ANSWER THE QUESTIONS

Answer The Questions



Answer The Questions

'The shortage of data available for whole life cost appraisal invalidates the technique.' Critically examine this statement.

This review appraisal report must be used in its entirety: it must not be separated into parts. No part shall be used in conjunction with any other appraisal. Any separation of this review appraisal invalidates my opinions of value.

The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions about the title. The property is appraised on the basis of it being under responsible ownership.

The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements and the sketch is included only to assist the reader of the report in visualizing the property and understanding the appraiser's determination of its size.

The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in question, unless specific arrangements to do so have been made beforehand. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improvements at their contributory value. These separate valuations of the land and improvements must not be used in conjunction with any other appraisal and are invalid if they are so used.

The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the presence of hazardous wastes, toxic substances, etc. ) observed during the inspection of the subject property or that he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc. ) that would make the property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be considered as an environmental assessment of the property

Discuss the contention that 'Value Management is just another irrelevant and costly exercise that is of little real merit either to clients, or the rest of the construction team.'

Manage by exception. Management 'by exception' is hardly a new idea but its application has been overlooked as the bandwidth of data has expanded over recent years. It is based on a simple operating principle. Trust people to act within values and policies and punish them if they abuse that ...