Texas Principles of Real Estate - Part 2 - Chapter 4 Quiz

When appraising a property using the sales comparison approach, which of the following factors is used to adjust comparable properties to the subject property...?

All of the above -The day of the sale -The terms and conditions of the sale -The physical features of the house

All appraisals must contain which of the following...?

All of the above -The opinion of value -The date on which the appraisal value was determined -The purpose for which the appraisal was done

An estimate of the value of property resulting from an analysis of facts about the property is known as a/an...?

Appraisal

A tax assessor produces which of the following types of value...?

Assessed value

Which of the following appraisal methods will most likely be used to determine the value of a commercial building...?

Income approach

The price paid regardless of pressures, motives or intelligence is referred to as the...?

Market price

This principle holds that it is the future, not the past, which is of prime importance in estimating value...?

Principle of change

This principle affirms that the maximum value of a property tends to be set by the cost of acquiring an equally desirable and valuable substitute property...?

Principle of substitution

This appraisal method is typically used to determine the value of residential properties...?

Sales comparison approach

Market value is equal to...?

The most probable price a property will bring in the market