Chapter 21 Flashcards
Which of the following statements regarding immobility and durable of Land is false?
The Immobility of real estate as a commodity allows it to be moved to a better marker
An appraiser must understand why the client has requested the appraisal. If the purpose is for property development it would be known as
Market reason
The market a property is best defined as
An estimate of what a property is likely to sell for in an arm’s-length transaction between a willing inform and rational average buyer and seller if the property is on the market for a reasonable period of time when the market conditions are unchanged
Which of the following statements regarding property appraisals is false
A large overvaluation probably by An appraiser does not by itself Establish liability on the part of the appraiser
Most likely to affect the value of residential real property in the short run
Opinions
The subject of an appraisal is
The value of the legal rights of ownership vested in a particular piece of real property
