11. Real Estate Appraisal
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Questions and Answers

What term describes the overall direction in which a nation's economy is moving?

  • Area
  • Depreciation
  • Balance
  • Trends (correct)

    • How is 'useful life' of a property defined in real estate appraisal?

  • The period when the land and its improvements are profitable (correct)
  • Three appraisal methods
  • Loss in value due to any cause
  • Area = length x width

    • Which term refers to changing a structure through demolition and construction?

  • Remodel (correct)
  • 'Arm's length' transaction
  • 'Net income'
  • Trends

    • How many appraisal methods are typically used in real estate appraisal?

    <p>'Three'</p> Signup and view all the answers

    How is 'net income' calculated in real estate appraisal?

    <p>Gross income minus operating expenses</p> Signup and view all the answers

    What does the formula 'area = length x width' represent in real estate appraisal?

    <p>Calculation of property's total area</p> Signup and view all the answers

    What does 'amenity' refer to in real estate appraisal?

    <p>'Amenity' signifies a desirable or useful feature or facility of a building or place</p> Signup and view all the answers

    What term describes the period when a property's land and improvements are profitable?

    <p>Economic life</p> Signup and view all the answers

    What does 'ARM's length transaction' in real estate appraisal refer to?

    <p>Sale between unrelated parties</p> Signup and view all the answers

    How is 'depreciation' defined in real estate appraisal?

    <p>Loss in value due to any cause</p> Signup and view all the answers

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