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Chapter 21 - Real Estate Appraisal

Across
The Uniform Standards of Professional Appraisal Practice (__) is a set of standards, guidelines and provisions for the appraisal industry
Adjustments can be made only to the comparables' prices, not to the __'s.
The sales __ approach, also known as the market data approach, is used for almost all properties.
The purpose of a/an __ influences an estimate of the value of a parcel of real estate.
Ownership of real estate produces __ when there are leases on the land.
__ value is an estimate of the market value of a lessee's interest in a property.
The principal of __ focuses on the degree to which a particular improvement affects market value of the overall property.
__ is an increase in the market value of a parcel of land over time.
When demand for properties exceeds supply, a condition of __ exists.
__ obsolescence occurs when a property has outmoded physical or design features which are no longer desirable to current users.
__ value is the value based on the cost of constructing a precise duplicate of the subject property's improvements, assuming current construction costs.
Title XI of __ requires that competent individuals whose professional conduct is properly supervised perform all appraisals used in federally-related transactions.
The principal factors for comparison and adjustment are time of sale, __, physical characteristics, and transaction characteristics.
The principle of __ and best use holds that there is, theoretically, a single use for a property that produces the greatest income and return.
When supply and demand are generally equivalent, the market is considered to be in balance, and real estate values __.
Down
The excess value created by assemblage is called __ value.
__ value refers to the nominal value of a property that has reached the end of its economic life.
The __ approach is most often used for recently built properties where the actual costs of development and construction are known.
To qualify as a/an __, a property must have sold recently, generally within six months of the appraisal.
__ value is an estimate of the price at which a property will sell at a particular time.
__ is the benefits a buyer expects to derive from a property over a holding period.
The principle of __ holds that a property's maximal value is attained when its form and use are in tune with surrounding properties and uses.
Real estate value in general is the present __ worth of benefits arising from the ownership of real estate.
According to the principle of __, a buyer will pay no more for a property than the buyer would have to pay for an equally desirable and available similar property.
__ value is the value based on the cost of constructing a functional equivalent of the subject property's improvements, assuming current construction costs.
__ value is a value established by subtracting accumulated depreciation from the purchase price of a property.
__ operating income is effective gross income minus total operating expenses.
The __ life is the period during which the structure is expected to remain useful in its original use.
__ obsolescence is the loss of value due to adverse changes in the surroundings of the subject property that make the subject less desirable.
A determinant of the value of an item reflecting the item's ability to perform a desired function is __.