Part 8 Flashcards
The actual or estimated amount required to create, reproduce, replace or obtain a property
Cost
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Of the 3 valuation types, which two are facts?
Cost and Price
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________ is the amount asked, offered or paid for a property
Price
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_________ is based on exchange and is an economic concept, not a fact
Value
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_________ is the ability of a product to satisfy a human want, need or desire and is a factor of value
Utility
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________ is the present or anticipated under supply of an item relative to the demand for it. Conditions of _________ contribute to value
Scarcity
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____________ is a purchasers wish for an item to satisfy human needs or individual wants beyond essential supporting needs
Desire
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Four factors of Value are:
D________
U________
E_________
S________
Desire
Utility
Effective purchasing power
Scarcity
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