Chapter 1 Flashcards
1
Q
The relationship between an object and a potential purchaser
A
Value
2
Q
Four components of value
A
Dust
Desirability, utility, Scarcity, transferability
3
Q
The value of a property for specific use installed
A
Value in use
4
Q
The amount an informed purchaser would offer an exchange for property under normal market conditions
A
Value in exchange
5
Q
Each item of property should be assessed as though it were being put to its perceived most profitable use given probable legal physical and financial restraints
A
Highest and best use
6
Q
Machinery and equipment installed and operating in an economical feasible manner exhibits
A
Value in use
7
Q
Machinery and equipment used by a manufacture is worth less than used by a retailer under the Trade level concept
A
False 
