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36 Cards in this Set
- Front
- Back
The criteria in determining the highest & best use includes the following except:
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Effect of community welfare
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Major cause of depreciation except
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MAJOR CALAMITY
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Bank accounts for the purchase of Land. It holds the land deed and other transfer documents for the seller, and the purchase money for the buyer.
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ESCROW
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Elements of comparison in VALUATION are:
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Characteristics that cause for Real Estate to vary
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What are the four elements of valuation?
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DEMAND
UTILITY SCARCITY TRANSFERABILITY |
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Which of the following does not compromise supply
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ABSORPTION
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When data are available this approach to value is called direct and systematic approach to estimate value
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SALES COMPARISON APPROACH
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Which study, examine the profitability of proposed property?
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FEASIBILITY
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What are the two components that comprise effective demand?
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Desire and Purchasing power
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CONSIDER THE SALES ARE SIMILAR FOR MARKET DATA APPROACH.
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COMPARATIVE
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THE FUNDAMENTAL ECONOMIC PRINCIPLE UNDERLYING THE SALES COMPARISON APPROACH TO VALUE IS known as
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SUBSTITUTION
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The period over which a building may be profitably use in its
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EFFECTIVE LANDS
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CONSIDER THE SALES ARE SIMILAR FOR MARKET DATA APPROACH involving a comparison
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COMPARATIVE APPROACH
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It is geographically called local community often within a city or suburb:
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NEIGHBORHOOD
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Recent sales of comparable sights competitive within the subject site:
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are the most reliable right of probable current
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Which of the following is not economic characteristic of Real Estate
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Indestructibility
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A group of complimentary land uses is called a
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NEIGHBORHOOD
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A period of opinion market value by sales comparison approach through the eyes of the
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PURCHASER
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When bodies estimated by analyzing sales price is referred to as
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MARKET APPROACH similar properties
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Which characteristics is indicative of an efficient market?
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organized exchange conduit
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What is the meaning of USPAP?
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UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE
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It is the act or process of developing an opinion of value
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APPRAISAL
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IT IS NEVER A _____ BUT ALWAYS AN ________ OF THE WORTH OF PROPERTY AT A GIVEN TIME IN ACCORDANCE WITH A SPECIFIC DEFINITION OF VALUE
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FACT, OPINION
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What is the economic concept of appraisal?
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VALUE IS ALWAYS STATED AS AN OPINION
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Both provide data for the appraiser to consider in an analysis but both of these should not be mistaken for the meaning of value
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COST OR PRICE
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COST OR PRICE, once analyzed, may help to provide
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an indication of VALUE
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TRANSFER OF OWNERSHIP, FINANCING AND CREDIT, INVESTMENT COUNSELING, DECISION MAKING, ACCOUNTING AND AUDIT are typical uses of ?
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REAL ESTATE APPRAISAL
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The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale
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MARKET VALUE
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An ownership interest held by a landlord with the right of use and occupancy conveyed by lease to others;
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LEASED FEE ESTATE
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Absolute ownership unencumbered by any other interest or estate subject only to the four powers of government
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FEE SIMPLE ESTATE
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THE FOUR CRITERIA OF THE HIGHEST AND BEST USE ARE
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PERMISSIBILITY, PHYSICAL POSSIBILITY, FINANCIAL FEASIBILITY, AND MAXIMUM PROFITABILITY
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That which is contrary to what exists, but is supposed for the purpose of analysis
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HYPOTHETICAL CONDITION
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What are the two factors that help determine the highest and best use for a given property using the process of elimination of all possible uses by the application of certain tests to the subject site?
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as though vacant, as improved,
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Factors affecting real estate value
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Physical Forces, Social Forces, Economic Forces and Political Forces
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What are the four essential elements of value?
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Demand
Utilization Scarcity Transferability |
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The following are basic steps in valuation process which one is not?
Highest and Best Use Analysis Preliminary Analysis Definition of the Objective Appraisal Report |
Appraisal Report
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