u/PitcherPlant1

A practice test question asks "The appraisal assignment of a building under construction requires a value as of the date of stabilized occupancy. What value is required, and what assignment condition is employed?

A. Prospective market value and HC.

B. Prospective market value and EA.

C. Current market value and EA.

D. Current market value and HC."

I answered B, but the test says A. Hypothetical is something known to be false as of the current date, but the current date isn't being used - "as of the date of stabilized occupancy" is future date.

Where am I going wrong here?

People on the show live and hide bodies in a seemingly countless number of shithole vacant apartments. No one rousts the bums. And these are in the middle of the city.

Was/is Baltimore really like that?

I'm working on a small four unit mixed-use property that is extremely outdated. The units are so old/worn that I'm not finding any appropriate rent comps, especially for the apartments. They're not truly unusable, just so shitty that no broker would want to have their named associated with renting them.

The buyer is a developer planning to gut renovate them, but the bank still wants only an "as is" value, with an income approach. Any suggestions on how to address this?

A guy in a class today from CW said they don't use CoStar in his office. I was eavesdropping from a couple rows behind, so I didn't ask a follow up.

Do many nationals not even bother subscribing to CoStar any longer?

State boards require a certain number of CE hours between license renewals. Most online courses are 7 hours, but can be completed in significantly less time than that.

Has anyone ever gotten pushback from their board about the "actual" hours, or does completing a course billed as 7 hours in 4 hours suffice?

I'm working on a property with an auto repair garage and medical office building on the same parcel. Subdivision is extremely unlikely according to the City Planner. Income approach is easy using a blended cap rate, but I've been able to find zero comps with the same two uses.

Doing a separate sales approach for each and combining them feels wrong, especially since I have no comps to base an increase or discount to the combined value on, but I'm not sure what other method would provide a more credible result.

Any suggestions?

What is the difference between an entity that identifies itself as a PE RE company and a typical syndication model? Both buy a piece of RE with a mix of private investor capital and leverage, both have a planned exit time frame, and both either expect the market to appreciate or to add value themselves before the exit.

I don't mean to insult anyone, but I'm unclear what makes one unique.

I was looking at the financials for few CMBS properties on CoStar, and they all include a category for "payroll & benefits" in the operating expenses. This is distinct from management.

I've never included that item, and I haven't seen other appraisers include it either. Is this typical in other markets?