Principles of Real Estate 2()Exam with complete updated solution

Loss of value due to lack of modernization is called: - answerFunctional obsolescence The __________ is considered the most reliable approach to value because it is based on verifiable market events. - answerSales comparison approach A loss in a property's value due to daily wear and tear is an example of _______ - answerPhysical deterioration The appraiser will use the cost approach to value: - answerA unique building A real property appraisal will contain an analysis of the each of the following, EXCEPT: - answerPersonal property The appraisal principle of conformity tells us that a house is worth the most when: - answerIt is in a neighborhood of similarly priced homes Official property value for tax purposes is called: - answerAssessed value The appraisal principle of __________ states that the purchase price of a property is affected by the expectation of futu