1. Through extensive research of a property on the edge of downtown, a commercial real estate broker decides that placing a parking garage on the piece of property would make it more valuable than it is now with the current warehouse. What concept is this in line with?

1)	investment decision

2)	elements of comparison

3)	highest and best use

4)

comparable property

2. Suppose you have a property with improvements that have a reproduction cost new of $470,000, an actual age of 25 years, and a projected remaining physicallife of 50 years. If you have estimated curable physical deterioration to be $20,000 based on the cost to cure, the estimated incurable physical deterioration is

1)

$150,000

2)

$156,667

3)

$225,000

4)

$235,000

3.

Suppose you have a subject property with a 100,000 sq. ft. lot and existing improvements for which you estimate the reproduction cost new to be $2,500,000, physical deterioration to be $400,000, functional obsolescence to be $50,000, and external obsolescence to be $50,000. If you have information on a comparable lot of 110,000 sq. ft. which recently sold for $250,000 and the only adjustment is $1.50 per sq. ft. for the difference in lot size, what is theindicated total value for the subject property?

1)	$2,235,000

2)	$2,265,000

3)	$2,750,000

4)	$3,250,000