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CH.18:1. The most commonly used methods of real estate appraisal area. market approach, income, and cost.b. income, reproduction, and cost.c. residual, cost, and market data.d. comparison, income, and capitalization.2. When the appraiser has decided to use the market approach, which of the following conditions would disqualify a sale as a fair market value transaction?3. The definition of fair market value requires, among other things, that the4. The best definition of fair market value is the5. If an appraiser felt some comparable sales were better indicators of value than other comparables, he would assign more weight to them in thea. adjusted sales price.b. correlation process.c. 4-3-2-1- rule.d. replacement cost approach.6. In making an appraisal by the market comparison approach, an appraiser should7. A residential lot purchased 3 years ago for $10,000 has doubled in value. The house
on the lot cost $40,000 and it increased $20,000 in value. If the house and lot are sold
at market value today, how much profit will be realized?
8. The amount of money required to duplicate a property as of a certain date is called9. In valuing a fire station, an appraiser would most likely emphasize thea. market approach.b. cost approach.c. income approach.d. capitalization approach.10. Which appraisal method would be most useful in appraising an unusual building which has a very limited and specific use?