Chapter 14: Real Estate-Related Computations & Closing of Transactions (MC) Flashcards
An appraisal is an ____ of value.
estimate
The most common type of value estimated by appraiser is ____ value.
market
The ____ of an appraisal is the estimate some type of defined value.
purpose
How the appraiser’s client will use the appraisal is the appraisal’s ____.
function
The concept of ____ states that a property of higher cost than those in the same area will have its value reduced.
regression
The principle of ____ states that value in the present is based on benefits to be received in the future.
anticipation
A property with an inefficient floor plan would suffer from ____ obsolescence.
functional
External obsolescence is ____.
incurable
If the subject property is superior to a comparable property, the ____ property should be adjusted ____.
comparable, upward
Reproduction cost can be estimated using the ____ ____ method, the ____ ____ ____ method and the ____ ____ ____.
quantity survey method, unit in place method and the unit of comparison.
The amount actually paid in a transaction is termed the ____.
price
The amount that should be paid in a transaction is the ____ ____ of the property.
market value
The amount necessary to make an exact duplicate of a structure is called ____ cost.
reproduction cost
The four characteristics of value are ____, ____, ____ and ____.
demand, utility, scarcity, transferability
The most comprehensive and time-consuming method of estimating cost is the ____ ____ method.
quantity survey
