Principles of Real Estate 2 (TEXAS) Exam With 100% Correct Answers 2024

Principles of Real Estate 2 (TEXAS) Exam With 100% Correct Answers 2024 The approach used as the best indicator of value for existing properties. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolescence - answerB Refers to the loss in desirability of the style, layout, or function of an element of a property over time. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolescence - answerA The price a willing seller will sell for, and the price a willing buyer will pay. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolescence - answerD The legal use for property that gives the greatest return in money and/or amenities. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolescence - answerC The loss in value of a property caused by factors outside of the property itself. a. functional obsolescence b. sales comparison c. highest and best use d. market value e. external obsolescence - answerE The appraised value of a property is: a. The sale price b. An opinion of value c. A market analysis d. The market value of a property - answerB A "lite" appraisal is often referred to as a(n): a. Drive-by appraisal b. Full appraisal c. Appraisal review d. Summary appraisal - answerA In the appraisal report, the property being