____________ is the physical land and everything permanently attached to it.
Correct Ans - real estate
, Which of the following is a governmental restriction to the "bundle of
rights"? Correct Ans - eminent domain
Which of the following is a basic right associated with the ownership of
property? Correct Ans - A. to use
B. to lease or rent
C. to enter or leave
D. All of the above
In order for a property to have value, it must have utility, scarcity,
desirability, and effective purchasing power. the economic forces that
determine scarcity are_________________. Correct Ans - supply and
demand
___________ is the point at which the forces of supply and demand meet----the
point of balance. Correct Ans - equilibrium
A/an ___________ interest is ownership of all the rights in a property, except
those reserved by the government, and with no private encumbrances.
Correct Ans - fee simple
In the appraisal process, data collection requires the assessor to collect
Correct Ans - A. general data
B. specific data
C. comparative data
D. All of the above
Which of the following is not one of the four great forces by which value is
created, maintained, modified or destroyed? Correct Ans -
conceptual
A ______________ may be defined as an area of complementary land uses in
which all properties are similarly influenced by the four forces affecting
value. Correct Ans - neighborhood
What element of the marketplace is likely to contribute to a change in
demand? Correct Ans - consumer expectations
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