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
B
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
A
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
D
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
C
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
E
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
B
A "lite" appraisal is often referred to as a(n):
a. Drive-by appraisal
,b. Full appraisal
c. Appraisal review
d. Summary appraisal
A
In the appraisal report, the property being appraised is referred to as the ___________________.
a. Target property
b. Comparable property
c. Sold property
d. Subject property
D
A homeowner added a swimming pool to a home at a cost of $75,000. During an appraisal, the
appraiser determined that the pool added $55,000 to the value of the property. In this case, the
appraiser was applying the principle of _______________ in the analysis.
a. Anticipation
b. Change
c. Substitution
d. Contribution
D
An appraisal has a limited "shelf life" because of the principle of __________________.
a. Anticipation
b. Change
c. Substitution
, d. Contribution
B
The legal use of a property that gives the greatest return in money and/or amenities is known as the
property's _______________.
a. Net adjusted value
b. Highest and best use
c. Going concern value
d. Assessed value
B
The value of a property can automatically be inferred from the prices at which other similar
properties have sold.
a. True
b. False
B
____________________ is the most probable price a property should bring in a competitive and
open market under all conditions requisite to a fair sale.
a. Sales price
b. Business value
c. Assessed value
d. Market value
D
a. functional obsolescence
b. sales comparison
c. highest and best use
d. market value
e. external obsolescence
B
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
A
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
D
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
C
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
E
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
B
A "lite" appraisal is often referred to as a(n):
a. Drive-by appraisal
,b. Full appraisal
c. Appraisal review
d. Summary appraisal
A
In the appraisal report, the property being appraised is referred to as the ___________________.
a. Target property
b. Comparable property
c. Sold property
d. Subject property
D
A homeowner added a swimming pool to a home at a cost of $75,000. During an appraisal, the
appraiser determined that the pool added $55,000 to the value of the property. In this case, the
appraiser was applying the principle of _______________ in the analysis.
a. Anticipation
b. Change
c. Substitution
d. Contribution
D
An appraisal has a limited "shelf life" because of the principle of __________________.
a. Anticipation
b. Change
c. Substitution
, d. Contribution
B
The legal use of a property that gives the greatest return in money and/or amenities is known as the
property's _______________.
a. Net adjusted value
b. Highest and best use
c. Going concern value
d. Assessed value
B
The value of a property can automatically be inferred from the prices at which other similar
properties have sold.
a. True
b. False
B
____________________ is the most probable price a property should bring in a competitive and
open market under all conditions requisite to a fair sale.
a. Sales price
b. Business value
c. Assessed value
d. Market value
D
