Champions School Principles of Real Estate II Exam Question with solved Answers

Appraisal - ANSWER-An Appraiser's opinion of value Principle of conformity - ANSWER-Suggests that value is maximized when there is reasonable degree of homogeneity, or sameness, in a neighborhood USPAP - ANSWER-Uniform Standards of Professional Appraisal Practice Uniform Standards of Professional Appraisal Practice - ANSWER-Standards that have been established by the Appraisal Standards Board of the Appraisal Foundation Ad Valorem - ANSWER-According to value Principle of progression - ANSWER-The value of a subject property is increased by the value of surrounding properties URAR (Uniform Residential Appraisal Report) - ANSWER-Fannie Mae Form 1004/Freddie Mac 70 Market Value - ANSWER-The most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale Value - ANSWER-This does not always equal price Scarcity (characteristics of value) - ANSWER-If a type of property in a market area is too abundant, it has reduced value Highest and Best Use - ANSWER-The legal use that gives the greatest return in money and/or amenities.