, Four Agents of Production - ANSWER Capital, Entrepreneurship, Land,
Labor (CELL)
Economic Characteristics of Value - ANSWER Utility (useful), Scarcity
(limited), Effective Purchasing Power, Demand (wanted), Desirability (rare)
(USEDD)
General Data - ANSWER PEGS
A
Forces that Impact Real Estate - ANSWER Physical/Environmental,
VI
Economic, Governmental, Social (PEGS)
Common Tenancies - ANSWER Joint Tenancy, Tenancy in Common,
TU
Tenancy by the Entirety, Right to Survivorship
Legal Description - ANSWER Metes & Bounds, Government, Lot & Block,
Monument
IS
Lot & Block - ANSWER Most often used. Subdivided plat recorded into public
record
M
Collection Data Types - ANSWER General Data (PEGS) & Specific Data
O
Verification Process - ANSWER Property Rights Convey, Financing,
Condition of Sale, Market Conditions, Location, Physical Characteristics, Income
A
Variance
N
Three Approaches - ANSWER Cost Approach, Income Approach, Sales
Variance
JP
Cost Approach - ANSWER Values real estate by calculating how much the
building would cost today if it were destroyed and needed to be replaced from
start to finish
Income Approach - ANSWER Views real estate as an investment vehicle,
current dollars exchanged for rights to receive future dollars
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