CHAPTER 16 REVIEW QUESTIONS

An appraisal is an act or process of developing an ___ of value.

The most common type of value estimated by an appraiser is ___value.

The ___ of an appraisal is to estimate some type of defined value.

How the appraiser's client will use the appraisal is the appraisal's ___ ___.

The concept of ___ states that a property of higher cost than those in the same area will have its value reduced.

The principle of ___ states that value in the present is based on benefits to be received in the future.

A property with an inefficient floor plan would suffer from ___ obsolescence.

External obsolescence is ___.

If the subject property is superior to a comparable property, the ___ property should be adjusted ___.

Reproduction cost can be estimated using the ___ ___ method, the ___ ___ ___ method and the ___ ___ ___ method.

The amount actually paid in a transaction is referred to as the ___.

The amount that should be paid in a transaction is the ___ ___ of the property.

The amount necessary to make an exact duplicate of a structure is called ___ cost.

The four characteristics of value are ___, ___, ___ and ___.

The most comprehensive and time-consuming method of estimating cost is the ___ ___ method.