Valuation & AppraisalCâu 88 / 120
The appraisal principle stating that a buyer will pay no more than the cost of an equally desirable substitute property is:
a.The principle of anticipation
b.The principle of substitution
c.The principle of regression
d.The principle of escheat
Giải thích
The principle of substitution holds that a buyer will pay no more for a property than the cost of acquiring an equally desirable substitute. It underlies the sales comparison approach. It reflects rational buyer behavior in a competitive market.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- Which approach to value estimates a property's worth by comparing it to recently sold similar properties?
- The cost approach to value is often most appropriate for:
- In the income approach, the relationship used to convert net operating income into value is the:
- An appraisal is best described as:
- Depreciation in appraisal that results from outdated design or features, such as an obsolete floor plan, is called:
- A loss in property value caused by negative factors outside the property, such as a nearby factory or declining neighborhood, is:
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