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Chapter 12 Value and Appraisal questions with right answers.
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Chapter 12 Value and Appraisal questions with right answers.
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Chapter 12 Value and Appraisalquestions with right answers.
The power of a good or service to command other goods or services in exchange is
A. value.
B. economic perfection.
C. utility.
D. need. ANS -A. value
Market price is the
A. true market value.
B. price at public sale.
C. price asked for the property on an open market.
D. amount, in terms of money, paid for the property. ANS -D. amount, in terms of money, paid for the
property.
Which of the following types of depreciation is always incurable?
A. Physical deterioration.
B. Physical obsolescence.
C. Functional obsolescence.
D. External obsolescence. ANS -D. External obsolescence.
The elements necessary for property to possess value include
A. demand.
B. utility.
C. transferability.
D. All of the above. ANS -D. All of the above.
, 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
A. balance.
B. competition.
C. conformity.
D. substitution. ANS -D. substitution.
A neighborhood which maintains high property values because of its similar but not identical
architectural styles is benefiting from the principle of
A. change.
B. conformity.
C. substitution.
D. progression. ANS -B. conformity.
An appraiser was 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?
A. Regression.
B. Contribution.
C. Competition.
D. Substitution. ANS -B. Contribution.
Joe Ego has his "dream house" constructed for $250,000 in an area where most new constructed homes
are not as well-equipped and typically sell for about $180,000. The value of Ego's house is likely to be
affected by the principle of
A. progression.
B. assemblage.
C. change.
D. regression. ANS -D. regression.
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