. The original owner died 14 years ago and the family didn’t know they had to do a probate to establish value. probate 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 18 5. The Characteristics of The Property. 1.The Characteristics of the property. Every appraisal must have a legal description of the property. Additionally every appraisal must have an accurate description Additionally of the real estate (site) and any improvements (buildings). If (site) there is any personal property included in the sale it must be included in the report. Carpets, drapes, washer and dryer. included Real estate is owned by what we call the “Bundle of Rights” or Real your right to use certain benefits of the property, not simply the site and improvements but your right to use the benefits associated with this bundle of rights. associated 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 19 Real Property “Bundle of Rights Theory” Real property ownership involves the following Real rights. The government keeps some rights. rights. Possess Will Use Sell Enjoy Do nothing at all Encumber 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 20 6. Any Necessary Extraordinary Assumptions 6. Any extraordinary assumptions necessary in the assignment. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 21 Extraordinary Assumptions Any extraordinary assumptions necessary in the Any assignment. assignment. Extraordinary assumptions presume as fact otherwise uncertain Extraordinary information about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in the analysis. data 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 22 6. Any Necessary Extraordinary Assumptions Sample language that could be used to describe Sample an an Extraordinary Assumption in a report. Sample Language #1 “The property owner indicates that the home has The a total of 2,400 square feet. Based on the location of the home on the site, the landscaping and the configuration of the second floor, the appraiser was unable to measure the exterior of 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 23 7. Necessary Hypothetical Conditions 1. Any hypothetical conditions necessary in the Any assignment. assignment. Sample Language – The subject property is outside but adjacent to a municipality that identifies the subject property as suitable for low density residential development upon annexation. Discussions with the municipal planning department indicate that annexation is available upon request by the property owner. The analysis associated with this assignment is based on the assumption that the property is annexed into the municipality and zoned for low density residential development. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 24 7. Necessary Hypothetical Conditions 1. Any hypothetical conditions necessary in the Any assignment. assignment. 10/04/11 10/04/11 A Hypothetical Condition is something that Hypothetical could be but isn’t as the appraiser writes their report. report. The appraiser is asked to develop an The appraisal on the subject property as it is now, a vacant lot. vacant The appraiser is asked to estimate a value if The the lot had a finished four-plex built on it. the Chapter 1 ­ Approaches to Value 25 2. Plan the Appraisal This 2nd Step, Plan the Appraisal includes determining the “Scope of the Work”, usually with the client. Then you plan the appraisal. Your text includes six helpful steps in this planning. steps 1.Decide which data is needed 2.Identify the sources of the needed data. 3.Determine what personnel are needed. 4.Make a time schedule. 5.Make a flow chart. 6.Present a fee proposal, agree upon a fee, sign a contract. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 26 Types of Data There are two basic types of Data: 1. General Data General data has to do with the current economic General market, real estate market and location of the subject property. General Data could be used for other properties in the area. properties 2. Specific Data Specific data is about the site and the improvement that you Specific are working on. It will pertain only to that property. are 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 27 2. Plan the Appraisal General Data Local Economy Income of Owners Future Plans Future Economic Contributions Building Codes 10/04/11 10/04/11 Subject Property Data Comparable Property Data Description of Improvements Location in Comparison to subject Number of Bedrooms Number of Bedrooms Number of Baths Number of Baths Stories Size in Comparison Square feet in subject Condition in Garage – attached – detached Comparison Chapter 1 ­ Approaches to Value 28 Data Sources The appraiser will have a sizable amount of The data for any area that they have done repetitive appraisals in. appraisals Other data sources include the Multiple Listing Other Services. The County Recorders Office. Title Companies. Companies. Some appraisers subscribe to data services. Some They simply type in some basic information and suitable comparables are downloaded. and 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 29 Personnel Needed Will you need other secretaries or appraisers to Will assist you with the appraisal? assist Will you need another body when you are at Will the site? the Can someone in the office gather the data Can necessary for the report? necessary Can someone else in the office arrange the Can time for you arrival? time 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 30 Personnel Needed Depending on the size of the office and the Depending volume of work the personnel that is or might be available is limited. available Some offices have one person who will make a Some time schedule for you, with comparables, and you simply arrive in a timely fashion. you Usually when we are in the field appraising Usually single family homes we will do four homes in a day. day. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 31 Time Schedule You will want a time schedule on a daily basis. You This is particularly true when you are doing field work. What time will you leave? What time will you get to the first appraisal. If you are ahead of schedule, behind schedule, do you have the telephone number of the next client whose property you are appraising. whose How are you going to get into the property? 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 32 Time Schedule IF you get into the field and some or all of the IF comparables are unsuitable for the appraisal. How will you get other comparables while you are there? Will you have to go back? What if you had to trade cars and you don’t have your tools with you. tools Better than half of appraisals are delivered late. Better Once you get the field information and all the data, how long until you finish the report? data, 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 33 Flow Chart If you have a heavy workload you will want a If flow chart. flow Flow charts are many and varied. Depending on Flow your workload you will need to use a flow chart of some kind so you will know where you are and when appraisals in progress will be finished. and I prefer a visual flow chart, as in a white board prefer on a wall where I can see from my desk or worktable what I have on my agenda. worktable 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 34 Fee Proposal & Contract You will finally have to tell the potential client You what your fee for the assignment is going to be. what Once they accept that, rather than a contract, the Once fax or email you an intent for work. fax You can then begin your work. In California it You is rate that we ever sign a contract. The fax or email is a letter directing us to do the work. email 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 35 Data Analysis Data analysis is simply the analyzing of the data Data that you have gathered or anticipate gathering. that You are going to gather, or maybe already have You gathered data that is pertinent to your appraisal. gathered You need to ascertain how that data that you You plan on using relates to the subject property. plan The appraisal must include a highest and best The use anlysis of the property as well. use 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 36 Market Analysis The market analysis amounts to the type of property The you are trying to appraise. you With single family homes, which will be 99.99% of With your work you will still apply all of the steps. your The following slide has a 6 step process that was The outlined by the institute in a book “The Appraisal of outlined Real Estate” 12th edition. Real In your real appraisal work you won’t be aware that you are using these steps, but you are, and they are worth looking at. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 37 Six Step Outline for Market Analysis 1. 2. 3. 3. 4. 5. 6. Property productivity analysis Market delineation Market Demand analysis Competitive supply and demand analysis Supply and demand study Capture estimation 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 38 Property Productivity Analysis Which features of the subject property define the Which productive capabilities and potential uses of the property. property. These attributes can be physical, legal, or These locational. locational. All are the basis for selecting comparable All properties. properties. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 39 Market Delineation Once you have determined the uses of the Once subject property you can identify a market, or markets for that property. markets What you are doing is separating the subject What property from a larger market according to its probable use. probable A single family home in a single family single neighborhood all zoned Residential 1 (R-1). neighborhood This won’t be a shopping center. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 40 Demand Analysis and Forecast You must consider existing and anticipated You demand. You study population and employment data to analyze and forecast the demand. data The scope of work required by the assignment The will dictate to what extent demand variables must be investigated. must A regional mall would involve one demand regional study, a single family home would be another thing. thing. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 41 Competitive Supply Analysis and Forecast Here you will determine what is currently on the Here market as competition for your subject property. market This is normally done from the information that This you have gotten from the local Multiple Listing Service. Knowing then what is in competition with your property, and trying to determine the probable time before that supply is exhausted. time 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 42 Supply and Demand Study You will examine the interaction of supply and You demand to determine if demand exists. You can estimate the length of time, the exposure to the market, before the property would sell. market, How much of what you are appraising is being How built right now, are there proposals and permits that have been applied for to construct similar property in the neighborhood or affective area of your subject? your 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 43 Capture Estimation How much of the market will your subject command, How capture? You will compare the amenities of your subject property and other properties being offered and determine what price you can achieve to attract enough demand to justify the price you have indicated. demand If four homes in the indicated price area are available If but all four look like they will sell before the subject because they are more desirable, then the subject will command a lower price command When will the subject sell and for how much. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 44 Capture Estimation 2 This information generated through this Market This Analysis is important for all three of the approaches to value. value. Cost Approach – it provides the basis for depreciation, Cost physical deterioration and functional and external obsolescence. obsolescence. Income Capitalization Approach – this study provides Income the basis for rents, vacancies, expenses of operation. the Sales Comparison Approach – this study provide the Sales comparables that help determine the value. comparables 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 45 Highest & Best Use Analysis Two highest and best use analyses are made; Highest and best use as vacant. Highest and best use as improved. Four tests have to be met before any highest and Four best use can be considered. best If a proposed use fails to meet any of the four If tests it is discarded. tests Finally, there will be a highest and best use. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 46 Four Tests for Highest and Best Use The 4 Tests for Highest and Best Use are: 1. 2. 3. 4. 10/04/11 10/04/11 Physically possible. Legally permissible. Financially feasible. Maximally productive. Chapter 1 ­ Approaches to Value 47 Physically Possible The proposed use has to be possible. If you The propose a 12 story hotel for a site that is zoned for that your good. You wouldn’t propose a 12 story hotel for construction of a single family home located among other single family homes. home If it is not physically possible, it can’t be done, If so it is not even considered. so 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 48 Legally Permissible The proposal must be legal. Is it legally The permitted? Is the Zoning right for you proposal? What about environmental studies? Are there prohibitive Private Restrictions? Are Easements can restrict the use of a site. Height restrictions. Will the city, county or state allow what you are Will proposing? proposing? 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 49 Financially Feasible The proposed use must be financially feasible if The it is to compete with other uses. If you plan on building a 200 unit apartment building in Death Valley, California it isn’t likely you’ll ever fill it with tenants. If you don’t have rents coming in it won’t be profitable. rents If it isn’t profitable then it isn’t financially If feasible. feasible. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 50 Maximally Productive The proposed project should give the maximum The financial return that would be possible. financial Even though the property is being used as a home, if Even it is an R-3 or R-4 lot on which you could build a 6 unit apartment building,. unit The value as a home is $500,000 but the value of The the 6 unit would be $1,200,000 and cost $500,000 to build, then the highest and best use would be the 6 units even though it will remain a single family dwelling. dwelling. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 51 Highest and Best Use As Vacant 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 52 Highest and Best Use As Improved 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 53 4. Apply the Value Approaches Sales Comparison Approach 10/04/11 10/04/11 Cost Approach Chapter 1 ­ Approaches to Value Income Approach 54 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 55 6. Report the Value Conclusion 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 56 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 57 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 58 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 59 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 60 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 61 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 62 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 63 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 64 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 65 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 66 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 67 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 68 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 69 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 70 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 71 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 72 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 73 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 74 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 75 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 76 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 77 1. Step #1 of the appraisal process 1. is: is: To collect the data. b. Apply the sales comparison approach. c. Define the problem to be solved. d. None of the above. Page 1 - 4 a. 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 78 2. The most common type of The value estimated by the appraiser is: is: Foreclosure value. b. Insurable value. c. Purchase value. d. Market value. a. Page 1 - 4 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 79 3. Which of the following Which methods of identifying a property would be most accurate? accurate? a. c. c. c. d. 10/04/11 10/04/11 Mailing address Lot number Lot Survey Subdivision name Page 1 - 5 Chapter 1 ­ Approaches to Value 80 4. The client has input but the The appraiser must determine: appraiser The scope of the work to be done b. The value estimate reported. c. Which comparable sales to use. d. All of the above a. Page 1 - 6 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 81 5. Market analysis includes: a. b. c. d. demand analysis and forecast. property productivity analysis market delineation. all of the above. Page 1 - 11 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 82 6. The highest and best use is: 6. Suitable for a very steep lot. b. Maximally productive. c. Market delineation. d. All of the above. a. Page 1 - 12 10/04/11 Chapter 1 ­ Approaches to Value 83 7. Reasons to do a highest and Reasons best use is: best To identify comparable sites. b. To identify the owner’s tastes. c. Botha. And b. d. Neither a. nor b. a. Page 1 - 13 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 84 8. The cost approach is most The applicable when: applicable a. b. c. d. The value of the property is low. the improvements are quite old. the improvements are new. None of the above. Page 1 - 14 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 85 9. When estimating the value of a rental When property by the income capitalization property approach, the appraiser must: a. b. c. d. Multiply the cost by a cost factor. Divide by the vacancy rate. Estimate and apply a market rent in their Estimate calculations. calculations. Use the contract rent in their calculations. Page 1 - 18 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 86 10. The final value estimate should The be: be: Rounded to reflect accuracy. b. Negotiated with the client. c. Based on the appraiser’s instincts. d. Rounded to the nearest dollar. a. Page 1 - 19 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 87 11. Which of the following are Which NOT acceptable types of appraisal reports? appraisal Verbal. b. Short form narrative. c. Form appraisal. d. Scope of work contract. a. Page 1 - 19 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 88 12. Most single-family appraisal Most reports are: reports Verbal. b. Short form narrative. c. Form appraisals d. Scope of work contracts. a. Page 1 - 20 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 89 10/04/11 10/04/11 Chapter 1 ­ Approaches to Value 90 ...
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This note was uploaded on 10/04/2011 for the course REAL ESTAT 40 taught by Professor Robertrooks during the Winter '08 term at El Camino.

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