Podcast Beta
Questions and Answers
The value for a component of property depends on its contribution to the whole. This principle is known as:
A property must be valued with a single use for the entire property. This principle is:
The amount of goods that producers are willing to sell under various conditions during a given period is defined by the Principle of:
. Net income remaining after the costs of labor, management, and capital have been paid relates to the Principle of:
Signup and view all the answers
Present worth of future benefits is the Principle of:
Signup and view all the answers
. Market value of a property tends to be set by the cost of acquiring an equally desirable and valuable property. This is called the Principle of:
Signup and view all the answers
Maximum value is obtained when the four agents of production attain a state of equilibrium, as stated by the Principle of:
Signup and view all the answers
Quantities of various goods that people are willing and able to buy during some period, given the choices available to them, are determined by the Principle of:
Signup and view all the answers
The tendency of social and economic forces affecting supply and demand to shift over time is referred to as the Principle of:
Signup and view all the answers
Availability must be in harmony with demand. If one or the other is in excess, prices will increase or decrease according to the Principle of:
Signup and view all the answers
The value of property depends, in part, on its relationship to its surroundings. This concept is known as the Principle of:
Signup and view all the answers
After a certain point, the addition of successive increments of one agent of production decreases future incomes or amenities. This is known as the Principle of:
Signup and view all the answers
. The value of a lower-priced property is increased by its association with better properties of the same type. This is described by the Principle of:
Signup and view all the answers
Study Notes
Property Valuation Principles
- Contribution of a component to the whole property determines its value, known as the Principle of Contribution.
- Valuation of an entire property based on a single use is described by the Principle of Plottage.
- The quantity of goods supplied by producers under various conditions during a given period is defined by the Principle of Supply.
- The remaining net income after paying labor, management, and capital costs is related to the Principle of Profit.
- The present value of future benefits is described by the Principle of Anticipation.
- Market value of a property is influenced by the cost of acquiring a similar desirable and valuable property, known as the Principle of Substitution.
- Maximum value is achieved when the four agents of production (land, labor, capital, and entrepreneurship) are in equilibrium, as stated by the Principle of Conformity.
- The quantities of goods people are willing and able to buy during a period, given available choices, are determined by the Principle of Demand.
- The shift of social and economic forces affecting supply and demand over time is referred to as the Principle of Change.
- The balance between availability and demand affects prices, according to the Principle of Supply and Demand.
- The value of property is influenced by its surroundings, known as the Principle of Externalities.
- The decrease in future incomes or amenities due to the addition of successive increments of one agent of production is known as the Principle of Diminishing Returns.
- The increased value of a lower-priced property due to its association with better properties of the same type is described by the Principle of Progression.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
COURSE 101
