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Basic Appraisal Principles Study Guide (Complete)
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Basic Appraisal Principles Study Guide (Complete)
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Basic Appraisal Principles Study Guide4 factors of value Correct Ans - - Utility
- Scarcity
- Desire
- Effective Purchasing Power
4 Factors of Production Correct Ans - - Capital
- Entrepreneurial Coordination
- Land
- Labor
Forces that influence real property markets Correct Ans - - Social
Forces
- Economic circumstances
- Governmental controls and regulations
- Environmental Conditions
Life Cycle of a Market Area Correct Ans - - Growth
- Stability
- Decline
- Revitalization
Bundle of Rights Correct Ans - - Right to sell
- Right to lease
- Right to occupy
- Right to mortgage
- Right to give it away
4 Powers of Government Correct Ans - - Police Power
- Eminent domain
- Taxation
- Escheat
4 Forms of Ownership Correct Ans - - Community Property
- Joint Tenancy
- Tenancy by the entirety
- Tenancy in common
, community property Correct Ans - System of ownership; each spouse
has an equal interest in property acquired during marriage: separate property
is that acquired before marriage
USPAP Correct Ans - current standards of the appraisal profession
utility Correct Ans - the ability of a product to satify a human want,
need or desire.
scarcity Correct Ans - the present or anticipated under supply of an
item relative to the demand for it
desire Correct Ans - a purchasers wish for an item to satisfy human
needs
effective purchasing power Correct Ans - the ability of an individual or
group to participate in a market
Market Value Correct Ans - the most probable price, as of a specified
date, in cash, or in terms equivalent to cash, or in other other precisely
revealed terms, for which the specified property rights should sell after
reasonable exposure in a competitive market under all conditions requisite to
a fair sale, with the buyer and seller each acting prudently, knowledgeably,
and for self-interest, and assuming that neither is under undue duress.
investment value Correct Ans - the specific value of a property to a
particular investor or class of investors based on individual investment
requirements: distinguished from market value, which is impersonal and
detached.
Going Concern Correct Ans - All tangible and intangible assists of an
established and operating business with an indefinite life.
Anticipation Correct Ans - the perception that value is created by the
expectation of benefits to be derived in the future
Change Correct Ans - the result of the cause and effect relationship
among the forces that influence real property value
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