Iaao 101 - Review Questions Exam Questions (103 Terms) With Verified Definitions Updated 2024

The unit of comparison that is generally used in valuing office properties is the _______________________________________. {Ans: price per square foot of net rentable area}A township in the Public Land Survey System contains ____ sections, with each section containing _____ acres. {Ans: 36 640}Price per animal unit might be the appropriate unit to use in the valuation of _________ ___________. {Ans: agricultural pastureland}The first step in the cost approach is ________________________________________. {Ans: to estimate the land (site) value as if vacant and available for development to its highest and best use.}The Principle of ___________ holds that the value of a property tends to be set by the price that would be paid to acquire a property of similar utility and desirability within a reasonable amount of time. {Ans: Substitution}When the four forces-physical (environmental), governmental, social and economic - are in balance, the market achieves a temporary state of _____________. {Ans: equilibrium}