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Chapter 10 value and appraisal questions with right answers.
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Chapter 10 value and appraisal questions with right answers.
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Chapter 10 value and appraisalquestions with right answers.
Value ANS - The power of a good or service to command other goods or services in exchange.
The present worth of future benefits arising from the ownership of real property.
Amount, in terms of money, paid for the property ANS - Market price is the
Market Value ANS - The value which represents the price that a property will bring if it is sold after
being offered for a reasonable period of time, and the sale is completed between knowledgeable buyers
and sellers, neither acting under duress is the
All of the above: demand, utilities, transferability.
DUST:
a. Demand - need supported by purchasing power
b. Utility - capacity to satisfy human wants and needs
c. Scarcity - finite supply
d. Transfer ability - transfer of ownership rights with relative ease ANS - The elements or characteristics
necessary for property to possess value include
Substitution ANS - The statement that no prudent person would pay more for a parcel of real property
than the price of a reasonably close alternative which is available without undue delay, refers to the
principle of
Conformity ANS - A neighborhood which maintains high property values because of it similar but not
identical architectural styles is benefiting from the principle of
contribution ANS - An appraiser is hired to prepare a feasibility study for a 24-unit apartment building
in which the owner was considering putting in a swimming pool. What basic principle of appraising
would be used?
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