Name: Homework 5

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Instructions:  

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Question 1   Multiple Choice (1.0000 points)
  Question: The market value of a parcel of real estate is
I. A prediction of its sales price
II. an estimate of its most probable sales price
 
    I only
II only
both I and II
neither I nor II
 

 
Question 2   Multiple Choice (1.0000 points)
  Question: The premise for the concept of highest and best use of land as though vacant is
that
 
    vacant land produces maximum net operating income
the value of a site is determined by its potential, rather than existing use
one site cannot be substituted for another
basic characteristics of a site can be changed
 

 
Question 3   Multiple Choice (1.0000 points)
  Question: The term "subject property" refers to
I. a property being used as a comparable sale
II. the property being appraised
 
    I only
II only
both I and II
neither I nor II
 

 
Question 4   Multiple Choice (1.0000 points)
  Question: Which of the following federal laws had major impact upon the appraisal industry?
 
    Financial Institutions Deregulation Act
Financial Institutions Reform, Recovery, and Enforcement Act
Appraisal Reform and Certification Act
Thrift Supervision and Recovery Act
 

 
Question 5   Multiple Choice (1.0000 points)
  Question: Which of the following is a valid concept of value
I. investment value
II. market value
 
    I only
II only
both I and II
neither I nor II