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Questions and Answers
What does 'substitution' refer to in property valuation?
What does 'substitution' refer to in property valuation?
- The process of replacing old buildings with new ones
- The cost of buying another similar property (correct)
- The act of substituting one type of land use for another
- The valuation of properties based on their historical significance
When is a neighborhood considered most valuable according to the text?
When is a neighborhood considered most valuable according to the text?
- When the complementary uses of land attain a state of equilibrium (correct)
- When it has the most historical landmarks
- When it has the highest property prices in the city
- When it has the highest population density
What is 'anticipation' in property valuation?
What is 'anticipation' in property valuation?
- Value can increase or decrease in anticipation of future benefits or detriments affecting the property (correct)
- The process of estimating property value based on past trends
- The value of a property based on its historical significance
- The act of anticipating future property trends
What does 'conformity' refer to in property valuation?
What does 'conformity' refer to in property valuation?
What does 'balance' refer to in property valuation according to the text?
What does 'balance' refer to in property valuation according to the text?
True or false: Inheritance tax can lead to the breaking up of large estates to distribute the tax burden?
True or false: Inheritance tax can lead to the breaking up of large estates to distribute the tax burden?
True or false: Eminent domain allows the government to acquire property from owners who are unwilling to sell?
True or false: Eminent domain allows the government to acquire property from owners who are unwilling to sell?
True or false: Surface right allows a land owner to enjoy the current state of his land without any limits?
True or false: Surface right allows a land owner to enjoy the current state of his land without any limits?
True or false: Development right allows the owner to improve his land in any way without any limitations?
True or false: Development right allows the owner to improve his land in any way without any limitations?
True or false: Restrictive right is the right of the owner not to develop the land, subject to idle lands tax?
True or false: Restrictive right is the right of the owner not to develop the land, subject to idle lands tax?
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