Chapter 15: Appraisal (FITB)

Question 1

anticipation

Answer 1

The principle of ____ states that value in the present is based on benefits to be received in the future.

Question 2

comparable, upward

Answer 2

If the subject property is superior to a comparable property, the ____ property should be adjusted ____.

Question 3

demand, utility, scarcity and transferability

Answer 3

The four characteristics of value are ____, ____, ____ and ____.

Question 4

estimate

Answer 4

An appraisal is an ____ of value.

Question 5

function

Answer 5

How the appraiser’s client will use the appraisal is the appraisal’s ____.

Question 6

functional

Answer 6

A property with an inefficient floor plan would suffer from ____ obsolescence.

Question 7

incurable

Answer 7

External obsolescence is ____.

Question 8

market

Answer 8

The most common type of value estimated by an appraiser is ____ value.

Question 9

market value

Answer 9

The amount that should be paid in a transaction is the ____ ____ of the property.

Question 10

price

Answer 10

The amount actually paid in a transaction is termed the ____.

Question 11

purpose

Answer 11

The ____ of an appraisal is to estimate some type of defined value.

Question 12

quantity survey method

Answer 12

The most comprehensive and time-consuming method of estimating cost is the ____ ____ method.

Question 13

quantity survey method, unit in place method and the unit in comparison.

Answer 13

Reproduction cost can be estimated using the ____ ____ method, the ____ ____ ____ method and the ____ ____ ____.

Question 14

regression

Answer 14

The concept of ____ states that a property of higher cost than those in the same area will have its value reduced.

Question 15

reproduction

Answer 15

The amount necessary to make an exact duplicate of a structure is called ____ cost.