Unit 17 Quiz Attempt #2

When the market for an item has achieved market equilibrium, which of the following statements is true

How is real estate distinguished as an economic product?

If Wonderful World a company that markets music worldwide moves to Atlanta and hires 200 employees. What will happen in that city?

Which answer best describes absorption?

What will likely happen if commercial real estate rental prices drop

Why is real estate considered illiquid?

In real estate demand, what does “base employment” mean

What is a vacancy?

What is a contribution?

When a property owner combines two adjacent properties to create a singly property with a higher value than the sum of the values of the two separate properties, the applicable principle of value is called

What is the difference between market value and market price, if any?

Which of the following statements properly describes the central methodology of the cost approach to appraisal?

One of the strenghts of the cost approach is that it

The act that required federally-related appraisals to be conducted by a certified appraiser is known as

As a component of real estate, the principle of substitution states that

Which of the following best defines the term market value

Which of the following would be a factor in a property’s depreciation

An example of external depreciation is:

George builds a large, five-bedroom home with a private pool in a neighborhood filled with small two-bedroom houses. Which principle will MOST likely affect the value of George’s house

The sales comparison approach to estimating a property’s value is best used on:

A large seven-bedroom house with a tennis court, and basketball court is built in a neighborhood of small two-bedroom houses. Which principal is most likely to affect the value of the house

Which example below is functionally obsolete

What term is used by appraisers to estimate the physical condition of a building

Knowing the NOI and the capitalization rate, an appraiser would _________ to find the value of a property using the income approach.

The cost approach requires the land to be calculated_______ the value of the improvements

A profit and loss statement does not analyze:

Which of the following does not contribute to a marketing plan?

Which answer does not contribute to a marketing plan?

Of the following, which is NOT a step in the appraisal process?

Which of the following is left out of an appraisal report?