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Lesson 16 – Ch 13 Vocabulary Quiz

Posted on December 15, 2015November 3, 2016 by Harman Receptionist
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  1. Question 1 of 10
    1. Question

    Match the words to their correct definitions

    Sort elements
    • Market Value
    • Highest and best use
    • Arm's length transaction
    • The most probable price that a property should bring in a competitive and open market under all conditions requisite for a fair sale.
      • The most profitable use of the property, the one that provides the greatest net return over time
        • 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

          Sort elements
          • sales comparison approach
          • income approach
          • cost approach
          • The method of appraisal in which the appraiser compares the subject property to recently sold comparable properties
            • The method of appraising property in which net income is converted into value by use of a capitalization rate
              • 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

                Sort elements
                • deferred maintenance
                • functional obsolescence
                • external obsolescence
                • Depreciation caused by wear and tear, physical depreciation
                  • Depreciation caused by functional inadequacies or out-moded design
                    • 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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                    Harman Receptionist

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