Texas Principles of Real Estate 2: Chapter 2 Quiz

Assessed value

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

All of the above

All appraisals must contain which of the following...? -The opinion of value -The date on which the appraisal value was determined -The purpose for which the appraisal was done -All of the above

Appraisal

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

The most probable price a property will bring in the market

Market value is equal to...?

Market price

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

Sales comparison approach

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

Principle of substitution

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 change

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

All of the above

When appraising a property using the sales comparison approach, which of the following factors is used to adjust comparable properties to the subject property...? -The day of the sale -The terms and conditions of the sale -The physical features of the house -All of the above

Income approach

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