1.
Which appraisal method uses a rate of investment return?

A. Sales comparison approach
B. Cost approach
C. Income approach
D. Gross income multiplier method

2.
The characteristics of value include which of the following?

A. Competition
B. Scarcity
C. Anticipation
D. Balance

3.
There are two vacant adjacent lots in an area zoned for commercial use, each worth approximately $50,000. If their owner sells them as a single lot, however, the combined parcel will be worth $120,000. What principle does this illustrate?

A. Substitution
B. Plottage
C. Regression
D. Progression

4.
The amount of money a property is likely to command in the marketplace is its

A. intrinsic value.
B. market value.
C. subjective value.
D. book value.

5.
A homeowner constructs a five-bedroom brick house with an indoor pool in a neighborhood of modest two-bedroom and three-bedroom frame houses on narrow lots. The value of this house is MOST likely to be affected by what principle?

A. Progression
B. Assemblage
C. Change
D. Regression