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Name: Homework 5

horizontal rule

Instructions:  

horizontal rule

Question 1   Multiple Choice (1 points)
  Question: A palatial estate constructed in an area of small, two-bedroom cottages is an example of
 
    over-improvement.
under-improvement.
external obsolescence.
functional obsolescence.
 

 
Question 2   Multiple Choice (1 points)
  Question: The premise for the concept of highest and best use of land as though vacant is that
 
    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.
vacant land produces maximum net operating income.
 

 
Question 3   Multiple Choice (1 points)
  Question: If remodeling a basement would not increase the market value of a house enough to offset the cost, but adding a new bedroom would, which of the following appraisal principles would apply?
 
    Substitution
Contribution
Supply and demand
Utility
 

 
Question 4   Multiple Choice (1 points)
  Question: A property that contains super-adequacies would be an example of the law of:
 
    substitution.
regression.
increasing returns.
decreasing returns.