CPPREP4101 ASSESSMENT MARKET PROPERTY

Assessor to complete shaded areas:

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1.

What are three (3) of the regulatory and legislative requirements to apply when conducting a property appraisal process?

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1.      Rights of employees which is under EEO, requires each employee to be treated in a fair manner which is free from any kind of discriminations.

2.      The responsibilities of the employers to make good merit based on the employment decisions which are not governed by their own opinions.

3.      Consumer rights protected which are well elaborated from the consumer protection Act that include safety, warranty, refunds, return and information provision.

2.

What types of client requirements and expectations might you confirm and document for a property appraisal?

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Clients Requirements include the method of sale, Price expectations, Settlement, period and timeframe for sale .The expectation that I might confirm include design features of the property, hazards and faults, property condition as well as presentation. Document for property appraisal include

·        I property information form

·        Appraisal Agreement form

·        Real estate contact form

·        Rental information form

·        Property Appraisal Request form

3.

How can you confirm property ownership, as well as the attributes and features which are relevant to property to be appraised?

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One of the way of confirming ownership is to perform a search, This is facilitated by National Property Ownership Search which allows one to search for properties owned by individuals as well as companies in Australia. On the other hand, one can also contact the land titles office for this information.

There are a several  of attributes of a property that should be confirmed and recorded .One is Building construction , Aesthetic and design features this include design  features ,Faults and hazards so as to identity any risk associated with the property, Building improvements and modifications are very essential as they add value to the property.

4.

What should you include when inspecting the property and location?

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A visual inspection of the property is necessary to access expectation and the need of the client which are within the range of options for selling or marketing.

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Assessor to complete shaded areas:

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NYS

5.

What are market conditions?

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These are all phenomena that affect real estate transactions. They include all social, political and financial factors that influence the performance of the property when sold, purchased, and used for income as well as use for home equity. These factors can have almost equal effects on both leasing and sales market conditions, while other may affect one more directly than the other.

6.

What would you collate to support the property appraisal activities?

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1.      Vendor Activity Where there a noticeable reduction in prices and few sales rentals from vendors can be a key factor in values dropping to meet a decreased demand for or interest in purchasing the properties.

2.      Stock levels this indicates the available houses for purchase in that area. When the market conditions are normal low stock indicates that properties are in demand and therefore the prices will go higher therefore the consumers tend to pay more for the property to secure the property. While on the other hand higher stocks indicates low demand hence the price tend to be lower.

3.      Time on the market also shows how long the property have been in the market and how soon it is available for sale.