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Question 1 of 10
1. Question
Match the words to their correct definitions
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- Market Value
- Highest and best use
- Arm's length transaction
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The most probable price that a property should bring in a competitive and open market under all conditions requisite for a fair sale.
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The most profitable use of the property, the one that provides the greatest net return over time
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A transaction in which there is no preexisting family or business relationship between the parties.
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Question 2 of 10
2. Question
Real property is in a constant state of change. It goes through a four-phase life cycle of integration, equilibrium, disintegration, and rejuvenation. This is the definition for which principle?
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Question 3 of 10
3. Question
No one will pay more for a piece of property than they would have to pay for an equally desirable substitute. This describes which principle
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Question 4 of 10
4. Question
Match the words to their correct definitions
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- sales comparison approach
- income approach
- cost approach
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The method of appraisal in which the appraiser compares the subject property to recently sold comparable properties
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The method of appraising property in which net income is converted into value by use of a capitalization rate
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The method of appraisal in which the appraiser estimates the replacement cost of the building, deducts depreciation, and adds the value of the site.
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Question 5 of 10
5. Question
Loss in value due to any cause
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Question 6 of 10
6. Question
Match the following words to their correct definitions
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- deferred maintenance
- functional obsolescence
- external obsolescence
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Depreciation caused by wear and tear, physical depreciation
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Depreciation caused by functional inadequacies or out-moded design
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Depreciation caused by forces outside the property, such as neighborhood decline or proximity to nuisances. Also known as economic obsolescence.
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Question 7 of 10
7. Question
Potential gross income less a vacancy factor
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Question 8 of 10
8. Question
Effective gross income less operating expenses
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Question 9 of 10
9. Question
The rate of return an investor wants on his investment in the property
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Question 10 of 10
10. Question
The rent that a property would earn on the open market if it were currently available for rent
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