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22 Multiple choice questions

  1. These are demand factors
  2. The ability of an individual or group to participate in a market, to acquire goods and services with cash or its equivalent
  3. The amount a particular purchaser agrees to pay and a particular seller agrees to accept under the circumstances surrounding their transaction
  4. The value of an asset or asset group that is covered by an insurance policy; can be estimated by deducting costs of non-insurable items from market value
  5. First major economist to consider the techniques of valuation, specifically the valuation of real estate
  6. All tangible and intangible assets of an established and operating business with an indefinite life
  7. The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date
  8. The value a specific property has for a specific use
  9. The value of a property according to the tax rolls in ad valorem taxation; may be higher or lower than market value, or based on an assessment ratio that is a percentage of market value
  10. These are supply factors
  11. The ability of a product to satisfy a human want, need, or desire
  12. ...
  13. The value of a specific property to a particular investor or class of investors based on individual investment requirements; distinguished from market value, which is impersonal and detached
  14. The present or anticipated under supply of an item relative to the demand for it. Conditions of scarcity contribute to value
  15. 1) Labor
    2) Capital
    3) Coordination
    4) Land
  16. Used by appraisers in relation to production, not exchange. Cost may be either an accomplished fact or a current estimate
  17. For appraisers, the term value alone can be misleading. Appraisers typically refer to a particular type of value rather than the word on its own
  18. A general term covering a family of value concepts that relate the highest and best use of property to non-economic uses
  19. 1) Utility
    2) Scarcity
    3) Desire
    4) Effective purchasing power
  20. Can be either

    -In Use


    -In Exchange
  21. The most probable price, as of a specified date, in cash, or in terms equivalent to cash, or in other precisely revealed terms, for which the specified property rights should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress
  22. A purchaser's wish for an item to satisfy human needs or individual wants beyond essential life-support needs