Chapter 14: Real Estate-Related Computations & Closing of Transactions (MC) Flashcards Preview

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Flashcards in Chapter 14: Real Estate-Related Computations & Closing of Transactions (MC) Deck (15)
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1
Q

An appraisal is an ____ of value.

A

estimate

2
Q

The most common type of value estimated by appraiser is ____ value.

A

market

3
Q

The ____ of an appraisal is the estimate some type of defined value.

A

purpose

4
Q

How the appraiser’s client will use the appraisal is the appraisal’s ____.

A

function

5
Q

The concept of ____ states that a property of higher cost than those in the same area will have its value reduced.

A

regression

6
Q

The principle of ____ states that value in the present is based on benefits to be received in the future.

A

anticipation

7
Q

A property with an inefficient floor plan would suffer from ____ obsolescence.

A

functional

8
Q

External obsolescence is ____.

A

incurable

9
Q

If the subject property is superior to a comparable property, the ____ property should be adjusted ____.

A

comparable, upward

10
Q

Reproduction cost can be estimated using the ____ ____ method, the ____ ____ ____ method and the ____ ____ ____.

A

quantity survey method, unit in place method and the unit of comparison.

11
Q

The amount actually paid in a transaction is termed the ____.

A

price

12
Q

The amount that should be paid in a transaction is the ____ ____ of the property.

A

market value

13
Q

The amount necessary to make an exact duplicate of a structure is called ____ cost.

A

reproduction cost

14
Q

The four characteristics of value are ____, ____, ____ and ____.

A

demand, utility, scarcity, transferability

15
Q

The most comprehensive and time-consuming method of estimating cost is the ____ ____ method.

A

quantity survey

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