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Property Utility and Assessment Quiz

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Questions and Answers

What are the four categories into which utility is divided?

Form, location, time, and ownership (correct)
Size, shape, color, and design
Price, value, demand, and geography
Production, quality, development, and finance

How is property utility determined according to the text?

By looking at the property's historical significance
By evaluating its operation, trade, and market perception (correct)
By assessing the property's beauty and aesthetics
By considering the property's age and maintenance history

What factors influence land value assessment according to the text?

Historical significance only
Physical color and shape
Legal aspects and market demand (correct)
Ownership duration and property size

How does special value differ from Market Value as explained in the text?

Special value is influenced by buyer preferences (D) Signup and view all the answers

What concept refers to the projected property worth in an arm's length sale?

Market value (C) Signup and view all the answers

Why is valuing a property as an individual entity important according to the text?

To consider market perception and financial performance (C) Signup and view all the answers

What is the purpose of Fair Value, as defined by IFRS?

To provide an overview of a company's estimated worth to investors and stakeholders (A) Signup and view all the answers

Why might specialized property valuation present challenges?

Due to the lack of market comparable assets (B) Signup and view all the answers

What external factors can disturb market conditions according to the text?

Economic crises, catastrophic events, changes in legislation (C) Signup and view all the answers

What must valuers adhere to in terms of standards while conducting valuations?

International Valuation Standards (IVS) (B) Signup and view all the answers

What is the objective of a valuation report according to the text?

To offer clear communication regarding the purpose and interpretation of the valuation (B) Signup and view all the answers

Which concept are market-based valuations based on?

Substitution (B) Signup and view all the answers

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