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Chapter 12 - Principles II

Pioneer School of Real Estate
Horizontales
When two adjacent properties are combined and come under the ownership of one person or entity, its called __.
An Appraiser Trainee works under the direction of a/an __.
The Appraiser __ must obtain 75 hours of qualifying appraisal education.
There must be a certain level of __ for a property or it does not have value.
The Appraiser Trainee must complete __ hours of the Board-approved Appraiser Trainee/Supervisory Appraiser Courses.
The Principle of __ considers what future benefits might be.
The price actually paid for a property is known as the __ price.
In valuing a hospital, the most weight when calculating a weighted average will be given to the __ Approach.
__ refers to a property's form of use.
The cost approach estimates property value based on the cost to replace or reproduce it, adjusting for depreciation and adding __ value.
When two adjacent properties are divided and sold to two separate people, its called __.
The time period in which an improvement can be used for its intended purpose is its __ life.
Social Lifestyle choices and the demand for it can affect __.
A Certified __ Appraiser is a person authorized to appraise all types of real property without regard to complexity or transaction value for federally related transactions and non-federally related transactions.
Verticales
The opinion of value is performed by an independent __ party.
__ relates to how much is available in relation to the number of individuals wanting it.
__ is a reduction in the value of an asset with the passage of time, due in particular to wear and tear.
__ Cost is the cost to rebuild the previous structure making it look as closely to the exact look of the previous building as is possible.
The first step in the appraisal process is to identify the __.
The Principle of __ states that with all factors being equal other than price, a buyer will choose the lower priced property over the higher priced property.
The appraiser opinion of value does not consider what a buyer will __.
In the sales comparison approach, __ are added to or subtracted from the sales price of the comparable properties to arrive at the adjusted sale price for the subject property.
An Appraiser Trainee must be at least __ years old.
If there are exactly enough houses on the market to meet buyer demand then the market has achieved __.
An appraiser's opinion of value is a more complete analysis than a/an __ price opinion.
__ Cost is the cost to rebuild the previous structure using materials that are standard in todays market.
The Principle of __ states that a house that looks similar to the houses around it will achieve its maximum value.
__ value of a property is the value determined according to the wants and/or needs of the buyer.
If repairs and maintenance become so necessary that the structure cannot function as needed, then the structure may have reached the end of its __ life.
__ Obsolescence refers to conditions that have caused a change that the owner cannot control.
The __ capitalization approach is typically used for properties with more than one unit, such as a duplex, four-plex, or multi-family properties, where income potential will affect the value.
Probably the most common, the __ comparison approach looks at recent sales of similar or comparable properties.
TREC and __ function as a single state agency, with distinct, independent policy and enforcement functions.
There are __ methods from which an appraiser will use to arrive at an appraised value.