Principles of Real Estate 2 Champion Exam With 100% Correct Answers 2024

Principles of Real Estate 2 Champion Exam With 100% Correct Answers 2024 An opinion of value - answerThe appraised value of a property is: assessed value - answerthe amount that your local government determines your property to be worth for tax purposes subject property - answerThe property that is being appraised. ad valorem - answeraccording to value Principle of Conformity - answerMaximum value is found when there is a reasonable degree of similarity or homogeneity USPAP (Uniform Standards of Professional Appraisal Practice) - answerStandards that have been established by the Appraisal Standards Board of the Appraisal Foundation. appraisal - answerAn appraiser's opinion of value. URAR (Uniform Residential Appraisal Report) - answerFannie Mae Form 1004/Freddie Mac 70 Principle of Progression - answerThe value of a subject property is increased by the value of surrounding properties Market Value - answerThe most probable price a property should bring in a competitive and open market under all conditions requisite to a fair sale. value - answerDoes not always equal price. Scarcity - answerif a type of property in a market area is too abundant, it has reduced value. Highest and Best Use - answerThe legal use of property giving the greatest return in money or amenities Principal of Substitution - answerthe value of a commodity is influenced by the cost of acquiring a substitute or comparable item. Field Review - answerMany lenders, especially when dealing with high-LTV loans, will order this type of appraisal Principle of Anticipation - answerStates that the purchase price is affected by the expectation of future appeal and benefits Functional Obsolescence - answerThe loss in desirability of the style, layout, or function of an element of a property over time. Sales Comparison - answerThe approach that estimates value by comparing the subject property with recently sold