Texas Principles of Real
Estate 2 QUESTIONS WITH
DETAILED VERIFIED
ANSWERS /ALREADY GRADED
A+
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,
Estate 2 QUESTIONS WITH
DETAILED VERIFIED
ANSWERS /ALREADY GRADED
A+
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,
