Basic Appraisal Principles Study Guide| 90 QUESTIONS| WITH COMPLETE SOLUTIONS

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