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22 True/False questions

  1. Fair valueThe 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

          

  2. Highest and Best useThe 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

          

  3. Use ValueThe value a specific property has for a specific use

          

  4. UtilityThe present or anticipated under supply of an item relative to the demand for it. Conditions of scarcity contribute to value

          

  5. PriceThe amount a particular purchaser agrees to pay and a particular seller agrees to accept under the circumstances surrounding their transaction

          

  6. Desire and effective purchasing powerThese are demand factors

          

  7. MarshallThe 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. Investment ValueThe 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

          

  9. Desire and effective purchasing powerThe ability of an individual or group to participate in a market, to acquire goods and services with cash or its equivalent

          

  10. Assessed ValueThe 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

          

  11. DesireA purchaser's wish for an item to satisfy human needs or individual wants beyond essential life-support needs

          

  12. Utility and ScarcityThese are supply factors

          

  13. Going-Concern ValueAll tangible and intangible assets of an established and operating business with an indefinite life

          

  14. 4 Factors that affect Value1) Utility
    2) Scarcity
    3) Desire
    4) Effective purchasing power

          

  15. ValueFor appraisers, the term value alone can be misleading. Appraisers typically refer to a particular type of value rather than the word on its own

          

  16. Effective Purchasing PowerThese are demand factors

          

  17. Public Interest ValueA general term covering a family of value concepts that relate the highest and best use of property to non-economic uses

          

  18. Market ValueThe 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

          

  19. 4 Agents of production1) Labor
    2) Capital
    3) Coordination
    4) Land

          

  20. ScarcityThe ability of a product to satisfy a human want, need, or desire

          

  21. Insurable ValueThe value a specific property has for a specific use

          

  22. CostUsed by appraisers in relation to production, not exchange. Cost may be either an accomplished fact or a current estimate