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):
1

An appraisal is an ____ of value.

estimate

2

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

market

3

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

purpose

4

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

function

5

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

regression

6

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

anticipation

7

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

functional

8

External obsolescence is ____.

incurable

9

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

comparable, upward

10

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

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

11

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

price

12

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

market value

13

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

reproduction cost

14

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

demand, utility, scarcity, transferability

15

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

quantity survey

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