Principles of real estate II (Champions) Questions and Answers (100% Pass)
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Course
Principles of real estate II
Institution
Principles Of Real Estate II
Functional obsolescence
Refers to the loss in desirability of the style, layout or function of an
element of a property over time
Sales comparison
best indicator of value for existing properties
highest and best use
the legal use for property that gives the greatest return in money
and/...
✓ value is maximized when there is a reasonable degree of homogeneity
in a neighborhood
principle of increasing and decreasing returns
✓ when the value added by an improvement exceeds the cost...do not
over improve.
principle of supply and demand
✓ when demand is high and supply is short, prices go up - and vice versa
principle of regression
✓ presence of lower-priced properties in the area will cause a decline in
the value of the subject property
principle of progression
✓ presence of higher-priced properties in the area will cause an increase
in the value of the subject property
principle of competition
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