Basic Appraisal - Self-Study Training Questions and Answers 100% pass | graded A+

Appraisal is ........ p.1 - the process of estimating the value of specific property at a stated time and place. Which prerequisites are required for goods to have value? pgs 1-2 - Capacity for private ownership, Demand or effective purchasing power, scarcity, utility Market value, the price that a property will bring when it is sold in a market, is determined only by the demand for the property. T/F pg 3 - False When the quantity demanded and the quantity supplied are equal, there is a state of balance known as________________________ - equilibrium If the market demanded increases, the price will________________ - Increase Use value is the value a specific property has for a specific use. T/F - True Expenditures for labor materials are known as ________________ - Direct Cost It is the amount actually paid for a property in a particular transaction - Price It is the expenditure required to produce property - Cost