What isthe ability of a product to satisfy a human want, need, or desire. UtilityThis value answers the question: "What can be done with the product?"The price a willing buyer will pay and a willing seller will sell for, if neither is under undue pressure.Market ValueThis is where the text for the back of your card should go.What arethe Four Characteristics of ValueThey are....Demand Utility Scarcity TransferabilityWhat isthe the purpose of USPAP?The purpose isto promote and maintain a high level of public trust in appraisal practice.The definition of Physical Deterioration isDepreciation due to ordinary wear and tear. Normally curable.Depreciation caused by a loss of utility isFunctional Obsolescence Example: A poor floor planWhat isa property's highest and best use?The use of a propertythat provides the greatest financial return.What arethe three approaches to value?.Cost Approach Sales Approach Income AppraochThe presenceof lower priced properties in an area will cause a decline in the value of the subject property is called ______.The principleof RegressionThe processof combining several parcels of land into one larger tract.Assemblage .What ispostponed maintenance on property that results in increased physical depreciation (wear and tear).Deferred Maintenance .The finalstep in the appraisal process using weighted averages to determine an estimate of value.Reconciliation.What arethe five attributes of land?.1. unique 2. immobile 3. durable 4. finite 5. usefulWhat isthe difference between real estate and real property?Real Estateis an identified parcel of land and its improvement. Real property is the ownership, rights, and benefits in that real property.What doesUSPAP stand for? Uniform Standards of Professional Appraisal Practice..What isthe important consideration regarding special use properties?.Their value may be affected due to their limited purpose use.What arethe four agents of production?.(1) Land (2) Labor (3) Capital (4) Entrepreneurial ProfitThe conditionof a property measured in years.Effective Age.What arethe four phases that a neighborhood goes through?They are(1) Growth (2) Stability (3) Decline (4) RevitalizationWhat isthe most complete form of ownership of a property?Fee Simple.What are the four government powers that can be imposed on a property?.(1) Eminent domain (2) Taxation (3) Police power (4) EscheatWhat arethe rights in property or “sticks” in the bundle?.(1) Right to sell (2) Right to lease (3) right to occupy (4) Right to mortgage (5) Right to give awayWhat isa "life estate".The absolute rights to a property limited to the lifetime of the designated party.Is theuser and payer of the appraisal report always the client?NoThe client could simply be an agent, and is just the person who is engaging the appraiser.Theright to use another's real property for a particular use is _________..An easement Property sold in a less than typical marketing period and exposure is what type of value?Liquidation Value.What arethe four tests of highest and best use?.Physically Possible Legally Permissible Economically Feasible Maximally Productive _______ Landis the portion over and above what is needed for the highest and best use and does not have a stand alone value.Surplus Land._________ Landis land that is not necessary to support improvements. It has its own value.Excess Land.The conversionof income to value is called?Capitalization .More Flash Cards Coming Soon !