Chapter 13 Quiz

The purpose of most appraisals is to:

Highest and best use refers to the use that would:

In a residential neighborhood, strictly enforced zoning and private restrictions:

In selecting comparables for the sales comparison approach, an appraiser looks for properties that:

To appraise a single-family home using the sales comparison approach, an appraiser generally needs:

The rent that a property would command if it were placed on the current market is called:

In selecting comparables for the sales comparison approach, an appraiser must investigate the circumstances of each sale to determine if:

In the sales comparison approach, after making all necessary adjustments to the prices of the comparables, the appraiser uses them to estimate the value of the subject property. The value estimate:

In the cost approach, the appraiser:

The simplest way to estimate replacement cost is the:

An example of functional obsolescence would be a loss in value because of:

“The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale” is a widely accepted definition of:

A vacancy factor is:

In the income approach to value, an appraiser deducts the property’s operating expenses from its effective gross income to arrive at its:

An example of external obsolescence would be a loss in value because of: