IAAO COURSE 201 Exam 2025/2026 Questions and Answers| A+ Rated Solutions| Guaranteed Success

IAAO COURSE 201 Exam 2025/2026 Questions and Answers| A+ Rated Solutions| Guaranteed Success Anticipation present worth of future benefits Balance max value is obtained when the 4 agents of production attain a state of equilibrium Change The tendency of social and economic forces affecting supply and demand to alter over time Competition Availability must be in harmony with demand. If one or the other is in excess prices will increase or decrease Conformity The value of property depends in part in its relationship to its surroundings Consistent Use States that a property must be valued with a single use for the entire property Contribution The basis for applying the adjustments in the sales comparison approach Increasing/Decreasing Returns After reaching a certain point the addition of successive increments of one agent of production will decrease future incomes or amenities Progression/Regression The value of a lower priced property is increased by its association with better properties of the same type Substitution Market value of a property tends to be set by the cost of acquiring an equally desirable and valuable property Surplus Productivity Net income remaining after the cost of labor, management, & capital has been paid Supply The amount of goods that producers are willing to sell under various conditions during a given period Demand Quantities of various goods that people are willing to and able to buy during some period, given the choices available to them Land The surface of the earth and everything above it and beneath it 5 attributes of Land Permanent Unique Finite supply Functional Stationary 4 Characteristics of Land DUST Natural state of the land before anything is done to it raw land Improvements to land everything done to the land that increases its usefulness without actually placing a structure or building is considered Improvements on land any structures or buildings placed on the land are considered