Case Study 1

What is the market conditions adjustment necessary to Sale #2? 0% +2% +24% +48%+24%What is the final adjusted unit price of Sale #3, after adjustments for intangible items? $929 $930 $910 $948$948What is the market conditions adjustment necessary to the listing? 0% +2% +24% +48%0%What is the final adjusted unit price of Sale #1, after adjustments for intangible items? $882 $911 $930 $910$882What is the final adjusted unit price of Sale #4, after adjustments for intangible items? $929 $930 $910 $948$910Which sale required the largest total gross adjustment percentage? Sale #1 Sale #2 Sale #3 Sale #4Sale #4What is the final net adjusted unit price of Sale #2, after adjustments for tangible factors? $945 $900 $928 $949$949What is the adjustment made to Sale #4 for location? -2% 0% -5% +2%0%What is the final net adjusted unit price of Sale #1, after adjustments for tangible factors? $945 $949 $900 $928$945What is the final net adjusted unit price of Sale #4, after adjustments for tangible factors? $945 $949 $928 $900$928What is the total gross adjustment percentage of Sale #2? 2% 30% 26% 14%26%What is the percentage increase in sale price of Sale #1 within one year? 10% 5% $12,500 6%5%What is the sale price of Sale #3? $160,000 $262,500 $276,000 $420,000$420,000What is the sale price of Sale #2? $160,000 $262,500 $420,000 $276,000$160,000What is the sale price per square foot of Sale #2? $80 $120 $92 $105$80What is the sale price of Sale #4? $160,000 $276,000 $262,500 $420,000$276,000What is the sale price per square foot of Sale #4? $120 $92 $80 $105$92What is the sale price per square foot of Sale #1? $80 $120 $92 $105$105What is the net adjusted value per square foot indicated by Sale #1? $105.00 $99.20 $89.00 $94.21$105.00What is the condition adjustment made to Sale #2? +$19.84 -$19.84 +$25.00 -$25.00+$19.84What is the net adjusted value per square foot indicated by Sale #3? $105.00 $89.00 $99.20 $94.21$89.00What is the total gross adjustment percentage of Sale #4? 2.4% 29.2% 0% 4.1%2.4%What is the total net adjustment percentage of Sale #3? +27.77% -25.24% 0% -15.39%-25.24%If the government agency modified the loan terms to specify a 4% mortgage rate, and kept a 30-year term, what is the mortgage amount that the average household could obtain? $58,306 $65,561 $62,653 $68,882$65,561What is the amount of annual debt that the average household in this area can afford? $8,559 $15,217 $7,336 $8,212$8,559Based on the terms of the mortgage (5% interest, 30-year term) and the average monthly mortgage payment which is affordable ($313), can the average household afford to buy an average home in this area ($62,653) with no down payment? Yes NoNoSubtracting debt obligations (but not taxes and insurance), what is the amount of monthly payment for housing that the average household in this area can afford? $555 $513 $313 $1,068$513Based on the terms of the mortgage (5% interest, 30-year term) and the average monthly mortgage payment which is affordable ($313), how much down payment would the average household need in order to purchase an average-priced home in this area ($62,653)? $4,942 $4,347 $5,211 No down payment would be necessary$4,347Based on the terms of the mortgage (5% interest, 30 year term) and the average affordable monthly mortgage payment ($313), what is the mortgage amount that can be obtained? $58,306 $62,653 $44,938 $55,528$58,306Subtracting debt obligations, including taxes and insurance, what is the amount of monthly mortgage payment that the average household in this area can afford? $301 $513 $313 $768$313What is the unadjusted sale price per unit of Sale 1? $31,950 $31,250 $30,500 $24,375$31,250What is the net adjusted sale price per unit of Sale 3? $35,333 $36,416 $33,333 $32,125$36,416In the report being reviewed, the indicated value by Sales Comparison Approach was $295,000. Is this value supported by the comparable sales? Yes NoYesWhat is the unadjusted sale price per unit of Sale 2? $21,950 $31,250 $25,325 $24,375$24,375What is the value for the subject indicated by Sale 3? $291,328 $299,124 $284,928 $263,248$291,328What is the net adjusted sale price per unit of Sale 1? $32,006 $33,333 $32,906 $37,500$37,500What is the gross adjustment percentage of Sale 3? 10% 35% 5% 15%5%What is the value for the subject indicated by Sale 1? $300,000 $375,000 $275,000 $263,248$300,000What is the net adjusted sale price per unit of Sale 2? $32,006 $33,333 $32,906 $37,500$32,906What is the value for the subject indicated by Sale 2? $291,328 $299,124 $284,928 $263,248$263,248What is the unadjusted sale price per unit of Sale 3? $40,333 $38,333 $33,333 $24,375$38,333If the appraiser selected a GIM of 5.8, what would be the indicated value of the subject property, based on a gross income of $43,200, an effective gross of $41,040, and a net income of $28,363? $250,560 $238,032 $164,505 Cannot tell from the information provided$250,560What is the GIM indicated by Sale 2? 5.8 4.1 6.6 Cannot tell from the information provided4.1What is the Overall Rate (OAR) indicated by Sale 2? 14% 11% 9% Cannot tell from the information provided14%What is the GIM indicated by Sale 1? 5.8 4.1 6.6 Cannot tell from the information provided5.8What is the Overall Rate (OAR) indicated by Sale 3? 6.9% 9.81% 11% Cannot tell from the information provided9.81%What is the Overall Rate (OAR) indicated by Sale 1? 14% 11% 9.85% Cannot tell from the information provided9.85%If the appraiser selected an 9.9% Overall Rate (OAR), what would be the indicated value of the subject property, based on a gross income of $43,200, an effective gross of $41,040, and a net income of $28,363? Cannot tell from the information provided $286,495 $313,288 $342,444$286,495The subject property has a pool. A comparable sale without a pool sold for $30,000 per unit. What is the dollar adjustment that should be made in the Sales Comparison Approach? The sale should be adjusted downward by $2,400 The subject should be adjusted upward by $2,400 The sale should be adjusted upward by $7,200 The sale should be adjusted downward by $7,200The sale should be adjusted upward by $7,200The subject property is in average condition. A comparable sale is in good condition. What is the adjustment that should be made in the Sales Comparison Approach? The sale should be adjusted downward by 24% The sale should be adjusted upward by 20% The sale should be adjusted downward by 20% The subject should be adjusted upward by 20%The sale should be adjusted downward by 20%Expressed as a percentage, what is the adjustment for a pool? $7,401 24% 15% 11%24%What is the dollar difference attributable to a pool? $8,559 $23,949 $7,401 $8,212$7,401The subject property has a pool. A comparable sale does not. What adjustment should be made in the Sales Comparison Approach? The sale should be adjusted downward by 24% The sale should be adjusted upward by 24% The subject should be adjusted upward by 24% The sale should be adjusted downward by 20%The sale should be adjusted upward by 24%Expressed as a percentage, what is the adjustment for good versus average condition? 18% 23% 20% 22%20%What adjustment should be made to Sale 5 for market conditions? 3.5% 1.5% 3% 4.5%3.5%What is the total net adjustment percentage of Sale 2? +24% -24% +19.5% -19.5%-19.5%What adjustment should be made to Sale 6 for market conditions? 3.5% 1.5% 3% 4.5%3%What is the net adjusted value of Sale 6? $33,589 $32,057 $34,549 $37,514$34,549What is the net adjusted value of Sale 1? $23,826 $23,589 $22,080 $37,514$22,080What adjustment should be made to Sale 1 for market conditions? 3.5% 4.5% 2% 0%3.5%What is the total net adjustment made to Sale 1? +3.5% 0% -19.5% +5%+3.5%What adjustment should be made to Sale 4 for market conditions? 3.5% 1.5% 3% 0%1.5%What is the net adjusted value of Sale 5? $23,780 $33,780 $32,057 $37,514$33,780Which sale has the lowest gross adjustment percentage? Sale 1 Sale 2 Sale 3 Sale 5Sale 3Which sale has the highest gross adjustment percentage? Sale 2 Sale 4 Sale 5 Sale 6Sale 4What adjustment should be made to Sale 2 for market conditions? 3.5% 4.5% 2% 0%4.5%What is the net adjusted value of Sale 2? $23,826 $23,589 $22,057 $37,514$23,826What is the total net adjustment percentage of Sale 6? +27% -27% +33% -33%-27%What is the total net adjustment percentage of Sale 5? +13.5% -13.5% -6.5% +6.5%-6.5%What is the pool adjustment that should be made to Sale 1? +24% 0% +10% -24%0%What is the total net adjustment percentage of Sale 3? +2% -2% +20% -20%+2%What is the net adjusted value of Sale 3? $23,826 $23,589 $25,840 $37,514$25,840What adjustment should be made to Sale 3 for market conditions? 4.5% 3.5% 0% 2%2%What is the capitalization rate indicated by Sale 4? 28% 10% 11% 9%11%What capitalization rate is indicated by Sale 5? 28% 10% 11% 9%10%What is the rounded sale price per square foot of Sale 1? $30 $28 $37 $29$37The subject is superior quality. Sale 2 is rated __________ to the subject in terms of quality. Superior Equal InferiorInferiorWhat is the rounded sale price per square foot of Sale 3? $37 $28 $29 $30$29What is the rounded sale price per square foot of Sale 5? $37 $28 $29 $30$30What is the rounded sale price per square foot of Sale 6? $30 $29 $37 $28$30Which sales are paired to extract the adjustment for quality? Sales 3 and 4 Sales 2 and 5 Sales 3 and 5 Sales 1 and 6Sales 1 and 6Which sales are paired to extract the adjustment for location? Sales 3 and 4 Sales 1 and 6 Sales 2 and 5 Sales 1 and 5Sales 2 and 5What is the indicated adjustment for building age? $0 $10 $20 $5$0The subject is in a good location. Sale 4 is rated __________ to the subject in terms of location. Superior Equal InferiorInferiorHow else could a $1 per square foot, per year increase in property values be expressed? $0.25 increase per three-month period $1 increase semi-annually $0.10 increase per month $0.50 increase per quarter$0.25 increase per three-month periodWhat is the range indicated by the sale prices per square foot? $28-$30 $28-$37 $27-$37 $28-$32$28-$37Which sales are paired to extract the adjustment for market conditions? Sales 3 and 4 Sales 2 and 5 Sales 1 and 6 Sales 1 and 5Sales 3 and 4What is the indicated per-square-foot adjustment for quality? $1 $7 $10 $4$7What is the indicated per-square-foot adjustment for location? $1 $7 $10 $4$1What is the indicated per-square-foot adjustment for market conditions, for one year's difference? $4 $7 $1 $0$4What is the final adjusted sale price per square foot of Sale 6? $38.17 $37.65 $37.85 $37.92$37.65What is the adjustment for market conditions made to Sale 3? $0.75 $1 $0.50 $0$0What is the final adjusted sale price per square foot of Sale 2? $29.92 $38.17 $30.43 $37.22$37.22What is the adjustment for location made to Sale 6? $0 $7 $1 $5$0What is the final adjusted sale price per square foot of Sale 3? $29.92 $38.17 $30.43 $37.22$29.92What is the final adjusted sale price per square foot of Sale 4? $29.92 $38.17 $30.43 $37.85$30.43What is the adjustment for market conditions made to Sale 6? $0 $0.75 $1 $0.50$0.75What is the final adjusted sale price per square foot of Sale 1? $29.92 $38.17 $37.22 $30.43$38.17What is the adjustment for quality made to Sale 2? $0 $7 $1 $5$7What is the adjustment for market conditions made to Sale 5? $0.75 $1 $0 $0.50$0.50What is the adjustment for market conditions made to Sale 4? $0 $1 $0.75 $0.50$1What is the adjustment for quality made to Sale 3? $1 $0 $5 $7$0What is the final adjusted sale price per square foot of Sale 5? $38.17 $37.65 $30.43 $37.85$37.85What is the adjustment for market conditions made to Sale 1? $0.75 $1 $0.50 $0$0.75What is the adjustment for location made to Sale 3? $0 $7 $1 $5$1What is the vacancy and collection loss for the subject property? $5,550 $5,500 $5,535 $15$5,535What is the Net Operating Income for the subject property? $15,558 $15,683 $5,535 $31,365$15,683What is the gross annual rental for the subject property? $39,600 $36,900 $37,525 $35,250$36,900What are the operating expenses for the subject property? $15,558 $5,535 $31,365 $15,682$15,682What is the capitalization rate for the subject property? 8% 11% 15% 9%11%If a 10.5% capitalization rate had been used, what would have been the indicated value for the subject property by the Income Approach (rounded)? $157,000 $150,000 $143,000 $148,000$150,000What is the Effective Gross Income for the subject property? $30,350 $32,225 $31,365 $15,683$31,365What is the indicated value for the subject property by Income Approach (rounded)? $141,000 $155,000 $143,000 $131,365$143,000A 20-story office building would be considered a ___________ office building. Class B Low-rise Mid-rise High-riseHigh-riseA key factor in determining how much weight is given to each approach to value is _____________. The availability of local mortgage financing The highest and best use of the property USPAP and state appraisal board regulations Market vacancy rates and expense ratiosThe highest and best use of the propertyOffice buildings are rated Class A, Class B, and Class C based on an international standard for office building classification. True FalseFalseA government agency is renting space in a multi-tenant office building. The agency has heavy walk-in traffic, and needs convenient access to the public. What type of space is the agency most likely to rent? In the building's sub-basement On the ground floor On the top floor of a building with no elevator On the top floor of a building with an elevatorOn the ground floorWhy is the Income Approach of primary importance in appraising a multi-tenant office building? Because USPAP requires the Income Approach for this type of property Because the Cost Approach is usually not reliable for existing properties Because potential buyers are not aware of market expense and vacancy rates, and they count on the appraiser to provide this information Because potential buyers would be concerned with the property's income potentialBecause potential buyers would be concerned with the property's income potentialA government agency is renting space in a multi-tenant office building. The agency is more likely to be considered a _________ tenant. Low-end Major Minor TransientMajorStairwells, hallways, and storage areas would be included in _________. Useable area Gross building area Rentable area Gross living areaGross building areaThe three maintenance complaints that are the most common include: HVAC, cleanliness, and elevators Landscaping, restaurants, and security HVAC, security, and interruptions in internet service Heating, ventilation, and coolingHVAC, cleanliness, and elevatorsBecause of uncertainty in the economy, what are office tenants often looking for? The flexibility to cancel or downsize A co-tenant to be responsible for rent payments if they run into financial difficulty The longest-term lease that is available Space that is very expensive but does not look expensiveThe flexibility to cancel or downsizeWhich of these is a trend in law offices? Smaller offices Large law libraries Large individual offices for attorneys and assistants Less use of technologySmaller officesA non-profit agency is seeking to lease office space. What is LEAST likely to be a major concern for them in choosing where to locate? Access to airports, highways, and public transit Building security Amenities such as landscaping, restaurants Being near other like-minded organizationsAmenities such as landscaping, restaurantsWhen leasing office space, what is most likely to appeal to a non-profit agency with a national mission? Good landscaping A short-term lease which will allow them to move frequently A large enough space that their employees do not look cramped Access to airportAccess to airportWhich is NOT cited as a critical factor in selecting an office location? Proximity to current and potential employees Proximity to recreation and professional sports franchises Proximity to customers and clients Proximity to the bossProximity to recreation and professional sports franchisesAs it refers to office space, what is "hoteling"? Combining office space with living quarters for employees Billing employees on a daily basis for office use Providing plug-and-play desk space for shared use by telecommuters Constructing hotel-like amenities for employee use, such as pools, exercise rooms, and restaurantsProviding plug-and-play desk space for shared use by telecommutersWhen using a sale that occurred as a result of the execution of a contract for deed, which date should be used to determine the market conditions (time) adjustment? the date the property was placed on the market the date of contract the deed transfer date the date the mortgage loan was paid offthe date of contractWhy should an appraiser attempt to obtain capitalization rate information from the buyer of a property? The appraiser will be able to make more accurate adjustments in the sales comparison approach It helps the appraiser understand expectations of market participants It assists in verifying the appraiser's estimates of depreciation in the cost approach This type of question is useless, because buyers will not provide this informationIt helps the appraiser understand expectations of market participantsWhat information found in a typical MLS listing sheet needs to be verified? Sale price Sale date Terms of sale All of these itemsAll of these itemsIn addition to the terms of sale, it is important that the appraiser verify: That the sale was an arms-length transaction The seller's reason for insisting on a reduced real estate commission rate The buyer's income tax bracket All of theseThat the sale was an arms-length transactionWhen verifying sales, which technique should be used? Make 3-5 minutes of small talk with the interviewee, in order to build rapport, before asking verification questions Ask the most important questions first Offer to pay interviewees for their time, so they know you are serious Ask the less important questions first, and work your way up to the important onesAsk the most important questions firstWhy would an appraiser ask about other interests or property that was included in the sale? To determine if adjustments to the subject's sale price are necessary To determine if non-realty interests were included in the sale price, which may indicate the need for an adjustment to the sale In order to build rapport with the interviewee To demonstrate to the interviewee that the appraiser is thoroughTo determine if non-realty interests were included in the sale price, which may indicate the need for an adjustment to the saleWhy should an appraiser make a physical inspection of each comparable sale property? A physical inspection of each comparable sale is required by USPAP To obtain more detailed information regarding the property's rental rates, operating expense ratio, and capitalization rate To find out if the property really does exist To obtain information that was not provided by the original source, especially regarding locational or physical featuresTo obtain information that was not provided by the original source, especially regarding locational or physical featuresIf an interviewee is rude or refuses to answer a question, what should the appraiser do? Ask for the name and contact information of the interviewee's supervisor Ask general questions about the interviewee's family, in order to build rapport Politely thank the interviewee for his or her time and end the interview as soon as possible Maintain a professional demeanor and offer to help, if possible, with any information they may needMaintain a professional demeanor and offer to help, if possible, with any information they may needWhat is necessary to verify sales successfully? Courtesy Patience Sales techniques All of theseAll of theseWhat is the percentage adjustment made to Sale 3 for location? +15% -10% +0% +5%+0%What is the unadjusted sale price per square foot (unadjusted unit rate) for Sale 4? $50.63 $33.72 $38.46 $39.34$39.34What is the final adjusted unit value of Sale 2? $37.83 $40.11 $40.91 $41.29$37.83What is the net adjustment percentage on Sale 4? +14% -14% +4% -6%+4%What is the percentage adjustment made to Sale 2 for market conditions? +6% -2% +4% +2%+2%What is the percentage adjustment made to Sale 4 for market conditions? +6% -1% +4% +1%+4%What is the percentage adjustment made to Sale 3 for market conditions? +6% -1% +4% +1%+1%What is the final adjusted unit value of Sale 1? $37.83 $40.77 $40.91 $41.29$40.77What is the unadjusted sale price per square foot (unadjusted unit rate) for Sale 2? $33.72 $50.63 $38.46 $39.34$33.72Which sale required the largest net adjustment percentage? Sale 1 Sale 2 Sale 3 Sale 4Sale 3What is the final adjusted unit value of Sale 4? $40.91 $39.34 $40.77 $41.29$40.91What is the dollar adjustment made for financing terms to Sale 3? +$2.53 -$2.53 -$5.00 $0-$2.53Which sale required the largest gross adjustment percentage? Sale 1 Sale 2 Sale 3 Sale 4Sale 2What is the net adjustment percentage on Sale 1? +12% -12% +6% -6%+6%What is the percentage adjustment made to Sale 1 for market conditions? +6% -2% +2% +4%+6%What is the unadjusted sale price per square foot (unadjusted unit rate) for Sale 1? $33.72 $50.63 $38.46 $39.34$38.46What is the percentage adjustment made to Sale 2 for location? -15% +17% 0% +5%+17%What is the final adjusted unit value of Sale 3? $48.58 $40.77 $42.91 $41.29$41.29What is the unadjusted sale price per square foot (unadjusted unit rate) for Sale 3? $33.72 $39.34 $50.63 $38.46$50.63What is the sale price per square foot indicated by Sale #4? $8.33 $7.27 $7.99 $10.00$7.99What is the sale price per square foot indicated by Sale #1? $9.33 $2,800 $9.42 $10.90$9.33What is the sale price per square foot indicated by Sale # 5? $10.10 $10.50 $10.30 $9.80$10.10What is the sale price per front foot indicated by Sale #1? $2,638 $2,640 $2,800 $2,775$2,800What is the sale price per front foot indicated by Sale #3? $2,640 $2,151 $2,667 $2,598$2,640What is the sale price per front foot indicated by Sale #2? $2,588 $2,688 $2,800 $2,638$2,638What is the sale price per square foot indicated by Sale #3? $10.90 $9.60 $9.44 $9.08$9.60What is the sale price per front foot indicated by Sale # 5? $2,544 $2,444 $2,514 $2,556$2,514What is the final adjusted unit price of Sale #3, after adjustments for intangible items? $10.37 $9.60 $9.27 $10.91$10.37What is the adjustment for financing terms necessary to Sale #1? -$0.56 +$0.56 +1.40 -$1.40-$0.56What is the market conditions adjustment necessary to Sale #1? 0 +$1.49 +$0.70 +$1.40+$1.40What is the market conditions adjustment necessary to Sale #4? 0 +0.77 +$1.28 +0.81+$1.28What is the market conditions adjustment necessary to Sale #3? 0 +0.81 +$1.28 +$0.77+$0.77What is the adjustment for financing terms necessary to Sale # 3? 0 -$0.56 +$1.28 -$1.280What is the market conditions adjustment necessary to Sale # 5? 0 +$0.81 +$1.62 +$1.28+$0.81What is the adjustment made to Sale #4 for topography? -$1.11 +$1.11 0 +1.28+$1.11What is the final net adjusted unit price of Sale #3, after all adjustments? $10.29 $10.37 $10.73 $10.90$10.37What is the gross adjustment percentage of Sale #1? 16% 29% 17% 26%29%What is the adjustment made to Sale #1 for access? -$1.11 +$0.71 -$0.71 +1.11+$0.71Which sale required the largest net adjustment percentage? Sale #1 Sale #2 Sale #3 Sale #4Sale #4What is the final net adjusted unit price of Sale #2, after all adjustments? $10.37 $11.19 $9.88 $10.90$10.90What is the final net adjusted unit price of Sale #4, after all adjustments? $9.99 $9.27 $10.38 $10.08$10.38What is the net adjustment percentage of Sale #1? 12% 29% 17% 26%17%What is the final net adjusted unit price of Sale #1, after all adjustments? $10.88 $10.17 $10.94 $9.46$10.88What is the rounded sale price per square foot of Sale 2? $320 $379 $377 $337$320Which sales could be used to extract an adjustment for quality, through paired sale analysis? 1 and 3 1 and 5 2 and 3 4 and 51 and 5What is the rounded sale price per square foot of Sale 3? $377 $320 $379 $309$379What is the rounded sale price per square foot of Sale 4? $306 $325 $386 $377$325What is the rounded sale price per square foot of Sale 5? $379 $320 $299 $386$386What is the dollar adjustment for market conditions made to Sale 4? +$12 +$39 +$45 $0+$39Based on the indicated values of the comparable sales, what is the most likely value for the subject property (2,500 square feet) by the Sales Comparison Approach? $1,000,000 $950,000 $900,000 $925,000$950,000What is the final net adjusted sale price per square foot of Sale 2? $426 $380 $379 $394$394What is the dollar adjustment for property rights made to Sale 5 for inclusion of personal property? $0 +$15 -$15 -$35$0What is the dollar adjustment for market conditions made to Sale 3? +$75 +39 +$46 $0$0What is the final net adjusted sale price per square foot of Sale 1? $394 $379 $371 $367$379What is the net adjustment percentage of Sale 2? +23% +44% +24% +15%+23%What is the final adjusted sale price per square foot of Sale 5? $401 $379 $377 $305$377What is the dollar adjustment for age made to Sale 4? +$66 -$66 +$18 +$55+$66What is the dollar adjustment for market conditions made to Sale 5? +$4 -$12 $0 +$15+$15What is the net adjustment percentage of Sale 4? +15% +45% +11% -11%+15%What is the final net adjusted sale price per square foot of Sale 4? $375 $377 $394 $364$375What is the dollar adjustment for age made to Sale 5? +$36 -$36 -$60 +$60+$36What is the dollar adjustment for quality made to Sale 4? +$55 -$55 +$15 -$15-$55What is the dollar adjustment for market conditions made to Sale 1? +$12 -12 +4 -4+$12What is the gross adjustment percentage of Sale 4? 15% 55% 24% 45%45%What is the dollar adjustment for quality made to Sale 5? +$15 -$15 -$60 +$60-$60What is the net adjustment percentage of Sale 5? -28% 28% 2% -2%-2%What is the gross adjustment percentage of Sale 2? 23% 44% 24% 55%44%What is the dollar adjustment for age made to Sale 1? -$66 +$29 +$18 +$9+$29What is the gross adjustment percentage of Sale 5? 33% 2% 24% 28%28%What is the dollar adjustment for property rights made to Sale 2 for inclusion of personal property? -$80 -$32 +$32 +$80-$32What is the dollar adjustment for market conditions made to Sale 2? +$16 $0 +$46 +51+$46What is the dollar adjustment for location made to Sale 1? -$32 +61 +$32 -$61+$32