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Flashcards in Property Value and Appraisal Exam Deck (14)
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1

First principle of appraising real property

Highest and best use

2

Sales comparison approach is based on which two value principles?

Substitution and Contribution

3

Comparables selected that have been sold within

6 months

4

In using comparables, do you adjust the subject or the comparables

The comparables adjust

5

Cost approach to value estimates depreciation based on land, improvements, or both

Improvements

6

Formula for cost approach method

Improvements - depreciation + land = cost

7

Cost estimating: using square foot or cubic foot multipliers

Unit comparison

8

Cost estimating: Using a manual of costs

Unit-in-place

9

Cost estimating: like a builder computes a bid

Quantity survey

10

Cost estimating: Applying a percentage multiplier to the original cost

Cost index

11

Most common method of depreciation is

Straight line method

12

Best value method for a vacant parcel of land

Market data approach

13

Most difficult step in using income capitalization method

Determining the risk factor

14

In 1031 exchange, how many days after closing does one have to find new property

45 days