Residential Market Analysis and Highest & Best Use McKissock Exam Bundle

A property owner constructs a six-car garage at a cost of $80,000. It only adds $40,000 in value to the property. What economic principle does this best demonstrate? - Contribution What are the four agents of production? - land, labor, capital, coordination The principle of contribution ...

The appraiser must perform the necessary market analysis to obtain enough information to ___________________________. Complete the Sales Comparison Approach Fill out the URAR Make the highest and best use determination for the subject property. Educate the client Make the highest and ...

An analysis of the market conditions of supply, demand, and pricing for a specific property type in a specific area. (General) Market Study The study of how a specific property is expected to perform in a specific market. It expands on a market analysis by addressing a specific property. (Spec...

Agents of Production - The factors that combine to create value of developed real property; they include land, labor, capital, and entrepreneurial coordination; which is sometimes also called entrepreneurial profit. Central Business District (CBD) - The center of an urban area is typically ...

People tend to purchase homes in areas with amenities and facilities, and where they feel insulated from adverse property conditions. This is an example of the principle of: Conformity Substitution Change Competition - Conformity Which of these can increase conformity in a neighborhood? ...

Valuation Process - Systematic set of procedures an appraiser follows to provide answers to a clients questions about real property value Appraisal Process - 1. Define Problem 2. Determine scope of work 3. Gather Record & verify dat 4. determine highest and best use 5. estimate land val...

grant deed - deed containing, or having implied by law, some but not all of the usual covenants of title Appraiser - One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective. report - any communication, written or oral...

Which of these is NOT one of the four agents of production? Entreprenuerial coordination Materials Capital Labor - Materials What are the four agents of production? - Land, Labor, Capital, Entrepreneurial Coordination What entity is considered the authority on determining when the U....