Basic Appraisal Principles Study Guide: Latest Updated: Guaranteed A+

4 factors of value (Ans- - Utility - Scarcity - Desire - Effective Purchasing Power 4 Factors of Production (Ans- - Capital - Entrepreneurial Coordination - Land - Labor Forces that influence real property markets (Ans- - Social Forces - Economic circumstances - Governmental controls and regulations - Environmental Conditions Life Cycle of a Market Area (Ans- - Growth - Stability - Decline - Revitalization Bundle of Rights (Ans- - Right to sell - Right to lease - Right to occupy - Right to mortgage - Right to give it away 4 Powers of Government (Ans- - Police Power - Eminent domain - Taxation - Escheat 4 Forms of Ownership (Ans- - Community Property - Joint Tenancy - Tenancy by the entirety - Tenancy in common community property (Ans- System of ownership; each spouse has an equal interest in property acquired during marriage: separate property is that acquired before marriage USPAP (Ans- current standards of the appraisal profession Utility (Ans- the ability of a product to satisfy a human want, need or desire. scarcity