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Individual Work Requirements The projects count for significant credit towards completion of this course, which is an educational requirement in a degree credit program and for accreditation by professional real estate associations. Because of these important consequences, it is vital that students produce and submit work that is entirely their own. Completing the projects in a group is NOT allowed – answers must be produced on an individual basis. The marker of this project must be able to certify that each individual student has a reasonable understanding of the concepts and techniques taught in this course.

Any recognized academic misconduct, including copying other students’ work or plagiarism from any source, will result in academic consequences as specified in the “Program Regulations” section of the Real Estate Division Student Handbook.

©Copyright 2018 by the UBC Real Estate Division

Projects.4 Foundations of Real Estate Appraisal

PROJECT 1: Appraisal Research Exercises

This first of two projects will provide you with practical applications of the appraisal concepts presented in the first four lessons in this course. You will answer some specific questions on the theories underlying real property appraisal and then complete a field project. This project is designed to delve deeply into the theories and concepts you have learned so far in this course, providing you with an in-depth look at how these theories and concepts apply to appraisal.

Total Marks for Project 1: 100 10% of course grade

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Learning Objectives After completing this project, the student should be able to:

1. Make connections between the appraisal theory covered so far in this course, seeing how the components blend together in practice

2. Discuss the nature of value and its various categories and definitions 3. Explain the forces that affect the determination of value(s) and how these forces interact 4. Describe the nature of real property and its various components, such as ownership rights,

property rights, and types of ownership 5. Recognize the basic social and economic principles that affect the market value of property and

how these various principles must be analyzed and applied in the appraisal of a subject property 6. Explain the principle of highest and best use and demonstrate how it is applied in appraising

residential properties

Project Grading Your grade on this project will be based upon:

1. Part A: Selected questions on Lessons 1-4 (50%) 2. Part B: Field project (50%)

PART A – Questions on Lessons 1-4 (50 marks) The following questions should be answered in paragraph format. It is expected that students will provide a suitable discussion, and therefore short answers and point-form are not acceptable.

1. Discuss two examples from your own personal experience when you found yourself assigning or justifying a “value” for something. What category or definition of value were you applying? What factors influenced your final decision to buy and pay the price you did for the item? (6 marks)

2. Consider the following list of possible land use controls: • zoning • planning • municipal/community plan • building standards • development controls • subdivision controls • rent controls • land preservation legislation • environmental legislation

Research ONE of the above controls that is prevalent in your community (or another land use control not listed above if it is relevant in your community). Provide a brief report (1-2 paragraphs) on how this affects the market value of land in your area. (4 marks)

©Copyright 2018 by the UBC Real Estate Division

Projects.5

PROJECT 1, continued

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3. A client has hired you to appraise his home for refinancing purposes. He has asked you to conclude a value that is approximately 10% higher than its market value.

Write a letter to respond to the client’s request, making reference to the ethical standards of an appraisal organization of your choosing. Your letter should be in business format and should include the name of your professional association, the title of the standards, and their guidelines to follow when completing a valuation assignment.

The Online Readings webpage provides links to various appraisal standards. A recommended reference is the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP). (6 marks)

4. Externalities can have a significant positive or negative effect on a property’s value. Find an example of an externality in your neighbourhood and discuss how it affects (or affected) the adjacent land(s) value, either positively or negatively, and can it be corrected or adjusted to reduce the impact on property values? (4 marks)

5. The Appraisal Institute of Canada’s First Principles of Value break down the valuation process into fundamental considerations that are universally applicable to any value-related situation:

a. Problem Identification b. Purpose and Intended Use c. Property Content d. Property Rights e. Land Use Regulations f. Legal Considerations: Legislation and Litigation g. Highest and Best Use h. Economic Variables i. Research

Outline a situation from your work or personal experience where property value was a consideration and briefly explain the relevance of any five of the First Principles in this situation. The situation you focus on could be related to real estate practice (e.g., appraisal, assessment, consulting, etc.) or it could simply be establishing a price in your own real estate purchase or sale. (5 marks)

6. The following questions refer to the Nygard et al v. District of Surrey case included at the end of Lesson 4. Also included with this case was a summary and site plan.

a. How does the principle of contribution relate to the existing improvements? (2 marks)

b. Explain how the following factors affect the highest and best use of the site in this case. Use the facts in the case to support your answers: (7 marks)

i. present use ii. future use iii. legal use iv. physically possible v. financially feasible vi. demand vii. maximally productive use

c. In this case, what factors did each of the appraisers examine when considering the probability of a change in zoning? (4 marks)

©Copyright 2018 by the UBC Real Estate Division

Projects.6 Foundations of Real Estate Appraisal

PROJECT 1, continued

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d. The claimant’s and respondent’s appraisers were both accredited appraisers with considerable experience. Why did the Board disagree with both appraisers? Discuss the rationale of the board in determining market value. In your answer, ensure you state and discuss the final market value as estimated by: (6 marks)

i. the Claimant Appraiser ii. the Respondent Appraiser iii. the Compensation Board

e. Discuss three legal or appraisal principles flowing from this case and briefly explain the relevance of each to appraisal practice. In other words, outline lessons learned that may be useful for real estate appraisers in resolving future disputes over other properties? (6 marks)

PART B – Field Project (50 marks) You are required to complete a physical inspection of a residential property and inventory its characteristics. The purpose of this assignment is to acquaint you with the methodology used in residential property inspection by having you actually carry out your own analysis. Note that aspects of this analysis may be useful in completing Project 2.

You may choose any residential property for this assignment. Condominiums are acceptable, although a single-family house is recommended. Physical access will be an important consideration in your choice of property – to carry out this assignment effectively, you will need to inspect all parts of the building/ property, including some that may not be publicly accessible, such as mechanical rooms and the roof in a condominium building. It is recommended that students choose their own place of residence or another property they are familiar with as the subject property for this project. This will allow the greatest freedom of access for inspection and may also mean that some of the research requirements are taken care of, e.g., site sketch, photos of house, etc.

You are to report your inspection results using the first two pages of the Appraisal Institute of Canada’s “Full” Residential Appraisal Report form. A fillable PDF version of this form is found on the Online Readings webpage. Note that some of the characteristics on the forms will not be answerable for all properties.

In addition to this form, you are required to complete on separate pages the following specific questions and items. For (b), (c), and (e), the separate report can be completed in lieu of the Comments section of the report (i.e., your report replaces the Comments sections).

a. Photographs of Subject:

i. Provide one front that shows depth of the property, one rear, and one street scene with other dwellings.

ii. Your appendix should contain additional photographs, if necessary, to assist the reader in understanding the report – such as the site, the surrounding area/neighbourhood, and in particular any defects noted (within reason). The photographs and all other supporting

Property Selection / BUSI 398 Property Registration

Students who plan to continue on to the BUSI 398 Residential Guided Case Study course may want to consider using the same property for this BUSI 330 project and for BUSI 398. If so, you may wish to confirm now that you are choosing a property that is suitable for BUSI 398. The Online Readings webpage provides a checklist from BUSI 398, which outlines mandatory and recommended conditions for property approval. For example: condominiums are NOT acceptable in BUSI 398.

You may also pre-register your subject for BUSI 398 by submitting the ASubject Property Form@ from the BUSI 330 website. The subject property must be approved by a BUSI 398 course tutor before it is officially accepted; pre-registration here DOES NOT guarantee this approval, it simply holds the property for your use later (for up to five years).

©Copyright 2018 by the UBC Real Estate Division

Projects.7

PROJECT 1, continued