Alhmhd Final Project 2 Appraisal

PROP1005
PROJECT 2
Residential
Appraisal Report
Real Estate Division
ADDRESS OF The subject property is located at 12091 76 Ave, Surrey and prop
SUBJECT PROPERTY: descriptions is LOT- 37 SECTION-19 TOWNSHIP 2 PLAN NWP-
20991- NWD
PREPARED BY:
Imran Mohammed
100354790
Grader
Mark %
Letter Grade
Base form Provided by UBC Sauder School of Business - BUSI 330.1 (v2.0 03_2020) Page 1 of 41
PROP1005: Project No. 2
Name: Imran Mohammed
Student Number: 100354790
RESIDENTIAL APPRAISAL REPORT (PROP1005, Project No. 2)
LETTER OF TRANSMITTAL INFORMATION
Property Address
12091 76 Ave
Municipality Province Postal

Code
surrey BC V3W2W4
Legal Description
Lot 37 SECTION-19 TOWNSHIP 2 PLAN NWP-20991- NWD
Prepared for:
The Jordan River Credit Union

1234 Ian Avenue
Vancouver, BC
As part of the process in completing course PROP 1005
Appraiser/Student Imran Mohammed Address
Student No. 100354790 12091 76, Ave surrey, BC
Final Estimate of Value Date of Value Estimate

C$440,000 2020-08-01
Signature of Student Date of Signature
PHOTOGRAPHS OF SUBJECT
FRONT VIEW
(Showing Depth)
REAR VIEW
PHOTOGRAPHS OF SUBJECT
STREET VIEW
(Showing along the street)
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)
SUMMARY OF SALIENT FACTS AND IMPORTANT CONCLUSIONS
Type of single family dwelling: Single family home
Full Address of property: (Street, City, 10291 76 Avenue surrey BC V3W2W4

P.C.)
Lot 37 SECTION-19 TOWNSHIP 2 PLAN NWP-20991-
Legal Description NWD
Property Identification Number (PID)
BC Assessment information (current) Land Improvements Total
(From EValue BC website)

 Property Tax (Municipal
Website)
Tax assessed value: C$935,100
RF that means Single Family Residential Zone. 1

Zoning designation
Effective date of the appraisal: 2020-08-01
Dimensions and area of site: Dimension 7.7m X 7.7m
Dimensions and area of building(s): Area of building 1,453 sq ft
Highest and best use: Leave site and improvements as it is
Estimate of land value (as if vacant): Between the range of 144,000 – 240,000
Estimate of value by Cost Approach: 456,000
Estimate of value by Direct Comparison 4,87,000

Approach:
Final estimate of value: 440,000
1
https://cosmos.surrey.ca/external/
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.
Present registered owner Manmeet Singh Multani
Past sales history (5 years) NONE
Encumbrances on Title
Mortgage information [ X ] 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

[ X ] 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
2020-08-01
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.
6.
7.
Regional and Area Analysis
Cut and Past Project 1 corrected Regional and Area into this report
The Neighborhood generally includes Single-family homes. Canada is a country with a huge amount
of pioneers from different countries in the world. Along these lines, the zone is a mix of people of
different establishments and besides local people. In spite of the way that a large number of
individuals living around there is Indian who particularly begins from the Punjab region of India.
Thusly, they have a spot with Sikh religion, and besides, there is Sikh Temple in the domain.
What's more, moreover, there are a lot of parks and play regions in the district. There is no issue of
school since it is masterminded at the corner of 39 Ave and 122 street that is just 5 min walk around
the branch of knowledge. The branch of knowledge is basically on Scott Road which is the busiest
road of Surrey. There is eminent travel organization all over town and the number of corner stores is
on the site. Furthermore, Scottsdale exchange is in like manner 10 min walk around the site and there
are number shops in the Strawberry incline. The cineplex film is also in strawberry slant and
distinctive Indian bistros, pizza shops, cafés are open in the zone
Neighbourhood Analysis and Trends
Cut and Past Project 1 corrected Neighbourhood into this report
The subject’s neighbourhood is just

30-min drive from the Vancouver
International Airport. Also, all that's needed is 35 minutes to go to downtown. The Sky train Scott
Road station likewise open as a result of magnificent travel administration on Scott street. There is a
great deal of apartment suite units that is under development in the zone. Additionally, there are
multi-family living arrangements in the zone. In this way, these civilities influence the estimation of the
property
Land Description and Analysis
Cut and Past Project 1 corrected Land Analysis into this report
The subject is found 120191 76 Avenue, Surrey. The property is looking towards. There is a rear
entryway route at the back which associates the house with the back garage. The subject is simply to
shut down of Scott street.
Positive highlights:
The subject property isn't arranged on Scott street as it is the busiest street so traffic clamor is
unimportant. The schools, play areas, and parks are not very close so unsettling influences won't
influence the occupants. The hydrant is simply in front of the house for fire insurance. The open bus
station is likewise a 5min stroll from the property. Likewise, the back rear entryway is extremely
helpful like for going into the house from the posterior and leaving vehicle in the back garage.
Likewise, there is free stopping out and about the front of the house. The strolling separation for strip
malls around the area isn't over 10 minutes.
Negative highlights:
The subject property has a Rancher style and no storm cellar. Additionally, it needs carport for
leaving of the vehicle in winter day off.
Upgrades:
The garage need to be constructed for assurance of vehicle in the winter season. Also, there is no
toy space for children
The subject's evaluation is reasonable.
As the subject's neighborhood is found
simply close to the Scott street and 10 min
stroll from Strawberry slope court and
Scottsdale trade. The property has great
deal enhancements like parks, play areas,
school, and so on. The open bus station is
only a 5-minute stroll from the subject
property. The cineplex is at the 10-minute
walk. The malls comprise of different
Grocery stores like Walmart, Superstore,
Tropicana, and so on.; Pizza shops;
cafés and number of corner stores and
vehicle washers. As a result of all
enhancements accessible in the zone so
showcase worth would likewise be higher.
Official Community Plan (OCP) and Zoning
Cut and Past Project 1 corrected OCP & Zoning into this report
The subject property is located at 12091 76 Ave, Surrey and prop descriptions is LOT- 37 SECTION-
19 TOWNSHIP 2 PLAN NWP-20991- NWD. According to city of Surrey this property is scheduled as
RF that means Single Family Residential Zone. 2
The property is zoned as RF which are certain building maxima, minima showed in Surrey Zoning By-
law 120003. The provisions of single-family residential property are listed in part 16.
Max floor Maximu Parking spaces
area ratio m units
Main Yard(minimum)
building
height
Front Rear Side Side
Yard yard on
flanking
street
0.70 7.7m 7.7m 1.9m 3.7m 8m 4
2
https://cosmos.surrey.ca/external/
3
https://www.surrey.ca/bylawsandcouncillibrary/BYL_Zoning_12000.pdf
DESCRIPTION OF IMPROVEMENTS
DESCRIPTION OF BUILDING
Dimensions 7.7M X 7.7M Area 1,425 Type/style Single Year Built 1966
Foundation [ ] Poured concrete [ ] Concrete blocks [ ] Concrete posts [ ] Wood posts
Framing [ X ] Wood [ ] Concrete [ ] Steel [ ]
Basement [X ] Full [ ] Partial [ ] None [ ] Slab

[ ] Crawl space
Basement Finish
Exterior Walls Brick veneer Clapboard 90% Stucco Siding: Vinyl
(percentage) Wood
Stone veneer Aluminum Solid masonry Aluminum
Roof [ X ] Asphalt shingles [ ] Wood shingles or shake [ ] Slate [ ] Clay/tile

[ ] Built-up tar & gravel [ ] Gutters & down spouts [ ]
Interior Walls [ X ] Dry wall [ ] Plaster [ ] Paneling: type
Floor Coverings Above ground Carpet Tile Ceramic Hardwood 70% Linoleum
(percentage) Basement Carpet Tile Linoleum Other
Fireplaces Number: 1 Location: Living room Type: wood

[ ] Built-in range
Kitchen [ X ] Built-in dishwasher [ X ] Garburator
and oven
[ ] Exhaust fan [X ] Vent hood
Cabinets - type and material: Wood and clay Quality good
Counter material: Other features
Fixtures: Quality good
Electricity No. of amps: 74 [ ] Circuit breakers [X ] Fuses
Plumbing Pipes [ ] Copper [ ] Galvanized [ ] Mixed

Hot water tank [ ] Electricity [ ] Gas [ ] Oil Capacity:
Connections [ ] Washer [ ] Dishwasher [ ]
Drainage [ ] Plastic [ ] Galvanized [ ]
Heating [ X ] Forced air [ ] Hot Water [ ] Steam [ ]

[ ] Oil fired [ ] Gas fired [ ] Electric [ ] Humidifier
Air Conditioning [ ] Yes [ X ] No [ ] Central Swimming pool [ ] Yes Type:

NONE
Garage [ X ] Single [ ] Double [ ] Attached [ X ] Detached [ ] None
[ ] Carport [ ] Electricity [ ] Heated [ ] Interior finish
Type of construction:
Flooring: Dimensions: Area: 60M
Porch [X ] Open [ ] Screened [ ] Enclosed Size:2M X 1.5M [ ] None
Patio/Deck [ ] Concrete [ ] Wood [ ] Size: [ X ] None
Rental Equip. [ ] Water softener [ ] Hot water tank [ ] Furnace [ ] [X ] None
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 0
1st Level N/A 1 1 1 N/A 3 3 2 1
2nd Level
Finished area above grade contains a total area of Rooms 158.5 Bedrooms 3 Baths2
150.5 M2
Finished basement area contains a total area of rooms bedrooms baths
Bathroom location Description of fixtures installed

Right beside the bedroom Shower, Bathtub, toilet, 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 [ ] [ ] [X ] [ ]
Compatibility to neighbourhood [X ] [ ] [ ] [ ]
Overall livability [ ] [ X] [ ] [ ]
Appeal and marketability [ ] [X ] [ ] [ ]
Additional features
Recent modernization, renovation, and major repairs
NONE
Site improvements
[ ] Driveway [ ] Paved [ ] Gravel [ ] Concrete Area:

[ X ] Fence [ ] Wood [ ] Chain link [ ] Length: Height:
38M 93 CM
[ ] Landscaping Description
[ ] Other Describe
DESCRIPTION OF IMPROVEMENTS: OBSERVED DEPRECIATION
Condition of Building
Physical Depreciation - Curable
• N/A. No components on the structure have reached the end of their economic lives
Physical Depreciation - Incurable

Short-lived:
• Roofing & Exterior

Both have not been updated with the interior of the home; both are in good working order and still
serving their intended purposes.
Long-lived:
Age concept No. of years
Chronological age 58 yrs.
Effective age 43 yrs.
Economic life 60 yrs.
Remaining economic life 19 yrs.
Justification of Effective Age and Economic Life:
Eff Age: Half part interior of the home has been remodeled in 2007.. The subject property is fair
maintained in general. As a result, the effective age of 43 years is a fair and reasonable estimate.
Ec Life: Assume structure will reasonably last another 19 years before significant depreciation.
Functional Obsolescence
N/A
External Obsolescence
N/A
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 zoning is in Rf which is single home residential zone and is not going to change in future
With the current zoning RF
if this site in question were vacant, the highest and best use would be constructing another single-family dwelling on it
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-family detached dwelling with total building area of 1,452 sq. ft include
garage. The site has been improved with 1 story, wood frame and concrete foundation. The current development of
the site is in fully conformed with the RF zoning and is, therefore legally permissible.
The current property has been moderate maintained. Walls and ceilings have been well kept. The hardwood floor
on main floor had been installed while vinyl for the basement. There is no indication in the neighborhood that any
major redevelopment is occurring.
Conclusion and support of highest and best use as improved
The improvements of the subject site proved to be physically possible, legally permissible, and maximally productive.
They are also conformed to the neighborhood’s OCP. As a result, the highest and best use of the subject property is,
as improved, with single family dwelling.
COST APPROACH - LAND VALUE
Data Comparison Chart

Item Subject Comparable no. 1 Comparable no. 2 Comparable no. 3
Address 12091 76 Ave 7309 123rd 12081 76th 7289 123rd
St, Surrey, BC Ave, Surrey, BC St, Surrey, BC
V3W 9J2 V3W 2T3 V3W 9J2
Legal description LOT- 37 LOT- 32 LOT- 65 LOT- 72
SECTION-19 SECTION-15 SECTION-29 SECTION-
TOWNSHIP 2 TOWNSHIP 3 TOWNSHIP 4 32TOWNSHIP 2
PLAN NWP- PLAN NWP- PLAN NWP- PLAN NWP-
20991- NWD 30991- NWD 50998- NWD 40995- NWD
Sale date 2007 4/11/2009 6/08/2016 4/03/2014
Instrument no. N/A N/A N/A N/A
Registration date N/A N/A N/A N/A
Vendor N/A N/A N/A N/A
Purchaser N/A N/A N/A N/A
Sale price 440,000 999,000 1,650,000 980,000
Right conveyed Fee simple Freehold Freehold Freehold
Financing N/A N/A N/A N/A
Conditions of sale N/A N/A N/A N/A
Expenses made N/A N/A N/A N/A

immediately after purchase
Time difference (mos) 0 4 5 6
Zoning RF RF RF RF
rd th
Location ELLIOT AND 76 AVE Arlington st and 123 ave 12081 76 street 7289 123rd street
Frontage/depth 7.7m X7.7m 15m X 8m 12.7 m X 7.5m 15 m X 7m
Lot area 493 m2 495m2 478m2 482m2
Topography No elevation or waterbed No elevation or waterbed No elevation or waterbed No elevation or waterbed
Utilities Sewage, hydro, natural Sewage, hydro, natural Sewage, hydro, natural Sewage, hydro, natural
gas gas gas gas
Interior/corner lot Interior Interior Interior Interior
Local Improvement N/A N/A N/A N/A

Charges
Easements/Rights of Way N/A N/A N/A N/A
Other comments Not listed for sale at the Traffic facing towards 123rd None None
moment ave
COST APPROACH - LAND VALUE (continued)
Adjustment Chart
Item Comparable no. 1 Comparable no. 2 Comparable no. 3
Sale price 999,000 1650,000 980,000
Real property rights conveyed adjustment yes yes yes
Adjusted price 0 0 0
Financing adjustment N/A N/A N/A
Conditions of sale adjustment Arm’s length Arm’s length Arm’s length
Expenses made immediately after purchase adjustment N/A N/A N/A
Date of sale adjustment 511 783 935
Adjusted price 998,000 168,000 967,000
Other adjustments as required:
- Zoning RF RF RF
- Location NONE NONE NONE
- Frontage/depth Similar similar similar
- Lot area 14,180 60870 63,879
- Topography good good good
- Utilities similar similar similar
- Interior/corner lot similar similar similar
- Local Improvement Charges n/a n/a n/a
- Easements/Rights of Way n/a n/a n/a
Total Other Adjustments 39,000 67,000 70,000
Final Adjusted Sale Price 1,230,000 1,679,000 1,930,000
Adjusted unit sale price / frontage OR 97,109 78,000 98,000
Adjusted unit sale price / area 2,800 3,900 3,116
For reconciliation purposes: 116,650
246,243 71,327
Total Adjustment
Total adjustment as % of Sale Price -5.68% 7.5% -4.6%
Adjustment Analysis in Order: 1. Property Rights 2. Financing 3. Motivation 4. Expenses made

immediately after purchase 5. Time 6. Other
Assumptions:
1. There is no adjustment for (1) Property Rights, (2) Financing, (3) Motivation, (4) Expenses made immediately
after purchase.
2. Financing: To the best of my knowledge, no financing methods were used
3. Motivation: To the best of my knowledge, all sales were made at arm’s length and no other motivations were
evident.
4. Expenses made immediately after purchase: To the best of my knowledge, there were no expenses made
immediately after purchase.
5. Date of sale: Comparable 1, 2, 3. Adjustment has been made for 3 dates of sale.
6. Other: Adjustment has been made for Frontage and Lot area for 3 comparable.
Reconciliation
Range:
Closest comparable: Comp 1 7309 76th ave with sale price of $ 999,000 with gross adjustment of -5.68%% while
Comp 2 address 12081 76th Ave with an adjustment of 7.5%. The range will be $1,650,000 – 1,890,000. However,
due to the net adjustment of Comp 3 being -4.6% compared to 2 others comparable, will go within higher range closer
to adjusted sale price of Comp 3.
Final Estimate of Site Value: $ 440,000

COST APPROACH – COST ANALYSIS OF IMPROVEMENTS

Reproduction Cost New (RCN) Estimate
Cost Manual (name): Cost to build LLC ( www.costtobuild.net) [ X ] Worksheet and excerpts attached
as Schedule ___
RCN estimate $235,139
Contractors: Name and Address RCN Estimate
$235,139
RCN conclusion and rationale:

Subtotal: 235,139 $
Extras (state source):

(not included in above RCN estimate)
Attached deck/patio $ N/A

Porches $N/A
Attached garage/car port $38.312
Basement finish $ N/A
$
$
$
Subtotal: $273,451
Total Reproduction Cost New of Building(s) $549,390
Site Improvements: (see

PROP1005.9)
Item Cost New Age/Life Depreciated Value

Landscaping $7,980 N/A/ $7,980
Fencing $786 20/40 $392
$ / $
$ / $
$ / $
$ / $
$ / $
Total Depreciated Value of Site Improvements $6,546
COST APPROACH – DEPRECIATION
Age-Life Method
Item RCN Effective Age Economic Life % Dep. Accrued
Depreciation
235,139 19 years 60 years 30% 73,193
Single 38,312 19 years 60 years 30% 14,790
Garage
Total $273,451 $87,983
Description of process applied and justification of estimate:
To estimate the subject property’s replacement cost new (RCN), the cost services method is implemented in this report.
Cost To Build LLC. (A free on-line service which provides an estimate building cost summary) is used to get the RCN
estimate for the subject property. The cost summary sheet with a detailed calculation can be found in the addendum of
this report. Cost to build per square foot equal $246/square foot ($273,451 / 1,111 sq.ft = $267 / square foot).
The cost manual estimated by a local contractor is also useful in order to get the cost estimate for the subject building. In
this report, the cost manual estimate is assumed to be close to $246/square feet. As a results, Total Replacement Cost
New of Building is $273,451
COST APPROACH – SUMMARY
REPRODUCTION COST NEW $349,877
Less Total Depreciation $170,832
DEPRECIATED COST OF BUILDING(S) $6,746

Plus Depreciated Site Improvements $448,000
Plus Site Value $
VALUE INDICATED BY COST APPROACH $528,000
Rounded to: $530,000
Cost Approach Conclusion: Market Value = $530,000
DIRECT COMPARISON APPROACH
Data Comparison Chart
Item Subject Property Comparable No. 4 Comparable No. 5 Comparable No. 6
Address 12091 76 Ave 7309 123rd 12081 76th 7289 123rd
Legal description LOT- 37 SECTION-19 LOT- 32 SECTION-15 LOT- 65 SECTION-29 LOT- 72 SECTION-
TOWNSHIP 2 PLAN TOWNSHIP 3 PLAN TOWNSHIP 4 PLAN 32TOWNSHIP 2 PLAN
Sale date N/A 4/11/2009 6/08/2016 4/03/2014
Instrument no. N/A N/A N/A N/A
Registration date N/A N/A N/A N/A
Vendor N/A N/A N/A N/A
Purchaser N/A N/A N/A N/A
Sale Price N/A 999,000 1,650,000 980,000
Rights conveyed Fee Simple Freehold Freehold Freehold
Financing N/A N/A N/A N/A
Conditions of sale N/A N/A N/A N/A
Expenses made immediately N/A N/A N/A N/A
after purchase
Time difference (mos.) 0 3 3 5
Distance from subject 0 0 1 4
(blocks)
Location
Bldg size (above grade) 493 m2 495 m2 467 m2 463 m2
Type/Quality Construction Wood frame, concrete Wood frame, concrete per Wood frame , stucco ext Wood frame , stucco ext
per
Energy efficiency Okay. asphalt shingles Okay. asphalt shingles Okay. asphalt shingles Okay. asphalt shingles
Design and appeal Clean landscape, old ext Clean landscape, old ext Clean landscape, old ext Clean landscape, old ext
Age 60 57 55 66
Condition good good good good
Room Count Ttl Bds Bth Ttl Bds Bth Ttl Bds Bth Ttl Bds Bth
6 5 2 7 4 2 8 5 2 9 4 2
Basement unfinished area
Basement/finished below
grade area
Air conditioning N/A N/A N/A N/A
Heating natural gas natural gas natural gas natural gas
Fireplace wood wood wood wood
Appliances assume standard assume standard assume standard assume standard
Lot size
Zoning
Garage/carport
Local Improvement Charges
Other comments:
DIRECT COMPARISON APPROACH (continued)
Item Comparable no. 4 Comparable no. 5 Comparable no. 6

Sale price 999,000 1,650,000 980,000
Real property rights conveyed adjustment N/A N/A N/A
Financing adjustment N/A N/A N/A
Conditions of sale adjustment Assume arm’s length Assume arm’s length Assume arm’s length
Expenses made immediately after purchase adjustment N/A N/A N/A
Date of sale adjustment (2,940) (3,490) (758)
Adjusted price 1,467,060 1,741,510 1,817,242
Other adjustments as required: similar similar
- Location
- Building size 1,305 (3,781) 2,752

- Construction similar similar similar
- Energy efficiency similar similar similar
- Design and appeal similar similar similar
- Age similar similar similar
- Condition similar similar similar
- Room count 15,360 similar 5,467
- Basement unfinished area similar similar similar
- Basement/finished below grade area 20,460 (19,360) 18,920
- Air conditioning assume standard assume standard assume standard
- Heating similar similar similar
- Fireplace similar similar similar
- Appliances similar similar similar
- Lot size similar (104,320) (291,732)
- Zoning RF RF RF
- Garage/carport 15,000 similar similar
- Local Improvement Charges 0 0 0
-
Total Other Adjustments 52,125 (127,461) (264,593)
Final Adjusted Sale Price 1,519,185 1,614,049 1,552,649
For reconciliation purposes:
Total Adjustment
55,065 130,951 319,629
Total Net Adjustment as % of Sale Price 3.7% -7.5% -17.6%
Total Gross Adjustment as % of Sale Price 3.3% 7.5% 14.5%
Adjustment Analysis in Order: 1. Property Rights 2. Financing 3. Motivation 4. Expenses made

immediately after purchase 5. Time 6. Other
1.Property Rights: All were fee simple/freehold
2.Financing: To the best of my knowledge, no financing methods were used
3.Motivation: To the best of my knowledge, all sales were made at arm’s length and no other motivations
were evident.
4.Expenses made immediately after purchase: To the best of my knowledge, there were not expenses made
immediately after purchase.
5.Time: Based on our research through REBGV latest News Release (Real Estate Board Greater
Vancouver), single family detached in SURREY East has change -0.8% by 3 months. Comparable 1 and 2
were sold , then multiplied by 0.0020 ((3:12) x 0.008) applied. Comparable 3 sold 5 months ago, there is an
adjustment -1%, then multiplied by 0,041 ((5:12) x 0.01)
Page of pages
Adjustment Analysis (continued)

Other adjustments
Subject and all three comparable had suite in the lower level. No adjustments were made due to not knowing
if the owner/tenants of comparable are using the suites for rental potential and income.
Page of pages
Reconciliation
Closest comparable: Comp 4 address 7289 123 RD AVE Ave with final adjusted sale price of
$498,000 with gross adjustment 4.6%.
Direct Comparison Approach Conclusion: $567,000
RECONCILIATION OF VALUE INDICATIONS AND FINAL ESTIMATE OF VALUE
Indicated value by Cost Approach $ 497,000
Indicated value by Direct Comparison Approach $ 523,000
The difference between the two approaches is 119,665.

Due to the highest and best use being deemed to have the existing improvement and site as is, the
market value for the subject property will be in the higher range between $450,000 to 550,000the
latter being the Direct Comparison Approach which involved sales comparable of properties that
included improvements
The Market Value, as defined, for the subject property as of 2020-08-01

(Date)
is estimated to be $523,000
The exposure time for the subject property has been estimated at 539,000 .
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 12091 76TH Avenue, surrey, BC .
 no one provided significant professional assistance to the person signing this report.
 the final estimate of market value, as of 2020-08-01 is estimated to be:

(Date)
528,000
($ )
Signature of Student Date Signed
ADDENDA
PROP1005
Last
1 Braybrooks
2 Contreras Garduno
3 Dhillon
4 Dhillon
6 Garikipati
7 Hoang
8 Jain
9 Kuo
10 Moru
11 Naraghi
12 Nguyen
13 Singh
14 Singh
15 Lam

Alhmhd Final Project 2 Appraisal

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Alhmhd Final Project 2 Appraisal

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PROP1005

Real Estate Division

RESIDENTIAL APPRAISAL REPORT (PROP1005, Project No. 2)

LETTER OF TRANSMITTAL INFORMATION

Municipality Province Postal

The Jordan River Credit Union

Final Estimate of Value Date of Value Estimate

Signature of Student Date of Signature

Section Page Number

SUMMARY OF SALIENT FACTS AND IMPORTANT CONCLUSIONS

Type of single family dwelling: Single family home

Full Address of property: (Street, City, 10291 76 Avenue surrey BC V3W2W4

Property Identification Number (PID)

BC Assessment information (current) Land Improvements Total

(From EValue BC website)

RF that means Single Family Residential Zone. 1

Effective date of the appraisal: 2020-08-01

Dimensions and area of site: Dimension 7.7m X 7.7m

Dimensions and area of building(s): Area of building 1,453 sq ft

Highest and best use: Leave site and improvements as it is

Estimate of value by Cost Approach: 456,000

Estimate of value by Direct Comparison 4,87,000

Final estimate of value: 440,000

Past sales history (5 years) NONE

Mortgage information [ X ] 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

ASSUMPTIONS AND LIMITING CONDITIONS

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

Regional and Area Analysis

Neighbourhood Analysis and Trends

Cut and Past Project 1 corrected Neighbourhood into this report

The subject’s neighbourhood is just

Land Description and Analysis

Official Community Plan (OCP) and Zoning

Framing [ X ] Wood [ ] Concrete [ ] Steel [ ]

Basement [X ] Full [ ] Partial [ ] None [ ] Slab

Stone veneer Aluminum Solid masonry Aluminum

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

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

Fireplaces Number: 1 Location: Living room Type: wood

Counter material: Other features

Fixtures: Quality good

Electricity No. of amps: 74 [ ] Circuit breakers [X ] Fuses

Plumbing Pipes [ ] Copper [ ] Galvanized [ ] Mixed

Connections [ ] Washer [ ] Dishwasher [ ]

Drainage [ ] Plastic [ ] Galvanized [ ]

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

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

Flooring: Dimensions: Area: 60M

Porch [X ] Open [ ] Screened [ ] Enclosed Size:2M X 1.5M [ ] None

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

Rental Equip. [ ] Water softener [ ] Hot water tank [ ] Furnace [ ] [X ] 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:

Comments required Good Average Fair Poor