Chapter 16 (Real Estate Appraisal / Math) Flashcards
An appraisal is an act or process of developing a(n) __________________ of value.
opinion
The most common type of value estimated by an appraiser is __________________ value.
market
The __________________ of an appraisal is to estimate some type of defined value.
purpose
How the appraiser’s client will use the appraisal is the appraisal’s __________________ __________________ .
intended use
The principle 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
Replacement cost can be estimated using the __________________ __________________ method, the __________________ method, and the __________________ method.
quantity survey,
unit-in-place,
unit-of-comparison
The amount actually paid in a transaction is referred to as 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 the __________________ cost.
reproduction
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
