11. Real Estate Appraisal

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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?

'Three' Signup and view all the answers

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

Gross income minus operating expenses Signup and view all the answers

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

Calculation of property's total area Signup and view all the answers

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

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

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

Economic life Signup and view all the answers

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

Sale between unrelated parties Signup and view all the answers

How is 'depreciation' defined in real estate appraisal?

Loss in value due to any cause Signup and view all the answers

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?

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

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

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

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

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

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

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

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

How is 'depreciation' defined in real estate appraisal?

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