Principle of substitution - Study guides, Class notes & Summaries
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Ch.5 Cost Approach - Cost Estimating Exam
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Ch.5 Cost Approach - Cost Estimating Exam 
The four methods of estimating the ____________________/______________________ cost of a structure will be demonstrated with examples. They include: 
 
Index method 
Comparative-unit method 
Unit-in-place method 
Quantity survey method 
reproduction, replacement 
 
 
The basic principle underlying the ________ approach is the principle of __________________ 
cost, substitution 
 
 
the principle of _______________________: "The appraisal principle that...
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Champions Principles of Real Estate 2
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appraisal - Answer- value of a property maybe affected by social, economic, govt and environmental influences 
 
Loan-to-Value Ratio (LTV) - Answer- The percentage of value or sales price that a lender is willing to finance. 
 
limited appraisal report - Answer- exterior only/drive by inspection. deemed as low risk loan 
 
highest and best use of property - Answer- legal use that gives the greatest return 
 
Principal of Contribution - Answer- cost does not equal value 
 
Residential Mortgage Lo...
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RESIDENTIAL MARKET ANALYSIS AND HIGHEST & BEST USE FINAL EXAM 100% PASS
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RESIDENTIAL MARKET ANALYSIS AND 
HIGHEST & BEST USE FINAL EXAM 
 
100% PASS 
 
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 best use determination for the subject property. 
A property with restaurants and retail shops on the lower level and apartments o...
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NATIONAL REAL ESTATE EXAM PRACTICE TEST ALREADY PASSED
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NATIONAL REAL ESTATE EXAM PRACTICE TEST ALREADY PASSED 
In most cases, broker compensation, as a percentage of home price, falls somewhere between: 5-7% 
A Christian organization owns a fourplex. It wants to rent to only Christian tenants. Under the federal Fair Housing Act, is this legal? Yes. Religious organizations which rent to tenants for residential purposes are exempt from the Fair Housing Act 
What happens to trade fixtures after a business moves out of a leased property? The tenant remo...
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Residential Market Analysis and Highest & Best Use Questions with 100% Complete Solutions
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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? 
 
Covenants, Conditions and Restrictions 
zoning ordinances 
ordinances specifying minimum site sizes and setbacks 
all of these - all of these 
 
With regard to the four agents of production, whi...
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REE 4103 EXAM 1 QUESTIONS AND ANSWERS SOLVED 2024
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An appraiser may be liable for all of the following except: 
- Negligence 
- Misrepresentation 
- Fraud 
- Low value - Low value 
 
For appraisal purposes, market value may be defined as: 
- The highest offer 
- The amount of the loan commitment 
- The most probable selling price 
- The asking price - - The most probable selling price 
 
Appraisal is 
- The act or process of telling the client the market value of the real estate 
- The act of process of developing an opinion of value 
- The repo...
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Principles of real estate II (Champions) Latest 2024 Already Passed
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Principles of real estate II (Champions) 
 
Latest 2024 Already Passed 
 
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/or 
amenities 
 
external obsolescence the loss in value of a property caused by factors outside the property 
itself 
 
principle o...
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WGU C839 Objective Assessment Study Guide (Latest 2024/ 2025 Update) Introduction to Cryptography| Qs & As| Grade A| 100% Correct (Verified Answers)
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WGU C839 Objective Assessment Study Guide (Latest 2024/ 2025 Update) Introduction to Cryptography| Qs & As| Grade A| 100% Correct (Verified Answers) 
 
 
Q: Information Theory 
 
Answer: 
-Published by Claude Shannon in 1949 in the Bell System Technical Journal 
- Important concepts: 
 -Diffusion 
 -Confusion 
 -Avalanche Effect (Horst Feist's variation on Shannon's concept of diffusion 
 
Q: Kerckhoff's Principle 
 
Answer: 
-1883 
-A crptosystem should be secure even if all its elemen...
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Principles of real estate II (Champions) Exam with complete solutions
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Functional obsolescence - Answer- Refers to the loss in desirability of the style, layout or function of an element of a property over time 
 
Sales comparison - Answer- best indicator of value for existing properties 
 
highest and best use - Answer- the legal use for property that gives the greatest return in money and/or amenities 
 
external obsolescence - Answer- the loss in value of a property caused by factors outside the property itself 
 
principle of contribution - Answer- suggests the...
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Champions School Principles of Real Estate II Latest Update Graded A+
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Champions School Principles of Real 
Estate II Latest Update Graded A+ 
 
Appraisal An Appraiser's opinion of value 
 
Principle of conformity Suggests that value is maximized when there is reasonable degree of 
homogeneity, or sameness, in a neighborhood 
 
USPAP Uniform Standards of Professional Appraisal Practice 
 
Uniform Standards of Professional Appraisal Practice Standards that have been established 
by the Appraisal Standards Board of the Appraisal Foundation 
 
Ad Valorem According to...
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