Basic Appraisal For Real Estate Broker

BASIC APPRAISAL
FOR
REAL ESTATE
BROKERS
CREASAR, GCR REALTY & EDUCATION CENTER

Engr. Chrysler B. Acebu, CPV
REAL ESTATE APPRAISAL

Module 1) INTRODUCTION TO PROPERTY APPRAISAL
- DEFINITION OF APPRAISAL; DEFINITION OF TERMS (per
RESA/RA 9646)
- OBJECTIVES OF APPRAISAL
- USES OF APPRAISAL
- PRICE, COST & VALUE
- FAIR MARKET VALUE
- FACTORS THAT CREATE VALUE
- FORCES AFFECTING VALUE
- VALUATION PRINCIPLES
Module 2) LEGAL CONSIDERATIONS IN APPRAISAL
Module 3) APPRAISAL PROCESS (METHODOLOGY)
- STUDY PERTINENT DOCUMENTS
- LOCATION PINPOINTING
- TITLE VERIFICATION
- INSPECTION OF PROPERTY/IES
- APPLY APPROACHES TO VALUE
- CORRELATE VALUES & FINAL ESTIMATE
- REPORT WRITING

REAL ESTATE APPRAISAL

Module 4) APPROACHES TO VALUE
- MARKET DATA APPROACH
- COST APPROACH
- INCOME APPROACH
Module 5) VALUATION FACTORS AND CHARACTERISTICS
Module 6) REAL ESTATE FINANCE & ECONOMICS

MODULE 1
INTRODUCTION TO
PROPERTY APPRAISAL

DEFINITION OF APPRAISAL
APPRAISAL or VALUATION an estimate or opinion of value concerning real
estate or other property.
- an estimate of the monetary value of a property.
- process of developing an estimate of value of an adequately
identified and described property as of specified date, supported by
logical presentation of factual & relevant data primarily based on
personal inspection of the property.
Important notes on Appraisal:
- It is not a guess. Value is determined only after
thorough observation, investigation, & analysis.
- Usually presented in written form. With complete
description
so as not to confuse it with other assets.
- Value of property today may not be the same
tomorrow.

DEFINITION OF TERMS
THE REAL ESTATE SERVICE ACT (RESA) OF 2009 RA 9646
Appraiser also known as Valuer, refers to a person who conducts
valuation/ appraisal; specifically one who possesses the necessary
qualifications, license, ability and experience to execute or direct
valuation of real property.
Assessor refers to an official in the local government unit, who performs
appraisal & assessment of real properties, including plants, equipment,
and machinery essentially for taxation purposes. Includes assistant
assessors.
Real Estate refers to land and all those items which are attached to the
land. It is physical, tangible entity, together with all the additions or
improvements on, above or below the ground.
Real estate development project- means development of land for
residential, commercial, industrial, agricultural, institutional or
recreational purposes or any combination of such including, but not
limited to, tourist resorts, reclamation projects, building or housing
projects whether for individual or condominium ownership, memorial
parks and other of similar nature.
Real estate developer- refers to any natural or juridical person engaged in
the business of developing real estate development project for his/her or
its own account and offering them for sale or lease.
Real property- includes rights, interests and benefits related to the
ownership of real estate.
Real Estate Service Practitioners shall refer to:

Real Estate Consultant duly registered and licensed natural person who,
for a professional fee, compensation or other valuable consideration,
offers or renders professional advice and judgment on: acquisition;
enhancement, preservation, utilization or disposition of lands or
improvements thereon and conception, planning, management and
development of real estate projects.
Real Estate Appraiser duly registered and licensed natural person who, for
a professional fee, compensation or other valuable consideration,
performs or renders or offers to perform services in estimating and
arriving at an opinion of or acts as an expert on real estate values, such
services of which shall be finally rendered by the preparation of report in
acceptable written form.
Real Estate Assessor a duly registered and licensed natural person who
works in a local government unit, who performs appraisal & assessment
of real properties, including plants, equipment, and machinery essentially
for taxation purposes.
Real Estate Broker - duly registered and licensed natural person who, for a
professional fee, commission or other valuable consideration, acts as an
agent in a party in real estate transaction to offer, advertise, solicit, list,
promote, mediate, negotiate or effect the meeting of the minds on the
sale, purchase, exchange, mortgage, lease, joint venture or other similar
transactions on real estate or any interest therein.
Real Estate Salesperson - duly registered and licensed natural person who
performs service for & in behalf of a duly licensed real estate broker for
CREASAR,
GCR REALTY
& EDUCATION
CENTER
or expectation
of a share
in commission,
professional fee, compensation
OBJECTIVES OF APPRAISAL
PRIMARY PURPOSE OF PROPERTY APPRAISAL FOR
BANKS/FINANCIAL INSTITUTIONS:
1) To establish a FAIR MARKET VALUE for the collateral
offered in order to arrive at a sound credit decision.
2) To ensure a satisfactory return to the bank in the event of
foreclosure and sale of acquired asset.
OTHER PURPOSES:
1) Sale & Disposition
2) Taxation
3) Condemnation Proceedings
4) Basis for Insurance
5) Accounting & Property records

PRICE, COST and VALUE

PRICE
- Actual amount paid in a particular transaction
- Term used for the amount asked, offered, or paid for a good or service
- Generally an indication of a relative value placed upon goods or services.
COST
- Actual amount spent to build or put a property into being.
- The total cost of the property includes all direct & indirect costs of its production
- The amount of money required to create or produce the good or service.
VALUE
- A relationship between a thing desired and a potential purchaser.
- An economic concept referring to price most likely to be concluded by the
buyers & sellers
- Is a hypothetical price, and the hypothesis on which the value is estimated
determined by the valuation basis adopted.
Price and Cost are factual figures and considered as indicators of value.
Anything that is desired for financial, economic or sentimental
reason has value.
FAIR MARKET VALUE

HIGHEST PRICE IN TERMS OF MONEY WHICH A PROPERTY WILL
BRING IF EXPOSED FOR SALE IN THE OPEN MARKET, ALLOWING
REASONABLE TIME TO FIND A PURCHASER WHO BUYS WITH
KNOWLEDGE OF ALL THE USES TO WHICH IT IS ADAPTED OR
CAPABLE OF BEING USED.
A PRICE THAT A WILLING SELLER WOULD SELL AND A WILLING
BUYER WOULD BUY, NEITHER BEING UNDER ABNORMAL
PRESSURE.
Sellers are pressured to sell under the following circumstances:
a) Expropriation
b) Foreclosure

FACTORS THAT CREATE VALUE

(DUST)
1) DESIRABILITY
- Property must arouse the desire of potential buyer.
- Desirability to be effective must be supported by
purchasing
power.
2) UTILITY
- A thing must be useful to have value.
3) SCARCITY
- An object must have limited supply in order to arouse
desire in an individual.
4) TRANSFERABILITY
- Ownership of an object must be transferrable.

FORCES THAT AFFECT VALUE (SEPP)

1) SOCIAL - Factors emerging from mans social instincts and
yearnings. Such as:
> Population growth & decline
> Changes in family size
2) ECONOMIC Factors which have direct or indirect effect upon
purchasing power.
> Availability of money and credit
> Price levels, interest rates and tax burdens
> Employment and wage levels
3) POLITICAL Government regulations
> Rent controls
> Building codes
> Police & fire regulations
4) PHYSICAL - Forces created by man or nature
> Climate and topography
> Mineral resources
> Flood control
> Community factors such as transportation,
schools, parks & recreation areas.
VALUATION PRINCIPLES
1) ANTICIPATION Value tends to be set by the present worth of the future
benefits or income that may be derived from the ownership of the property.
Example:
When an office building has a net income expectancy of P 100,000 per
annum. Rate of return is @ 12%. Its value today or its present worth based on
future benefits or future income is derived from the formula for capitalization
V = I/R
Thus, V= P 100,000
12%
= P 833,333.00 This amount represents what a buyer
is justified to pay for the investment of
the property TODAY.
2) CHANGE Value of property is influenced by the constant changes occurring in
the environment. Value of today may not be the same tomorrow.
- Today evolved out of yesterday & is the shadow of
tomorrow.
Example:
A decade ago, real properties along Pasay Road were exclusively used for
residential purposes. Presently however, the area is experiencing a rapid
transition from residential to commercial land use. In effect, values of real
estate within the vicinity tend to increase due to change.
3) COMPETITION The principle stems from the fact that profit creates
competition. Excessive competition dissipate profit. In real estate,
profit is the monetary incentive for investment.
Example:
Office condominiums made large profits when they were first
introduced in Legaspi Village, Makati. This potential influenced the
construction of similar structures in the area which led to a great
degree of competition. In the process, condominium markets
slowed down and their values stagnated. Meanwhile, the profit
which was initially shared by a few is now shared by a few is now
shared by many.
4) CONFORMITY Most satisfactory use of land is realized when it
conforms to the standards governing the area where it is located.
The principle holds that maximum value of a property is realized
when a reasonable degree of sociological, architectural and
economic homogeneity is present.
Example:
BF Homes Paranaque is a residential subd. Inhabited by middleincome family groups where improvements are mostly bungalows
ranging from P 600,000 to P 800,000 construction cost. If a
property within the subdivision were to be improved with a multiCREASAR,
GCR 3-storey
REALTY & structure,
EDUCATIONthere
CENTER
million
peso
will be a conspicuous lack of
5) CONTRIBUTION The principle states that the land and building is a

single economic enterprise therefore, the value of land is
dependent on the amount of net returns on investment on the
building.:
Example:
The expenditure of P 50,000 needed to convert a basement into
an apartment, or to add a recreation room to a home, is justified
only if the result is the production of additional value, in excess of
the amount spent. Similarly, the installation of modern elevators in
place of the old one should increase the net income by either a
reduction in operating expense or an increase in rentals.
6) HIGHEST and BEST USE (HABU) The priciple states that the most
profitable use of the property will yield the highest land value. Land
has no value unless man can use it, but the amount of the value of
land depends on how it is used. Because real estate owner wishes
to reap the greatest possible net returns from his property.
Example:
Velez St. in Cagayan de Oro City is a commercial strip forming
part of the citys business district. If a
3-storey commercial building is constructed on a lot along this
span, the improvement represents the HABU as it gives the most
CREASAR, GCR
& EDUCATION
CENTER its value.
profitable
useREALTY
of land,
hence, maximizes
7) SUBSTITUTION The principle states that no prudent buyer will pay

more than what it will cost him to buy or build an equally desirable
substitute property. When several properties or services with
substantially the same utility are available, the one with the lowest
price attracts the greater demand and the widest distribution.
Example:
Mr. Roxas decided to put up a boutique selling local and imported
clothes; shoes and other accessories along the southeast side of
Nicanor Reyes St. within the University Belt. He has to choose
between the following spaces for rent:
Store Space 1
Floor Area 80 sq.m.
Rental Rate P 6,000/month
Characteristics: good condition; newly renovated
Store Space 2
Floor Area 83 sq.m.
Rental Rate P 8,500/month
Characteristics: good condition; newly renovated
Since the two (2) spaces offer almost the same features, utility
and desirability, Mr. Roxas decided to occupy/rent Store Space 1.
8) SUPPLY AND DEMAND The principle involves the interplay of

economic forces affecting market value. Changes in the
proportionate relationship between supply and demand tend to
affect the price obtainble in the market. It also states that scarcity
influences supply and desire influences demand. Demand of for a
commodity is created by its usefulness ad the scarcity of supply.
Example:
There is an oversupply of office buildings in Makati, like in Salcedo
and Legaspi Villages. Some of this buildings do not get maximum
occupancy because the demand is less.
To compete in the market, owners have no option but to offer
their buildings/condominiums for rent or for sale at the lower side
of the price gamut/range prevailing in the area.

MODULE 2
LEGAL CONSIDERATIONS
IN APPRAISAL

LEGAL CONSIDERATION IN
APPRAISAL
INTRODUCTION
Ownership of real estate is a direct function of constitutional
guarantees.
Focuses on the various legal considerations involved in the
ownership of real property that a professional appraiser
must understand.
Six legal considerations:
Fundamental definitions of legal interests
Limitations on ownership of real estate
Forms of legal interests
Property ownership forms
Four types of legal descriptions
Types of real estate transfers
FUNDAMENTAL DEFINITIONS OF LEGAL

INTERESTS
PROPERTY
All things which are, or may be the object of appropriation.
Res nullius are those physical things which "have not or have
never had" an owner. Res nullius is a category of "things."(1)
Those things have not been reduced to "property" because
they are not, or more accurately cannot, be appropriated by
individuals. Light, for example, is res nullius.
Res Alicujus - Things owned by someone - a particular
person or group of persons
Res Alienae - Things belonging to others
Res Communes - The property status of such a thing while it
remains in a wild, unappropriated, state is "res communes," or a
"thing common to all. Unlike a res nullius which cannot be
owned, res communes can be owned, and are owned, by the
state, though a state may permit anyone to appropriate,


INTERESTS
REAL ESTATE
Real estate relates to the land and all
improvements permanently attached to the land,
either by nature or by people.
Real estate has the following five unique
characteristics that distinguish it from other asset
types:
1.Unique in location
2. Unique in composition
3. Durable
4. Finite in supply
5. Useful
These five unique characteristics all relate to the
physical attributes of land and/or improvements.


INTERESTS
REAL PROPERTY
Real property relates to the interests, benefits, and
rights inherent in the ownership of real estate.
Based on this distinction between real estate and
real property, those involved in the valuation of
real estate are technically real property appraisers
as opposed to real estate appraisers.
Consistent with the concept of real property is the
bundle of rights concept, a view of real property
ownership suggesting that the rights inherent in
the ownership of a parcel of real estate can be
compared to a bundle of sticks whereby each stick
represents a separate and distinct right in the
ownership of that real estate.

INTERESTS
Bundle of Rights
Rights generally inherent in the ownership of real estate
include but are not limited to the following:
1. The right to use (Jus Utendi)
2. The right to its fruits (Jus Fruendi)
3. The right to dispose (Jus Disponendi)
4. The right to recover (Jus Vindicandi)
5. The right to abuse (Jus Abutendi)
The bundle of rights can be divided through various
instruments including leases, easements, and
mortgages.
Through these instruments, one party owns or controls
certain rights whereby another party owns or controls
other rights.


INTERESTS
For example, in a lease arrangement, the person leasing
the property (lessee) generally acquires the right to use
and occupy the premises for a certain reason, for a
certain period of time, usually at a specified rental rate.
The owner of the property (lessor) retains the right to
receive rent for giving up the use of the property but
also retains the right to the reversion, or the right to get
the property back after the lease has ended.


INTERESTS
PERSONAL PROPERTY
Personal property is an item that is not real property.
It usually falls outside the subject of an appraisal.
Three examples of personal property that may appear
to be related to the real estate are the following:
A portable microwave oven
A window air-conditioning unit
Furniture


INTERESTS
FIXTURE
A fixture is an item that was once personal property
that has become part of the real estate.
When a dishwasher has been delivered to a
construction site and is awaiting installation, it is
personal property. When installed, however, it
becomes a fixture and is considered part of the real
estate.
Following are examples of fixtures:
Light fixtures
Stoves
Basketball goals (permanently installed)

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

The purest and most complete form of real estate
ownership is fee simple. Yet, even though an
individual may own a parcel of real estate in fee simple
with no mortgage encumbrance, he or she does not
have exclusive use of that property.
There can be private restrictions placed on the
property by the previous owner or the developer. Such
restrictions may require a minimum floor area,
architectural controls, and placement of
improvements.
There can also be governmental controls. When
purchasing real estate, one should recognize that the
purchase is being made subject to these restrictions
which are inherent in the ownership of the property.


PUBLIC (GOVERNMENT) RESTRICTIONS ON REAL
ESTATE OWNERSHIP
There are four public or governmental restrictions
known as the four powers of government.
These limit the ownership of all real property.
The four powers are as follows:
Police power
Eminent domain
Escheat
Taxation


ESTATE OWNERSHIP
Police Power
Police power is the right of government to regulate
land use for the public good. There are numerous
examples of police power, but the most obvious ones
are zoning and building codes.
Zoning is intended to promote orderly development of
land. Zoning may allow commercial development along
a major highway but may restrict adjoining land to
residential usage. By promoting orderly development,
zoning generally tends to maximize and maintain an
individual parcels value.


ESTATE OWNERSHIP
Police Power
Building codes are intended to protect the consumer from
inappropriate or faulty construction.
The requirement of sprinkler systems in office buildings
over four stories high may have a significant impact on
construction costs and rental rates.
The requirement to reinforce foundation footings may
insure the viability of a residential structure for years to
come whereas the average consumer may be unaware of
its importance.


ESTATE OWNERSHIP
Eminent Domain
Eminent domain is the right of governments to acquire
private property for public use, such as a road
widening.
The process of acquiring private property for public use
is called condemnation, whereas the right of
government to acquire the property is eminent domain.
Whether we agree or disagree with this right as
individuals, it is inherent in the Constitution.


ESTATE OWNERSHIP
Eminent Domain
Laws recognize the power of eminent domain but go
on to state that just compensation must be paid to the
owner.
Examples in which the power of eminent domain is
employed may include the following:
Highway construction
Parks
Governmental building sites
Airport expansion
Reservoirs
Utility construction

ESTATE OWNERSHIP
Escheat
Escheat actually means going to the state.
If a person dies without a will, that person is said to
have died intestate, and that persons property
transfers to the state.
Taxation
Governments are granted the right of taxation, that is,
they are allowed to levy taxes on properties.
In many communities, property taxes are the primary
funding basis for local operations including schools.
If property taxes are not paid, governments have the
right to acquire the properties, although proper legal
procedures must be followed.

PRIVATE RESTRICTIONS ON REAL ESTATE
OWNERSHIP
In addition to governmental restrictions, individuals
may place private limitations on property, and these
restrictions may or may not transfer with the property
when it sells.
Following are examples of private restrictions:
Deed restrictions
Easements
Leases
Mortgages
Liens


OWNERSHIP
Deed Restrictions
A deed restriction is a limitation on the use of real
estate through a written legal document that is usually
recorded.
The recording document is usually referred to or stated
in the transfer agreement such as a deed.
While a zoning restriction usually applies to many
parcels, a deed restriction usually relates to a specific
parcel or even a defined subdivision or planned use
development.
When deed restrictions are in conflict with zoning,
usually the more restrictive prevails.


OWNERSHIP
Deed Restrictions
One of the most common deed restrictions is a
subdivision restrictive covenant. A subdivision deed
restriction may state that the minimum size of a house
must be 200 square meters, even though zoning may
only require a minimum of 150 square meters.
Another common restriction, particularly in first-class
residential subdivisions, would be state that the minimum
cost of the house to be constructed on a parcel of land is
P5,000,000.
Usually deed restrictions have time limitations, but under
certain circumstances, they can be extended. Example:
Bel-Air Subdivision in Makati City

OWNERSHIP
Easements
An easement conveys the right to use part of the land
for a specific purpose. Easements thus divide the
bundle of rights.
Utility companies have to acquire easements to extend
utility lines through property.
In order to widen an existing highway, a governmental
authority may have to acquire a temporary easement
alongside the highway for construction purposes.


OWNERSHIP
Easements
An easement typically does not convey ownership of
the majority of the rights in the bundle of rights;
easements relate to specifically identified rights usually
identifying a temporary or perpetual use.
An easement that runs with the land and can be
conveyed from a seller to a buyer is called an easement
appurtenant.
An easement that serves only one person that cannot
be conveyed from a seller to a buyer is called an
easement in gross.


OWNERSHIP
Leases
A lease is a contractual agreement between a property
owner (lessor) and a tenant (lessee). It specifies the
use of a property for an identified period of time. The
tenant acquires the right to occupy and use a property.
The owner usually receives the right to collect rent
from the tenant and also has the right of reversion,
that is, the right to get the property back at the end of
the lease. Usually, sales of property do not nullify
leases.
This concept is particularly important when valuing
properties that are subject to leases.


OWNERSHIP
Mortgages
When real estate is purchased, there are usually some
borrowed funds involved as part of the purchase price.
When part or all of this money is borrowed from a
lending institution, a mortgage instrument is usually
created.
A mortgage is a loan or promissory note that is secured
by the real estate. If the loan is not paid back according
to the agreed upon terms and conditions, the lending
institution providing the funds can acquire title to the
property through foreclosure.


OWNERSHIP
Liens
A charge against a property in which the property is
security for payment of a debt is called a lien. There
are many forms of liens, or liens which may be placed
on a property through a condominium association for
nonpayment of mandatory association fees.
All mortgages are liens, but all liens are not mortgages
(mechanics lien).


OWNERSHIP
Encroachments
An encroachment is a trespass on anothers land. If a
fence has been installed over the property line onto
the adjacent property, an encroachment has been
created.
A house that extends over a property line is also an
example of an encroachment. In most cases, the
person doing the encroaching can be forced to correct
the encroachment.


OWNERSHIP
Adverse Possession
Adverse possession is a method of acquiring ownership
through possession. If a person utilizes another
persons property openly for an extended period of
time, that property may be transferred as to ownership.
Several requirements are necessary for one to acquire
title through adverse possession. Possession must
involve all of the following:
Be apparent (open and visible)
Be continuous and uninterrupted for a certain
period of time
Be exclusive
Be claimed, i.e., the person who has the apparent
possession must make a claim to that possession
Be hostile with denial or opposition to the original
CREASAR,
GCR REALTY
owners
title & EDUCATION CENTER
FORMS OF LEGAL INTEREST

Several forms of ownership of real property exist, varying
from state to state. As noted previously, because
appraisers are technically appraising real property rather
than real estate, they must have a clear understanding
of the ownership interest being appraised.
FEE SIMPLE ESTATE
The most complete form of ownership is a fee simple
estate.
Although the purest form of ownership without any
claims by heirs or private restrictions, a fee simple
estate is limited by the four powers of government.
Usually, an appraisal of any interest less than fee
simple begins with an analysis of the fee simple value.
PARTIAL INTERESTS
Any interest less than a fee simple interest is known as a
partial interest. Several forms of partial interests are
discussed in the following paragraphs.

PARTIAL INTERESTS
Leased Fee Estate
A landlords (lessors) interest in a property when there
is a lease encumbering the property is called a leased
fee estate.
The lease document or lease contract itself has divided
the bundle of rights.
The landlord usually retains the right to receive rent in
exchange for giving up use of the property for a
specified period of time; the landlord also retains the
right to get the property back at the end of the lease
(reversion).
In such an arrangement, the obligations accruing to
the landlord and the obligations accruing to the tenant
are usually specified by the lease.

PARTIAL INTERESTS
Leasehold Estate
In contrast to the leased fee estate, the tenants
(lessees) interest in a leased property is called a
leasehold estate.
The tenant usually obtains the right to use and occupy
the property but assumes the obligation to pay rent.
A leasehold estate can have a positive value (tenant
has an advantage) if the contract rent (rent specified in
the lease) is less than economic or market rent (rent
which could be achieved in an open market).
A leasehold interest can have a negative value (tenant
is at a disadvantage) if the contract rent is more than
the economic or market rent.

PARTIAL INTERESTS
Air Rights
Air rights are particularly important in urban areas. In
many cases, buildings are constructed within an
identified air space.
Air rights do not extend indefinitely. There are height
limitations imposed by the restrictions, either public or
private, related to air space.


PARTIAL INTERESTS
Surface/Subsurface Rights
Surface/subsurface rights also come into play more in
urban areas.
A government agency may acquire (through eminent
domain) subsurface rights for the construction of an
underground sewerage system.
An owner of a parcel of land may retain the surface
rights for use as parking and sell the air rights for an
overhead walkway connecting to adjacent buildings.

PROPERTY OWNERSHIP FORMS

As appraisers, we are concerned with the valuation of
an ownership interest (real property) in specified real
estate.
The bundle of rights relates to real property and can be
divided.
In addition to understanding rights, an appraiser
should also understand the various types of ownership.
INDIVIDUAL (SEVERALTY)
This is the most common form of ownership where one
person or corporation owns the entire bundle of rights,
still subject to governmental and private restrictions.


TENANCIES
Tenancy is created when the bundle of rights is divided,
and in real estate generally has the following two
meanings:
The possession of title or other ownership form
The right to use and occupy property
As discussed, the second meaning relates to leased
property in which the lessee has the right to use and
occupy the property, and the landlord has the right to
receive rent and get the property back at lease
termination.


UNDIVIDED INTERESTS
Related to the ownership of real property, there are
several important ownership forms that warrant
explanation.
They relate to an undivided interest in the real
property. The undivided interest concept is difficult for
many people to comprehend.
What this means is that the property itself cannot be
divided, only the ownership interest.


SPECIAL FORMS OF OWNERSHIP
The following three special types of ownership evolved in
recent years as the bundle of rights separated in more
creative ways:
Condominium
Cooperative
Time-share


Condominium
The term condominium describes a type of ownership,
not a type of building.
This is a form of ownership in which an owner has an
interest (usually fee simple) in a certain unit defined
such as the space between the interior walls, the
ceiling, and the floor of that unit;
the owner also owns a pro-rata share of the common
areas (drives, grounds, recreational amenities, etc.)
within the development.


Cooperative
A cooperative is a form of ownership in which a
corporation owns the land and improvements, and the
residents own stock in the corporation. Then, the
corporation signs an exclusive lease with the tenantstockholder.
Cooperatives are common in certain regions of the
country. This type of ownership allows tenant-stockholders
to select their neighbors, voting on whether to allow or
deny a prospective buyer to be allowed into the
corporation, and thus occupancy of a unit in the building.


Time-Share
A time-share is a partial form of ownership in which
other time-share owners (tenants in common) purchase
the right of use/occupancy for a specified period of time,
say one week per year.
Typically, 50 weeks per year are sold, with the other two
weeks reserved for maintenance. Thus, an owner who
buys one week will have a 2 percent ownership (1) in
the unit, but his ownership/occupancy may be restricted
to a certain period or week of the year.
A Baguio time-share week is likely more expensive in
April and May than is a week in February; hence, a buyer
cannot purchase an inexpensive week in February and
expect to use it during a more expensive week in April.
FORMS OF LEGAL DESCRIPTIONS
Legal descriptions are methods of describing real

estate so that each property can be recognized from
all other properties, recognizing its unique
characteristics with regard to location.
Because land is a unique commodity in that it is

immobile, it must be described specifically.
Following are the four types of legal land

descriptions:
Metes-and-bounds description
Government (rectangular) survey system
Lot-and-block system
Monuments system


METES-AND-BOUNDS DESCRIPTION
A metes-and-bounds description begins at a point of
beginning (POB), and the terms metes and bounds relate to
distance and direction. From the POB, the reader of the
legal description is walked around the perimeter of the
parcel using angles and distances, eventually returning to
the POB.
A basic understanding of plane geometry is needed in this
system because of the emphasis on angles and distances.
In addition to defining the geometric shape, a metes-andbounds description also makes reference to a specific land
lot, within a district/barangay, within a city/municipality.
Generally, all city/municipality are divided into several
districts/barangays for identification purposes.


LOT-AND-BLOCK SYSTEM
Under the lot-and-block system, a certain plot of land is
subdivided.
The key is the recording of the subdivision plat into
public records.
Within each subdivision, the lots and blocks are
identified, making reference to the recorded plat.

REVIEW QUESTIONS
Which of the following is NOT one of the three tests of when personal
property becomes a fixture and thus part of the real estate?
a. Cost of the item
b. Manner of attachment
c. Intent of the parties
d. Character of the item
A fee simple interest in a property is an example of

a. real property
b. real estate
c. personal property
d. element.
A window air conditioner that is permanently attached to a home and

built-in with caulked, side/top/bottom molding and screwed to the
window frame is an example of a(n)
a. trade fixture.
b. fixture
c. personal property.
d. encroachment.

REVIEW QUESTIONS
Which of the following is NOT a form of a private limitation?

a. Lease
b. Mortgage
c. Severalty
d. Easement
A tenant or lessee may most likely possess which type of interest?

a. Life estate
b. Leased fee estate
c. Lien
d. Leasehold estate
Which of the following is NOT a form of an ownership limitation?

a. Lease
b. Tenancy
c. Mortgage
d. Easement

REVIEW QUESTIONS
Which of the following is NOT a type of special ownership?

a. Escheat
b. Condominium
c. Co-operative
d. Time-share
Which type of title transfer offers a guarantee of the title from the
seller to the buyer?
a. Quitclaim
b. Title insurance
c. General warranty
d. Adverse possession
Real property is
a. the same as real estate.
b. different than unreal property.
c. an intangible interest in real estate d. the bricks and mortar.

REVIEW QUESTIONS
Real estate is
a. the tangible bricks and mortar and land.
b. different than unreal estate.
c. an intangible interest.
d. a microwave sitting on top of a kitchen counter.
Which of the following is used in determining when personal

property becomes a fixture?
a. Weight of the item
b. Size of the item
c. Cost of the item
d. Manner of attachment
A ceiling fan installed in a home is

a. personal property.
b. a trade fixture.
c. a fixture that is now part of the real estate. d. real property.

REVIEW QUESTIONS
Building codes and zoning represent which of the four powers of

government?
a. Police power
b. Eminent domain
c. Escheat
d. Taxation
A lease and a mortgage are considered to be

a. deed restrictions.
b. powers of government.
c. personal property. d. private restrictions.
A toolshed that is partly on a neighbors lot is known as a(n)

a. lien.
b. encroachment.
c. deed restriction.
d. easement.

REVIEW QUESTIONS
A leased-fee estate is an interest controlled by the

a. mortgagee.
b. management company.
c. landlord.
d. tenant.
A leasehold estate is created by a(n)

a. mortgage.
b. lease.
c. easement.
d. life estate.
Which is the most common form of ownership?

a. Severalty
b. Joint tenants
c. Tenants by the entireties
d. Tenancy in common

REVIEW QUESTIONS
A condominium is known as
a. tenancy in common.
c. joint tenancy.
b. partial ownership.
d. a type of special ownership.
Which is NOT a form of a legal description?

a. Metes-and-bounds method b. Special warranty deed
c. Monument system
d. Government survey system

MODULE 3
APPRAISAL PROCESS

VALUATION PROCESS
1) Study Pertinent Documents
a) Copy of title
b) Geodetic Engineers Plan
c) Floor Plan of the building
d) Tax Declaration of land & building
e) Tax Receipts
2) Pinpoint Location
a) Appraisers Plotting
b) Cadastral Reference Maps
c) Geodetic Engineers Plan
d) Base Topographical Map (Bureau of Technical Maps)
3) Check/Verify Title/s
- Check for liens, encumbrances, authenticity and continuity
4) Inspect properties
a) Site Analysis (frontage, depth, elevation, condition of street)
b) Improvement (building features, age, condition)
c) Neighborhood (HABU Analysis)
5) Apply Approaches to Value
a) Market Data Approach
b) Cost Approach
c) Income Approach
6) Correlate Values and Make Final Estimate
7) Write Report
PROCESS FLOW

MODULE 4
APPROACHES TO VALUE

APPROACHES TO VALUE
1) MARKET DATA APPROACH
- Principle Underlying the Approach is the Principle of
Substitution
- Consist of gathering information concerning sales of
properties that are comparable to the property appraised.
a. Direct Comparison Method (Actual Sales)
i) Describe and classify subject property
ii) Establish time period
iii) Determine Market area
iv) Gather Sales data
v) Analyze & modify sales data gathered
vi) Compare and adjust for differences
vii) Distill a single figure from an array of indicated prices
b. Inferential/Rectification Method (Opinion Survey)
- Gather opinion of values from reliable sources such as Real
Estate Appraisers, Brokers, etc.
- Each source is given a corresponding weight depending
on the knowledge and familiarity of the area being
surveyed.
- Least reliable under market data approach
APPROACHES TO VALUE
c) Development Approach
- Valuation of rawland properties
For a property to be a rawland, it should have the ffg.
characteristics:
- Suitable for development (flat, economical to develop)
- Ripe for development (per capita income able to support
selling price;
successful subdivision within the vicinity/locality
* Weakness of the approach : Availability of sales data


MARKET DATA APPROACH Direct Comparison

SUBJECT OF APPRAISAL
Residential Lot with an area of 240 sq.m.
LOCATION
Corner Abby & Kensington Sts., Hillsborough Pointe, Cagayan de Oro City
CHARACTERSTICS
Corner lot; regular lot, flat, level with road
DATE OF APPRAISAL
October 8, 2014
TYPE OF DATA
DATE OF DATA
SOURCE
LOCATION
Sale
1 year ago
RE Broker Legaspi
MARKET DATA ANALYSIS

Sale
Current
RE Broker Santos
Abby Street, Hillsborough Islington St. cor. Roman

Pointe, CDOC
St., H. Pointe, CDOC
SIZE (Lot Area - Sq.M.)
PHYSICAL
CHARACTERISTICS
Offer
Current
Mr. Castro, Resident
Abby Street,
HillsboroughPointe,CDOC
240
236
Regular Lot
Regular Lot
250
Corner Lot,
Irregular shape
Regular Lot
P 5,200
P 6,000
P 6,500
P 7,000
ELEMENTS OF
COMPARISON
Time
Bargaining Allowance
Location
Size
Shape
Terrain
Elevation
Corner Influence
TOTAL ADJUSTMENTS
+5%
0%
0%
+10%
0%
0%
0%
+10%
+25%
0%
0%
0%
0%
+10%
0%
0%
0%
+10%
0%
-20%
0%
0%
0%
0%
0%
+10%
-10%
0%
-30%
0%
0%
0%
0%
0%
+10%
-20%
ADJUSTED VALUE
1,300
600
- 650
-1,400
WEIGHT
30%
30%
20%
20%
P 1,950.00
P 1,980.00
PRICE per Sq.M.
WEIGHTED VALUE
CONCLUDED VALUE
ROUNDED TO
320
Offer
Current
Buy & Sell Magazine
Kensington Street,
Hillsborough Pointe,
CDOC
P 1,170.00
P 6,220.00
P 6,200 per Sq.M

P 1,120.00
MARKET DATA APPROACH Opinion Survey

SUBJECT OF APPRAISAL
Residential Lot with an area of 240 sq.m.
LOCATION
Corner Abby & Kensington Sts., Hillsborough Pointe, Cagayan de Oro City
CHARACTERISTICS
Corner lot; regular lot, flat, level with road
DATE OF APPRAISAL
October 8, 2014
SOURCE
Jojo Flores, Bank Appraiser
Tony Bencalo, REB
Robert Balandra, REA
OPINION OF VALUE SURVEY

VALUE RANGE
AVERAGE
P 5,000 6,000/sqm
P 5,500/sqm
P 6,000 6,500/sqm
P 6,250/sqm
P 6,000 7,000/sqm
P 6,500/sqm
WEIGHT
30%
35%
35%
WEIGHTED AVERAGE
P 1,650/sqm
P 2,187.50/sqm
P 2,275/sqm
P 6,112.50/sqm
Adjustment/Rectification:
Corner influence: +10%
611.25/sqm
P 6,723.50/sqm
Say, P 6,700/sqm
CORRELATION OF VALUES
DIRECT COMPARISON
OPINION SURVEY
P 6,200/sqm x 60% = P 3,720/sqm

P 6,700/sqm x 40% = P 2,680/sqm
P 6,400/sqm
Appraised Value,

RAWLAND VALUATION

APPROACHES TO VALUE
2)
COST APPROACH
Substitution
- Value of Improvement is estimated as follows:
> Estimate Replacement cost New (RCN)
> Arrive at the depreciated value of improvement using
straight-line method of depreciation and cost-to-cure
technique.
> Depreciated value of improvement is added to the Value of
Land.
Different Methods in estimating Cost:
a. Quantity Survey Method includes a detailed inventory of all
materials, labor including indirect costs. Used by Engineers
& Architects.
b. Unit-Cost-in-Place It is the mathematical compression of
Quantity Survey Technique. Use of installed prices of various
building materials.
c. Cost per Sq. Meter is a product of Quantity Survey & Unit
Cost in Place methods. Established cost per area is
multiplied to the total floor area.

COST APPROACH Sample Problem
Subject Property
House and Lot
Location
Pine Street, P.N. Roa Valley Subd., Cagayan de Oro City
Land Area (Sq.M.)
182
Building
Single-storey residential house; High cost; Year built - 2007, well-maintained
Floor Area (Sq.M.)
146
Appraisal Date
October 8, 2014
MARKET VALUE
LAND:
182 Sq.M.
1,500 per Sq.M.
273,000.00
1,752,000.00
2,025,000.00
IMPROVEMENT: (Residential Building)

Reproduction Cost, New
146 Sq.M.
15,000 per Sq.M. = P
Less: a) Physical Deterioration - Straight Line Method (SLM) - 6/40 x 100%
2,190,000.00
328,500.00 )
b) Functional Obsolesence
-5%
109,500.00 )
c) Economic Obsolesence
0%
0.00 )
1,752,000.00
TOTAL PROPERTY VALUE

Rounded to

P 2,020,000.00
APPROACHES TO VALUE
3)
INCOME CAPITALIZATION APPROACH

Anticipation
- Value is arrived by capitalizing Income.
- Used in the valuation of income generating properties, such
as: Retail store properties, apartments, shopping centers,
office buildings, hotels, leased commercial & industrial
buildings
a) DIRECT CAPITALIZATION
b) YIELD CAPITALIZATION (DISCOUNTED CASH-FLOW)
* Weakness of the approach : Selection of rates


DIRECT CAPITALIZATION
It applies an overall rate, or all risks yield, which when
divided into a single years or stabilized net operating
income, produces a value indication.
Used in particularly, well-evidenced markets.
Basic Formula: Income/ Capitalization Rate
Example 1:
Income per year is P 3,000,000.00; Capitalization rate is 6%
Value = P 3,000,000.00/6% = P 50,000,000.00

DIRECT CAPITALIZATION
FORMULA:
VALUE = INCOME
RATE
V = I/R

Direct Capitalization Method

Subject Property
Commercial Building
Location
Pabayo Street, Poblacion, Cagayan de Oro City
Land Area (Sq.M.)
220
Building
2-storey commercial building; Average cost grade; Remaining Econ. Life 40 years
Floor Area (Sq.M.)
352
Annual Rent (PhP)
1,270,000.00
Gross Annual Income
Less: Allowance for vacancy & bad debts, say -10%
1,270,000.00
(127,000.00)
Effective Gross Income (EGI) P

Less: Operating Expense - taxes, repairs, maintenance, say -20%
1,143,000.00
(228,600.00)
Net Operating Income (NOI) P
Capitalization Rate = Rate of Return + Recapture Rate
914,400.00
where: Recapture rate = 1 / Remaining Econ. Life
Capitalization Rate = 3% + 2.5% = 5.5%
= 1/40
= .025 or 2.5%
Value = Net Effective Income / Capitalization Rate
Value =
914,400.00
0.055
16,625,454.55
Say, P 16,630,000.00


YIELD CAPITALIZATION
It considers the time value of money, and is applied to a
series of net operating incomes for a period of years.
A method called discounted cash flow analysis (DCF) is an
example of yield capitalization.
Income, produces a value indication.


Discounted Cash Flow (DCF) Analysis
NPV1
+
NPV2
+
NPV3
+
NPV4
+
NPV5
pwf x
I1
pwf x
I2
I2
pwf x
I3
I3
pwf x
I4
I4
pwf x
I5
I5
pwf x
In
pwf x RV
NPVn
RV
I1
Present Worth Factor = 1/(1 + r)n

Where: r = rate
n = period (year)
MV

In
Reversion Value
(End of Period)

Discounted Cash Flow (DCF) Analysis
A 2-storey commercial building has a Net Operating Income per year of P 12,000,000 with an
increment of 10% per year. Compute the value of the property today assuming a 10 year cashflow.
Lot area is 3,000 sq.m. at P 12,000 per sq.m.
Building Value at 10th year is estimated at P 57,600,000. PV Rate = 12%
YEAR
1
2
3
4
5
6
7
8
9
10
Net Operating Income (NOI)

12,000,000.00
13,200,000.00
14,520,000.00
15,972,000.00
17,569,200.00
19,326,120.00
21,258,732.00
23,384,605.20
25,723,065.72
28,295,372.29
PW Factor
0.89286
0.79719
0.71178
0.63552
0.62092
0.50663
0.45235
0.40388
0.36061
0.32197
TOTAL PV (NOI)
ADD:
VALUE OF LAND (Today) = 3,000 m2 x P 12,000/m2 x
0.32197
Net Present Value

10,714,285.71
10,522,959.18
10,335,049.20
10,150,494.75
10,909,090.91
9,791,213.84
9,616,370.74
9,444,649.83
9,275,995.37
9,110,352.60
Php99,870,462.14
Php11,590,920.00
VALUE OF BUILDING (PV of Reversion)

=P 57,600,000 x 0.32197
Php18,545,472.00
VALUE OF PROPERTY Php130,006,854.14
Say, Php130,000,000.00

MODULE 5
VALUATION FACTORS &
CHARACTERISTICS

BUYERSELLER CURVES
Fair Market
Value
BUYER S
CURVE
PRICE
Area of Market
Feasibility
(+/- 20%-25%)
SELLER S
CURVE
TIME

VALUE
PARAMETERS
OVER
APPRAISAL
MARKET PRICE
HIGHEST
POSSIBLE
MARKET VALUE
FAIR MARKET
VALUE
BIR
ZONAL
VALUATION
(Taxation
Purposes)
ASSESSED
VALUE
(Taxation
Purposes)
UNDER
VALUATION

VALUATION EMPIRICAL
FORMULAS
INTERSECTE
D LOT
(70% FMV)

VALUATION EMPIRICAL
FORMULAS
DELTA LOT
(60% FMV)
NABLA LOT
(40% FMV)

VALUATION EMPIRICAL
FORMULAS
IL
KL
CL
(+10 (+20
%)
%)
CTL
(+20
%)
KTL
(+10
%)
TL
LEGEND
CL Corner lot
KL Key lot
IL Inner lot
CTL Corner
Thru lot
KTL Key Thru
lot
VALUATION EMPIRICAL
FORMULAS
3
100%
m
FMV
70%
FMV
<3
100%
m
FMV
50%
FMV

SUBDIVISION
ROAD
VALUATION EMPIRICAL
FORMULAS
cul-de-sac
(100% FMV)

MODULE 6
REAL ESTATE FINANCE &
ECONOMICS

REAL ESTATE FINANCE AND ECONOMICS

One of the factors that has impact on real estate
value is the availability of credit.
The availability of debt money also influences real
estate development and consequently the value of
real estate.
When credit is plentiful, loans are easy to obtain,
and the availability of money results in an active
market.
When credit is scarce, illiquidity occurs, and prices
often decline because only a few people can pay
cash or qualify to borrow or find a bank to loan them
money.
Decrease or increase in interest rates; decline in
interest
rates tends
to expand
the borrowing power
CREASAR,
GCR REALTY
& EDUCATION
CENTER
REAL ESTATE FINANCE AND ECONOMICS

It is therefore, important that real property appraisers
understand
the basic impact of monetary and fiscal policy that
impact the price and supply of money;
understand and differentiate between money and
capital markets;
understand the basics of real estate finance including
the basic terms, types of loans, and various forms of
mortgages
in order to efficiently proceed through the appraisal
process.
REAL ESTATE FINANCE
Real estate transfers usually involve the use of

money as opposed to other assets.
Also, most real estate acquisitions involve both the

buyers investment in the property as well as the
use of borrowed funds for the balance.
The buyers contribution is called equity, whereas

the borrowed money is called a mortgage.
Mortgages are generally considered to be capital

instruments because payback periods are usually 10
years or more.

MORTGAGE FINANCING TERMS

Original Loan Amount
The original loan amount is the face amount of
the original loan.
Equity
Equity is the down payment or the cash paid by
the buyer.
Amortization
Amortization is the process of retiring a
mortgage or debt over a specified time period.
An amortization usually calls for the systematic
repayment of principal plus interest at some
specified rate.

Interest
Interest represents the money earned for the
right to use capital. Mortgages are generally paid
on a compound interest method in which interest is
paid each month on the outstanding balance at the
contractual interest rate.
Payment
Payment is also known as debt service.
A payment on an amortizing mortgage is
comprised of both interest and principal. Dividing
the annual debt service by the original loan
amount equates to the mortgage constant. For
instance, if a mortgage payment is P13,000 per
month, or P156,000 per year, and if the original
loan amount was P2,000,000, the annual constant
CREASAR,
REALTY
& EDUCATION
CENTER
is GCR
.078
(P156,000
P2,000,000).

Loan-to-Value
The loan-to-value (LTV) ratio is a percentage of
the original or proposed loan to the value of a
property (loan amount property value).
Mortgages are usually based on a loan-to-value
concept that protects the lender from loaning too
much on a property.
If a lender has a program that loans 70 percent LTV,
and the property value is P1,000,000, the maximum
loan will be P700,000. The remaining P300,000 is
derived from a down payment (equity) or some
form of other financing.
BSP regulation allows an LTV ratio up to a maximum
of 80%.
CREASAR,
GCR REALTY & EDUCATION CENTER
MONETARY AND FISCAL POLICY

When real property is sold, a defined interest in real
estate is exchanged for a defined amount of money.
Usually, the money exchanged is free to float in an open
market, competing for other goods and services.
Most of the time, a portion of the money used to acquire
a real property comes from borrowed funds, most often
from banks or other traditional lending institutions.
Money should not be viewed as a fixed, static commodity,
but rather one that is constantly changing in its
availability and cost.

MONETARY AND FISCAL POLICY

The Philippines operates on a fractional reserve banking
system in which deposits are made to banks, and the
banks lend from the deposits.
Although most of the deposits are loaned to various
customers, the banks are required to keep some of the
deposits in reserve.
Loans and reserves are directly influenced by monetary
policy. The supply and cost of money is significantly
affected by the policies issued by the Bangko Sentral ng
Pilipinas (BSP).

CREDIT REGULATION DEVICES

Discount Rate
The discount rate is the rate at which member banks can
borrow funds from the BSP to loan to other customers.
Banks compete in the open market for deposits and must
pay a certain level of interest. Banks also must charge
customers higher rates than the rates being paid for
deposits so that profit can be made.
If the BSP lowers its discount rate, banks are allowed to
pass the savings onto customers through lower interest
rates.
This spurs economic demand since the cost of acquiring
borrowed funds has been lessened. Conversely, if the
discount rate is increased, credit tends to become tight,
and economic activity declines.
An economy that is expanding too rapidly may lead to
inflationary conditions. The BSP is constantly trying to
maintain a balance between economic growth through
lowering rates and controlling inflation through raising
rates.
Engr.
Chrysler B. Acebu, CPV
CREDIT REGULATION DEVICES

Reserve Requirement
The reserve requirement is the percentage of deposits
that must be retained by banks.
If the reserve requirement is increased, credit tends to
tighten. Because of the limited amount of available funds,
interest rates tend to rise, and economic activity decreases.
If the reserve requirement is lowered, more funds are made
available for borrowers. Interest rates tend to come down,
and economic expansion occurs.
Again, a balance between economic expansion and
inflation control is the ultimate goal of the BSP.
Effective May 30, 2014, Reserve Requirement was adjusted
as follows:
Banks 20%
Thrift Banks 8%
a) Commercial/Universal
b)
c) Rural Banks 5%

FISCAL POLICY
The governments management of revenues (taxes) and
expenses (appropriations) is called fiscal policy.
The Philippines fiscal policy is managed by the
Department of Budget and Management (DBM).
The budget management and fiscal spending also affect
interest rates.
Generally, the higher the amount of debt, the higher the
inflation rate, which means the higher the interest rate.
Conversely, the lower the debt amount for the nation, the
lower the inflation rate and the lower the interest rate.

MONEY MARKETS
Money markets are financial vehicles with traditional
maturities or investment periods of less than one year.
Some examples of money market instruments are shortterm certificates of deposit (a banks CDs), Treasury bills
(short term government securities), and commercial
paper (corporate promissory notes).
Money market instruments tend to influence short-term
financing rates, such as loans for construction and/or
development of real estate.

CAPITAL MARKETS
Capital markets include financial vehicles with usual
maturities of more than one year.
Examples of capital market instruments include bonds,
stocks, mortgages, and deeds of trust.
Capital market instruments tend to influence long-term
financing rates, as well as required rates of return on real
estate investments.

THANK YOU.


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BASIC APPRAISAL

CREASAR, GCR REALTY & EDUCATION CENTER

REAL ESTATE APPRAISAL

CREASAR, GCR REALTY & EDUCATION CENTER

REAL ESTATE APPRAISAL

CREASAR, GCR REALTY & EDUCATION CENTER

CREASAR, GCR REALTY & EDUCATION CENTER

CREASAR, GCR REALTY & EDUCATION CENTER

Real Estate Service Practitioners shall refer to:

CREASAR, GCR REALTY & EDUCATION CENTER

PRICE, COST and VALUE

FAIR MARKET VALUE

CREASAR, GCR REALTY & EDUCATION CENTER

FACTORS THAT CREATE VALUE

CREASAR, GCR REALTY & EDUCATION CENTER

FORCES THAT AFFECT VALUE (SEPP)

5) CONTRIBUTION The principle states that the land and building is a

7) SUBSTITUTION The principle states that no prudent buyer will pay

8) SUPPLY AND DEMAND The principle involves the interplay of

CREASAR, GCR REALTY & EDUCATION CENTER

CREASAR, GCR REALTY & EDUCATION CENTER

FUNDAMENTAL DEFINITIONS OF LEGAL

CREASAR, GCR REALTY & EDUCATION CENTER

FUNDAMENTAL DEFINITIONS OF LEGAL

CREASAR, GCR REALTY & EDUCATION CENTER

FUNDAMENTAL DEFINITIONS OF LEGAL

FUNDAMENTAL DEFINITIONS OF LEGAL

CREASAR, GCR REALTY & EDUCATION CENTER

FUNDAMENTAL DEFINITIONS OF LEGAL

CREASAR, GCR REALTY & EDUCATION CENTER

FUNDAMENTAL DEFINITIONS OF LEGAL

CREASAR, GCR REALTY & EDUCATION CENTER

FUNDAMENTAL DEFINITIONS OF LEGAL

CREASAR, GCR REALTY & EDUCATION CENTER

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

CREASAR, GCR REALTY & EDUCATION CENTER

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

CREASAR, GCR REALTY & EDUCATION CENTER

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

CREASAR, GCR REALTY & EDUCATION CENTER

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

CREASAR, GCR REALTY & EDUCATION CENTER

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

CREASAR, GCR REALTY & EDUCATION CENTER

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

CREASAR, GCR REALTY & EDUCATION CENTER

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

CREASAR, GCR REALTY & EDUCATION CENTER

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

CREASAR, GCR REALTY & EDUCATION CENTER

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

CREASAR, GCR REALTY & EDUCATION CENTER

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

CREASAR, GCR REALTY & EDUCATION CENTER

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

CREASAR, GCR REALTY & EDUCATION CENTER

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

CREASAR, GCR REALTY & EDUCATION CENTER

LIMITATIONS ON OWNERSHIP OF REAL ESTATE

CREASAR, GCR REALTY & EDUCATION CENTER