Real Estate Appraiser in 2003: Case and Analysis

1. A factory reorganized its assets for enterprise restructuring, and entrusted an appraisal agency to appraise two houses built on allocated land. According to the property certificate of the factory, both houses are industrial buildings. According to the results of field investigation by appraisers, one of the two houses was a factory building, and the other was originally a factory building, which was later changed to an office building for rent.

For what purpose should these two houses be appraised ().

A. Evaluate according to the purpose recorded in the house ownership certificate.

B. Evaluate according to the field survey results of appraisers currently in use.

C. Evaluate the two houses according to the intended use after enterprise restructuring and asset reorganization.

D. evaluate the two houses according to the most profitable use.

2. A factory carries out asset restructuring for enterprise restructuring, and entrusts an evaluation agency to evaluate two houses built on allocated land. According to the property certificate of the factory, both houses are industrial buildings. According to the results of field investigation by appraisers, one of the two houses was a factory building, and the other was originally a factory building, which was later changed to an office building for rent.

Change the use of two houses from industrial to other, should pass ().

A. Change yourself

B. Changes approved by the superior competent department

C. the government housing management department approves and goes through the change procedures.

D. With the approval of the competent planning department of the government, the change procedures shall be handled according to legal procedures.

3. A factory carries out asset restructuring for enterprise restructuring, and entrusts an evaluation agency to evaluate two houses built on allocated land. According to the property certificate of the factory, both houses are industrial buildings. According to the results of field investigation by appraisers, one of the two houses was a factory building, and the other was originally a factory building, which was later changed to an office building for rent.

If the factory insured the two houses against fire, the value assessed for insurance purposes should be ().

A. the normal market value of these two houses.

B. Reconstruction cost of two buildings

C the value of the two buildings after the reconstruction cost is combined into a new discount.

D After the reconstruction cost, the values of the two buildings are merged into a new discount plus the land value.

4.1July 1993, Party A (development company) entrusted Party B (construction company) to build two 8-storey commercial houses (called Block A and Block B respectively) with an area of * * * 5,000 square meters. By the end of February, 1993,150,000 Yuan had been paid by Party A * * to Party B. At this time, Block A had been built to the 4th floor and Block B had been built to the 5th floor, and the project stopped here. After that, there was a dispute between Party A and Party B over the project payment. Party A thought that the actual project payment was RMB 6,543,804, and Party B should return RMB 6,543,800. Party B thinks that the actual project cost is RMB 6,543,800+0,580,000, and Party A should pay another RMB 800,000. The two parties were at loggerheads. In July 1995, Party A filed a lawsuit with the court, and the court entrusted an evaluation agency to evaluate the actual project payment that Party A should pay to Party B. ..

The basis for determining the evaluation conclusion should be ().

A. take150,000 yuan as the evaluation value.

B take (1400+1580) ÷ 2 =1490000 yuan as the evaluation value.

C. Based on the July budget quota and material price difference data of 1995, the evaluation value is calculated according to the actual engineering quantity of two commercial houses as of the shutdown date.

D. Based on the budget quota and material price difference data from July 1993 to February 12, the evaluation value is calculated according to the actual engineering quantity of two commercial houses as of the shutdown date.

5.1July 1993, Party A (development company) entrusted Party B (construction company) to build two 8-storey commercial houses (called Block A and Block B respectively) with an area of * * * 5,000 square meters. By the end of February, 1993,150,000 Yuan had been paid by Party A * * to Party B. At this time, Block A had been built to the 4th floor and Block B had been built to the 5th floor, and the project stopped here. After that, there was a dispute between Party A and Party B over the project payment. Party A thought that the actual project payment was RMB 6,543,804, and Party B should return RMB 6,543,800. Party B thinks that the actual project cost is RMB 6,543,800+0,580,000, and Party A should pay another RMB 800,000. The two parties were at loggerheads. In July 1995, Party A filed a lawsuit with the court, and the court entrusted an evaluation agency to evaluate the actual project payment that Party A should pay to Party B. ..

If the development company has all legal development procedures and wants to transfer the whole project, the evaluation date should be ().

February

B.1July 995

C. Project handover date

D. Project completion date

6.1July 1993, Party A (development company) entrusted Party B (construction company) to build two 8-storey commercial houses (called Block A and Block B respectively) with an area of * * * 5,000 square meters. By the end of February, 1993,150,000 Yuan had been paid by Party A * * to Party B. At this time, Block A had been built to the 4th floor and Block B had been built to the 5th floor, and the project stopped here. After that, there was a dispute between Party A and Party B over the project payment. Party A thought that the actual project payment was RMB 6,543,804, and Party B should return RMB 6,543,800. Party B thinks that the actual project cost is RMB 6,543,800+0,580,000, and Party A should pay another RMB 800,000. The two parties were at loggerheads. In July 1995, Party A filed a lawsuit with the court, and the court entrusted an evaluation agency to evaluate the actual project payment that Party A should pay to Party B. ..

The commodity house is expected to be completed in May. 1998. To estimate the construction price, the appraisal object and the real estate market should be ().

A. The current situation of the appraised object and the real estate market are in the state of 1995 May.

B. The current situation of the appraised object and the real estate market are in the state of 1998 May.

C. The current situation of the appraisal object is1May 1998, and the current situation of the real estate market is1July 1995.

D The current situation of the appraisal object is 65438+May 0995, and the real estate market is 65438+May 0998.

7. There is an air-conditioned room on the first floor of a hotel with a building area of 250m2. The air-conditioning mainframe was purchased at 1990, and the purchase price at that time was 5 million yuan. The accumulated depreciation of the same type of air-conditioning host is 2.25 million yuan, the market value is 2.5 million yuan, and the demolition cost is 50,000 yuan. If a new air conditioner host is replaced (other supporting equipment does not need to be replaced), the area for purchasing and installing the new air conditioner host is 50m2, and the saved 200m2 area can provide 160m2 business area for rent. The hotel manager entrusts an appraiser to replace the air-conditioning host and the air-conditioning room for rent, which does not violate the planning requirements. The annual target net income of renting the first floor of a nearby hotel is 4000 yuan/square meter, and the renovation cost of the rented area shall be borne by the lessee. Q:

If we don't consider the difference between the old and new air-conditioning hosts in the annual operating expenses and depreciation years, the net expenditure for replacing the air-conditioning hosts is () ten thousand yuan.

A.530

B.472

C.455

In 450 ad

8. A real estate company plans to invest in the development of a large residential area. It is estimated that it will take three years to complete the project. At present, there is great demand for this kind of real estate in the market. However, as more residential areas are being planned or built around, it is estimated that the residential vacancy rate will rise from the current 2% to about 65,438+00% in the next three years. Q:

A company intends to apply for a mortgage loan from a bank to buy part of the land it owns in the project. The correct one in the following judgments is ().

A. Because the demand in the real estate market is relatively strong at present, it is estimated that the future house price can be appropriately higher than that of similar houses when the hypothetical development method (cash flow method) is adopted for valuation.

B As the vacancy rate is expected to increase at a high level, it is expected that the future house price can be appropriately reduced when the hypothetical development method (cash flow method) is used for valuation.

C the value of this part of the land is equal to the share of this part of the land in the total land multiplied by the value of the total land of the project.

D the value of the land is the price paid by company a when it acquired the land.

9. On April 25th, 2002, Seller A and the buyer signed a set of old-fashioned second-hand house sales contract (hereinafter referred to as contract 1) and house renovation contract (hereinafter referred to as contract II). The contract 1 stipulates that Party A must deliver the house on May 25th, and Party B shall pay the house price at the same time. After the delivery, a negative line? Decoration, decoration engineering ***2 months. Party B shall pay 90% of the house purchase price and 10% of the decoration fee on April 25th, pay off the remaining house purchase price and 60% of the decoration fee on May 25th, and pay off the remaining 30% of the decoration fee on July 25th. According to the regulations, when reporting the transaction price to the local real estate management department, it is determined that it should be re-evaluated. Please choose the correct answer from the following questions:

Evaluation date should be ().

A. 25 April A.2002

B. 25 May B.2002

C. 25 july C.2002 c

D. sometime after 25 july D.2002

1 0.On April 25th, 2002, Seller A and the Buyer signed a set of old-fashioned second-hand house sales contract (hereinafter referred to as the contract1) and renovation contract (hereinafter referred to as the contract II). The contract 1 stipulates that Party A must pay the house price on May 25th and Party B must pay the house price at the same time. After the delivery, a negative line? Decoration, decoration engineering ***2 months. Party B shall pay 90% of the house purchase price and 10% of the decoration fee on April 25th, pay off the remaining house purchase price and 60% of the decoration fee on May 25th, and pay off the remaining 30% of the decoration fee on July 25th. According to the regulations, when reporting the transaction price to the local real estate management department, it is determined that it should be re-evaluated. Please choose the correct answer from the following questions:

The range of valuation should be ().

A. the house price agreed in the contract 1

B 90% of the purchase price stipulated in contract 1 and 10% of the decoration fee stipulated in contract 2.

C 70% of the purchase price stipulated in contract 1 and the decoration fee stipulated in contract 2.

D the purchase price agreed in the contract 1 and all the decoration expenses agreed in the second contract.

Second, questions and answers

1 1, Company A 1993 obtained the right to use a parcel of land through paid transfer. The land use is high-grade residence, and the floor price is 3500 yuan/square meter. Company A plans to build 80 villas in two phases. 1996 65438+When the first phase of the 40-building project was completed in February, the court decided to auction 20 buildings to pay off debts due to debt disputes. The auction house entrusts B real estate appraisal agency to evaluate the auction reserve price at 3,800 yuan/square meter. Based on this, the auction house sold 6 buildings in that month, with an average price of 3,860 yuan/m2, and the remaining 14 was returned to company A. When the second phase project 1996 was completed in June, the villa was sold at a price of 5,200 yuan/m2, so company A sued the real estate appraisal institute B for its low auction reserve price, and the auction low price of the villa was only higher than the floor price by 300 yuan/m2, far lower than it. And B real estate appraisal firm insisted that the appraisal conclusion at that time was reasonable. What is the reason why B Real Estate Appraisal Institute insisted on the appraisal conclusion at that time?

Three. Q&A [* * 0 questions, 2 points for each question, 0 points in total]

12. Party A and Party B jointly invest in the development of a real estate project, with each party contributing100000 yuan, and the operating income is divided into 50%. When the project is completed, the investment has just been used up and the sales expenses have been accrued. The total construction area of the project is 10000m2, and the selling price is 3000 yuan /m2, and the selling expense is 7% of the selling price. During the sales process, Party B gave a house with a building area of 100㎡ to a friend, and proposed to Party A to settle the account first, and then deal with it when both parties settle the account. The sales time of the project is short, the actual sales expenses are consistent with the accrued sales expenses, and the actual recovered price is 27,624.38+0,000 yuan. Party A proposed that both parties get 6.5438+0.38005 million yuan, and now because Party B took a house worth 300,000 yuan, Party B actually got 6.5438+0.03.5/kloc-0.05 million yuan; Party B thinks that the actual cost of the house is RMB 250,000, and only RMB 6,543,800+0,250 should be deducted from its due income, and RMB 6,543,800+0,368,050 should be earned. If income tax is not considered, whose distribution scheme is reasonable? How should it be distributed? Why?

Fourth, question and answer.

13. Entrusted by Company A, an appraisal company appraised a self-built property it owned for mortgage. The real estate covers an area of 3500m2, with a total construction area of 4500m2, and was completed on June 5438+ 10, 2002. The appraisal result of the appraisal company is 850 yuan/m2. Company A was puzzled after receiving the report, because its actual investment cost had reached 960 yuan /m2, and the development profit and interest were not considered, and the appraisal company thought its appraisal report was reasonable. Why does the appraisal company think its appraisal result is reasonable?

Five, refers to the wrong

14 ×× evaluation report of business building

Report cover and table of contents (omitted)

Letter to the entrusting party (omitted)

Statement of appraiser (omitted)

Assumptions and limitations of valuation (omitted)

Evaluation result report

I. Entrusting Party

Xxxx trading co., ltd., legal representative: xxx, address:No. ××× Road, xx City.

Two. Valuation officer

Xxxx Real Estate Appraisal Co., Ltd., legal representative: xxx, address:No. xx Road, XX City, real estate appraisal.

Qualification grade of price organization: X grade.

Three. Appraisal object

Xxx business building is located in. No. XX Road, XX City, owned by XX Trading Co., Ltd. ..

Xxxx Trading Co., Ltd. obtained the land use right ⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹⅹ

Description of other contents of the appraisal object (omitted)

Four. Purpose of evaluation

Evaluate the market value of ×× commercial housing, and provide price reference for the overall transfer.

Verb (abbreviation for verb) evaluates time.

April 2003 1

Definition of the value of intransitive verbs

This appraisal adopts the open market value standard.

Seven. Valuation basis (omitted)

Eight. Valuation method

According to the characteristics of the appraised object, the appraisal purpose, the real estate market situation and the analysis of the collected data, firstly, the income method is used to appraise it as a whole, then the cost method is used to appraise it, and finally the final appraisal result of the appraised object is determined by combining the calculation results of the two appraisal methods.

Nine. assessment result

The market value of the appraised object on April 2003 1 day was RMB16.82 million yuan (in words: RMB16,820,000 yuan), and the unit price was RMB 2,544 yuan/square meter (in words: RMB 220,000,000 yuan/square meter).

X. appraiser (omitted)

XI。 Evaluation operation period

March 200310 ~ March 20th.

Twelve. Validity period of application for evaluation report (omitted)

Evaluation technical report

I. Analysis of Individual Factors (omitted)

Second, the analysis of regional factors (omitted)

Third, the market background analysis (omitted)

Four, use analysis (omitted)

The choice of valuation method of verb (abbreviation of verb) (omitted)

Evaluation and calculation process of intransitive verbs

(A) Income valuation process

1. Estimated annual effective gross income

According to the Property Ownership Certificate, the total construction area of the appraised object is 66 1 1 m2, of which, 0-6 floors are 65438+ 1000 m2, 7 floors are 4 10/m2, and 8 floors are 20 1 m2. 1 ~ 2 floors, 3 ~ 6 floors, and 7 ~ 8 floors have the ratios of building area to usable area of1:0.80,1:0.75,1:0.70, respectively.

According to the investigation on the rental level of similar real estate leasing business of the appraised object, the monthly rent of similar real estate under normal leasing business is 1 floor 100 yuan per square meter, with 2 floors of 80 yuan, 3 floors of 70 yuan, 4 floors of 60 yuan, 5 floors of 40 yuan, 6 floors of 30 yuan and 7-8 floors of 20 yuan. In addition, the vacancy rate and rental loss rate of similar buildings under normal rental operation are 1 ~ 3 floors 10%, 4 ~ 6 floors 15% and 7 ~ 8 floors 20% respectively. According to the above information, the effective total income of the appraised object is calculated as follows:

① Annual effective gross income of laying hens1:a =1000×100× 0.8×12 = 96.00 (ten thousand yuan).

② Annual effective gross income of the second floor: b =1000× 80× 0.8×12× 90% = 69.12 (ten thousand yuan).

③ Annual effective total income of the three floors: c =1000× 60× 0.75×12 = 63.00 (ten thousand yuan).

④ The fourth floor: the annual effective total income in D =1000× 60× 0.75×12× 85% = 45.90 (ten thousand yuan).

⑤ Annual effective total income of the fifth floor: e =1000× 40× 0.75×12× 85% = 30.60 (ten thousand yuan).

⑥ Annual effective gross income of the 6th floor: f =1000× 30×12× 85% = 36.00 (ten thousand yuan).

⑦ Annual effective gross income of floors 7 and 8: g = (410+201) × 20× 0.7×12× 85% = 8.21(ten thousand yuan).

Annual effective gross income =A+B+C+D+E+F+G

= 96.00+69.12+63.00+45.9+30.6+30.6+8.21= 3443.43 (ten thousand yuan)

2. Estimate the annual operating expenses

(1) Annual land use fee: According to the regulations of ×× City, if the land use right is allocated to real estate for rental operation, the land use fee shall be paid at the rate of 293 yuan/m2 per year. Then:

Annual land use fee = 293× 2560 = 75.05438+0 (ten thousand yuan)

② Annual management fee: According to the regulations of XX, the management fee is calculated as 5% of the annual rental income of the leased property. Then:

Annual management fee =343.43×5%= 17. 17 (ten thousand yuan)

③ Annual maintenance fee: 8% of annual rental income is used as maintenance fee. Then: annual maintenance fee =343.43×8%=27.47 (ten thousand yuan)

④ Annual insurance premium: calculated at 2% of annual rental income. Then: annual insurance premium =343.43×2%=0.69 (ten thousand yuan)

⑤ Annual tax: According to the regulations of ××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××××× Then: annual tax = 343.43× (12%+5.5%) = 60.10 (ten thousand yuan)

Annual operating cost = annual land use fee+annual management fee+annual maintenance fee+annual insurance premium+annual tax?

=75.0 1+ 17. 17+27.47+0.69+60. 10?

= 180.44 (ten thousand yuan)

3. Estimated annual net income

Annual net income = annual effective total income-annual operating expenses?

=343.43- 180.44?

= 162.99 (ten thousand yuan)

4. Determine the capitalization rate

The capitalization rate is determined to be 8% according to the one-year deposit interest rate and other factors.

5. Select the calculation formula to find out the income price.

As the income period of the appraised object is limited, that is, n=40-5=35 years, and the annual net income is basically fixed, the following formula is selected to calculate the income price.

Substituting the above related data: a= 162.99 and r=35 into the above formula, there are:

P= 1899.58 (ten thousand yuan)

(B) the cost evaluation calculation process

1. Assess the land price

According to the benchmark land price table of XX City and the benchmark land price correction method, the benchmark land price of the land use right of the appraised object for 40 years is 2860 yuan per 1m2 land area. Since five years have passed from the date of land use right transfer to the appraisal point, the price reduction rate is 5/40= 12.5%. The land price of the appraised object is:

Land price = 2860 × (1-12.5%) × 2560.

=640.64 (ten thousand yuan)

2. Estimate the present value of the building

Present value of building = replacement price of building-depreciation of building

① Building replacement price

According to the objective replacement cost of XX city and related factors, the replacement unit price of the appraised house (including municipal supporting fees, professional fees, interest and profits) is 1290 yuan/m2. The total replacement price of the building is:

Total building replacement price =1290× 6611?

= 8,528,200 yuan

② Building depreciation

According to the provisions of the Code for Real Estate Valuation, the service life of non-productive buildings with reinforced concrete structure is 60 years, and the salvage value rate is 0. When the assessed building has been used for 2 years, the total depreciation expense calculated by the straight-line depreciation method is:

Total depreciation expense of buildings = total replacement price of buildings ×( 1- residual rate )× service life/service life =852.82×( 1-0)×2/60? =28.43 (ten thousand yuan)

③ Present value of buildings

Present value of the building =852.82-28.43=824.39 (ten thousand yuan)

3. Evaluate the price of the appraised real estate.

Real estate price of appraisal object = land price+present value of buildings?

=640.64+824.39?

= 1465.03 (ten thousand yuan)

(3) Determination of evaluation results

The simple arithmetic average of the valuation results of income method and cost method is taken as the valuation result of the real estate price of the appraisal object. Namely:

Total real estate price of the appraised object = (1899.58+1465.03)/2?

= 1682 (ten thousand yuan) (rounded)

Unit price of real estate construction area of appraisal object =1682/0.611?

=2544 (Yuan/m2) (rounded)

Seven. assessment result

Upon assessment, the market value of a commercial building in April 2003 1 day was RMB16.82 million yuan (in words; RMB sixteen million eight hundred and twenty thousand Yuan only).

Annex (omitted)

Sixth, correct mistakes.

15、

From June to August 2003, the local real estate price benchmark index was:

1060、 1062、 1064、 1065、 1048、 1046、 1050、 105 1

Calculation of reference price:

First, the transaction date correction factor:

1.KA=99.7%

2.KB=99.0%

3.KC=99.2%

Second, calculate the reference price:

1. Reference price A = 6000× 99.7 %×100/100/98×100/97×100/98× 65438.

2. Reference price B = 6800× 99.0 %×100/102×100/99×100. 102×10/100×100/102 = 6344 (yuan/square meter)

3. The reference price C = 6900× 99.2 %×100/103×100/100. 100× 100/ 10 1× 10 102× 100/ 103 = 620 1.

4. Calculation result of reference price:

(6617+6344+6201)/3 = 6387 (Yuan/m2)

Reference answer:

1. 1, D 2, B 3, C 4, C 5, B 6, B 7, D 8, D 9, D 10, d.

2. Question 1 1

Test analysis:

Answer: B Appraisal Institute can explain the reasons for its appraisal conclusion from the following five aspects. First, for the purpose of appraisal, the appraisal firm evaluates and calculates according to the debt repayment situation of the auction appraisal object at that time, and needs to consider the factor of realizing the debt within a time limit, and the price of the second villa is reached under normal open market transactions; Second, from the appraisal point of view, the auction house is199665438+February, and the second phase of the project is sold after the completion of June 1999, so the corresponding real estate market will be different in different periods; Thirdly, from the appraisal object, the appraisal object at that time was a villa with the characteristics of one-piece production. The second phase villa will definitely be different from the first phase villa. After the completion of the first phase project, the environment, supporting facilities, popularity and property management have improved accordingly, which has a favorable impact on the sales of the second phase project. Fourthly, it should be said that the selling prices of the two projects are mainly affected by the relationship between supply and demand in the real estate market, and the real estate price cannot be measured by the actual cost factor of a single project, but by the average cost of the social average; Fifth, from the market sales results, the auction floor price is 3,800 yuan/square meter, and the average transaction price of six buildings is 3,860 yuan/square meter, which is relatively consistent. There is no auction for 14 building, which also reflects the rationality of the appraisal result from the market.

Three. Question 12

Test analysis:

Answer: 1. The distribution plan of both parties is not reasonable enough. A didn't consider the value division of the house, B only considered the cost division of the house, but didn't consider the profit division of the house;

2. The correct allocation scheme should be to divide the development value of real estate development projects according to the proportion of 50%; Therefore, Party A deserves it; Party B is entitled to:

Question 13

Test analysis:

1. It evaluates the open market value or market price, which is an objective and reasonable price;

2. The actual expenditure may exceed the social average;

3. The appraisal time is different from the actual cost, and the price will change;

Verb (abbreviation of verb) problem 14

Test analysis:

1. The term "appraisal time" is incorrect, but it should be appraisal time.

2. Lack of valuation principles

3. The valuation method lacks the definition of the selected valuation method.

4. Do not analyze the trend of rent level.

5. The calculation of effective gross income on the first floor is wrong, and the influence of vacancy and rental loss rate (rental rate) is not considered.

6. The calculation of effective gross income on the third floor is wrong, and the influence of vacancy rate and rental loss rate (rental rate) is not considered.

7. The calculation of effective gross income of six floors is wrong, and the use area coefficient is not considered.

8. Land use fees should not be included in the annual operating expenses.

9. It is not stated whether the local management fee includes water, electricity, gas and heat.

10. The insurance calculation base is wrong. The annual rental income should not be used as the technology, but the building value should be used as the base.

1 1. The choice of capitalization rate is not specified.

12. Incorrect income period, it should be 36 years.

13. The mid-term correction method (formula) of the benchmark land price correction method is wrong.

14. The number of years passed in the benchmark land price correction method is wrong, and it should be 4 years.

15. The benchmark land price correction method has no evaluation process and does not explain the connotation of land price clearly.

16. Fine decoration expenses (Jian 'an expenses) are not calculated.

17. Error in calculating the depreciation period of buildings (it should be 2/38)

18. The influence of the economic life of the building on the building value is not considered.

19. The related sales expenses are not considered in the cost method.

20. The reasons for determining the appraisal results were not stated.

Question 15

Test analysis:

1.KA calculation is incorrect, it should be:

105 1/ 1048= 100.3%

2. Compared with the reference price A, the correction coefficient of house interior decoration is opposite, which should be:100/1kloc-0/;

The reference price is a = 6000× 99.7 %×100/100/98×100/97×100/98×100/65438.

×100/100×100/99×10/99×1010/

3. Reference price C, the plot ratio correction coefficient is wrong, which should be:100/99;

The reference price c = 6900× 99.2 %×100100×100/103×100/65438. 100×100/99×10102×100/103 = 6326 (Yuan/m2).