Real Estate Appraisal Principles Quiz
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Questions and Answers

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 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?

  • 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?

    <p>Maximum market value is reached when a reasonable degree of economic and social similarity is present in the area</p> Signup and view all the answers

    What does 'balance' refer to in property valuation according to the text?

    <p>Property is most valuable when land, labor, capital, and management are in balance</p> Signup and view all the answers

    True or false: Inheritance tax can lead to the breaking up of large estates to distribute the tax burden?

    <p>True</p> Signup and view all the answers

    True or false: Eminent domain allows the government to acquire property from owners who are unwilling to sell?

    <p>True</p> Signup and view all the answers

    True or false: Surface right allows a land owner to enjoy the current state of his land without any limits?

    <p>False</p> Signup and view all the answers

    True or false: Development right allows the owner to improve his land in any way without any limitations?

    <p>False</p> Signup and view all the answers

    True or false: Restrictive right is the right of the owner not to develop the land, subject to idle lands tax?

    <p>True</p> Signup and view all the answers

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