RESIDENTIAL MARKET ANALYSIS AND
HIGHEST & BEST USE EXAM WITH
100% CORRECT ANSWERS {GRADED
A+}
The power of a given commodity to satisfy a need or want is called
__________________. - ✔✔Utility
The development of a vacant land area is _____________ the highest and
best use of the land. - ✔✔Not Always
The Consistent-Use Theory says the _______________ must all be valued
considering the same highest and best use of the property - ✔✔Land and
the Buildings
________________ involves subdividing the larger market into a workable
study area. - ✔✔Market Identification
The ________________ Cycle of a neighborhood is characterized by
demand and supply trending toward equilibrium. - ✔✔Stability
,Eminent domain is the right of the government to take private property, for
public good, with __________________. - ✔✔Just Compensation
The improvements are normally valued for their ___________ value
relative to the highest and best use of the land. - ✔✔Contributory
The right of eminent domain may be exercised by these 3. - ✔✔State
government agencies
Public service companies
Local government
The relationship between the supply and the demand for a site's particular
highest and best use is a part of the analysis of ___________________ . -
✔✔Financial Feasibility
All of these are Governmental restrictions on land use EXCEPT
______________________. - ✔✔Deed Restrictions
Because of the Principle of _______________ the appraiser's opinion of
value is always "as of" a specific date or time. - ✔✔Change
Another name for a market segment is a ____________________. -
✔✔Submarket
A _______________ neighborhood is said to be in conformity. -
✔✔Homogenous
,Which statement is NOT true regarding market identification? - ✔✔The
market should include all properties in a geographic area.
The market is too nebulous to analyze as a whole, so the appraiser must
segment the market into ______________ in order to look for trends. -
✔✔Components
The two types of data that are used in market analysis are
_________________. - ✔✔General and Specific
Which of these is NOT one of the ingredients of a Highest and best Use?
Physically possible
Legally Permissible
Financially feasible
Consistent Use - ✔✔Consistent Use
Which of these is NOT one of the four agents of production?
Land
Building Codes
Labor
Capital - ✔✔Building Codes
USPAP says that "appraisers are cautioned to identify the exact definition
of market value and ____________________" - ✔✔its authority.
, Legally nonconforming use is "a use that was lawfully established and
maintained, but no longer conforms to the use regulations of the
_______________ in the zone where it is located." - ✔✔Current zoning
The cost of foregoing one type of investment for another is the Principle of
__________________. - ✔✔Opportunity Costs
Some assignments require personal verification of comparable sales with a
party to the transaction. These might include all of these (Buyer, Assessor,
Seller, Agent) EXCEPT ______________. - ✔✔assessor
SLIDE IDENTIFICATION - ✔✔
Another name for Sole Ownership is _________________. -
✔✔Ownership in Severalty
Statistical analysis of data is a mechanical means to ascertain estimates
using formulas specifically designed for the compilation of
___________________. - ✔✔Large amounts of data
Deed restrictions are an example of __________ restrictions on land use. -
✔✔Private
Which highest and best use criterion would require an appraiser to consider
the soil composition of the site? - ✔✔Physically Possible
HIGHEST & BEST USE EXAM WITH
100% CORRECT ANSWERS {GRADED
A+}
The power of a given commodity to satisfy a need or want is called
__________________. - ✔✔Utility
The development of a vacant land area is _____________ the highest and
best use of the land. - ✔✔Not Always
The Consistent-Use Theory says the _______________ must all be valued
considering the same highest and best use of the property - ✔✔Land and
the Buildings
________________ involves subdividing the larger market into a workable
study area. - ✔✔Market Identification
The ________________ Cycle of a neighborhood is characterized by
demand and supply trending toward equilibrium. - ✔✔Stability
,Eminent domain is the right of the government to take private property, for
public good, with __________________. - ✔✔Just Compensation
The improvements are normally valued for their ___________ value
relative to the highest and best use of the land. - ✔✔Contributory
The right of eminent domain may be exercised by these 3. - ✔✔State
government agencies
Public service companies
Local government
The relationship between the supply and the demand for a site's particular
highest and best use is a part of the analysis of ___________________ . -
✔✔Financial Feasibility
All of these are Governmental restrictions on land use EXCEPT
______________________. - ✔✔Deed Restrictions
Because of the Principle of _______________ the appraiser's opinion of
value is always "as of" a specific date or time. - ✔✔Change
Another name for a market segment is a ____________________. -
✔✔Submarket
A _______________ neighborhood is said to be in conformity. -
✔✔Homogenous
,Which statement is NOT true regarding market identification? - ✔✔The
market should include all properties in a geographic area.
The market is too nebulous to analyze as a whole, so the appraiser must
segment the market into ______________ in order to look for trends. -
✔✔Components
The two types of data that are used in market analysis are
_________________. - ✔✔General and Specific
Which of these is NOT one of the ingredients of a Highest and best Use?
Physically possible
Legally Permissible
Financially feasible
Consistent Use - ✔✔Consistent Use
Which of these is NOT one of the four agents of production?
Land
Building Codes
Labor
Capital - ✔✔Building Codes
USPAP says that "appraisers are cautioned to identify the exact definition
of market value and ____________________" - ✔✔its authority.
, Legally nonconforming use is "a use that was lawfully established and
maintained, but no longer conforms to the use regulations of the
_______________ in the zone where it is located." - ✔✔Current zoning
The cost of foregoing one type of investment for another is the Principle of
__________________. - ✔✔Opportunity Costs
Some assignments require personal verification of comparable sales with a
party to the transaction. These might include all of these (Buyer, Assessor,
Seller, Agent) EXCEPT ______________. - ✔✔assessor
SLIDE IDENTIFICATION - ✔✔
Another name for Sole Ownership is _________________. -
✔✔Ownership in Severalty
Statistical analysis of data is a mechanical means to ascertain estimates
using formulas specifically designed for the compilation of
___________________. - ✔✔Large amounts of data
Deed restrictions are an example of __________ restrictions on land use. -
✔✔Private
Which highest and best use criterion would require an appraiser to consider
the soil composition of the site? - ✔✔Physically Possible
