13 - Real Property Valuation (6 / 0)

Question 1

Cost Approach

Answer 1

Estimated replacement cost of the building

Question 2

Progression and Regression

Answer 2

Account for the impact on properties created by surrounding properties and areas

Question 3

Substitution

Answer 3

Only appraisal principal used in all three approaches to value - states that when items of similar quality exist the value will be determined by the lower cost item