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Terms in this set (11)
The first step in an appraisal is:
Define the problem
Market value is defined by all EXCEPT:
The consideration of the price for which the property was last sold
The decision to convert a two-family residential home into a commercial office, housing a real estate firm, and an insurance company is an example of what appraisal principle
Highest and best use
Which BEST describes the principle that a home maintains its highest value by being in a neighborhood with similar-type housing?
Which principle is the market data approach based on?
External obsolescence in a property is generally:
A type of depreciation that is incurable
When a appraiser uses the phrase 'effective age', he is referring to:
The age of the property based on its condition
A man owns a building with 6 apartments. Three of the 6 payments net him $200 per month, and the other three net him $150 per month. For what amount should he sell the building to net the same profit he invests his money in a 9% savings account ?
The gross rent multiplier uses:
Sale price and monthly rental rates
Peeling paint on a home is an example of:
The three distinct boards of TAF are
Appraisal qualification board, appraisal standards board, appraisal practices board
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