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A couple owns an older home in a neighborhood that is becoming a commercial area. Because of the change in the use of the land, the couple can expect the value of their parcel to increase at some future time. This is an example of the principle of
anticipation.
When compiling a competitive market analysis, a broker would look for comparable properties that
were located near the property being listed.
A prospective seller asks a salesperson to recommend a listing price for a property. The salesperson should suggest
a competitive market analysis to determine the property's value.
A commercial property lost value because a recently constructed highway moved traffic away from the property. This is an example of
economic or external obsolescence.
Which rule-of-thumb formula for estimating property value is being offered to an investor who is told that a house renting for $900 a month should sell for about $90,000?
GRM
A formal appraisal will ALWAYS be REQUIRED when the
lender wants to sell the mortgage to the secondary market.
A competitive market analysis is MOST often used for
setting a listing price.
According to the principle of progression, a three-bedroom, one-story home is MOST likely to bring the highest sales price if located in a neighborhood in which
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