Highest & Best Use
Question 1.
Part of the definition of Highest and Best Use is that it is "Physically _______________..."
ANSWER
Possible
Question 2.
_________________ are the most restrictive of the restrictions in place for the land's use.
ANSWER
Developer's Covenants
Question 3.
________________ involves subdividing the larger market into a workable study area.
ANSWER
Market identification
Question 4.
Market value is generally considered equivalent to ___________________.
ANSWER
Value in Exchange
Question 5.
When the intended use of the appraisal is for a mortgage finance transaction, the assignment normally involves an opinion of
_______________ Value.
ANSWER
Market
Question 6.
Inflationary conditions and the cost of money would be considered to be ________________ forces.
ANSWER
Economic
Question 7.
Generally, which changes more slowly in a real estate market?
ANSWER
Supply
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, Question 8.
Research into the number of actual sales that have occurred in the neighborhood during the previous 12 month period is what kind of
data?
ANSWER
Primary
Question 9.
_______________ analysis examines the present worth of a future benefit.
ANSWER
Investment
Question 10.
______________ windows are the standard in most parts of the country.
ANSWER
Double glazed
Question 11.
Eminent domain is the right of the government to take private property, for public good, with __________________.
ANSWER
Just compensation
Question 12.
The capacity of a furnace heating system is measured in _______.
ANSWER
BTUs
Question 13.
Because of the Principle of _______________ the appraiser's opinion of value is always "as of" a specific date or time.
ANSWER
Change
Question 14.
Data that describe the local market area or neighborhood of the subject property are called ___________ data.
ANSWER
General
Question 15.
When supply and demand are out of balance, the market tends to move______________.
ANSWER
Towards equilibrium
2/8
Question 1.
Part of the definition of Highest and Best Use is that it is "Physically _______________..."
ANSWER
Possible
Question 2.
_________________ are the most restrictive of the restrictions in place for the land's use.
ANSWER
Developer's Covenants
Question 3.
________________ involves subdividing the larger market into a workable study area.
ANSWER
Market identification
Question 4.
Market value is generally considered equivalent to ___________________.
ANSWER
Value in Exchange
Question 5.
When the intended use of the appraisal is for a mortgage finance transaction, the assignment normally involves an opinion of
_______________ Value.
ANSWER
Market
Question 6.
Inflationary conditions and the cost of money would be considered to be ________________ forces.
ANSWER
Economic
Question 7.
Generally, which changes more slowly in a real estate market?
ANSWER
Supply
1/8
, Question 8.
Research into the number of actual sales that have occurred in the neighborhood during the previous 12 month period is what kind of
data?
ANSWER
Primary
Question 9.
_______________ analysis examines the present worth of a future benefit.
ANSWER
Investment
Question 10.
______________ windows are the standard in most parts of the country.
ANSWER
Double glazed
Question 11.
Eminent domain is the right of the government to take private property, for public good, with __________________.
ANSWER
Just compensation
Question 12.
The capacity of a furnace heating system is measured in _______.
ANSWER
BTUs
Question 13.
Because of the Principle of _______________ the appraiser's opinion of value is always "as of" a specific date or time.
ANSWER
Change
Question 14.
Data that describe the local market area or neighborhood of the subject property are called ___________ data.
ANSWER
General
Question 15.
When supply and demand are out of balance, the market tends to move______________.
ANSWER
Towards equilibrium
2/8
