a) Explain the following principles of valuation i. Principle of conformity ii. Principle of substitution iii. Principle of highest and best use iv. Principle of supply and demand v. Principle of progression [15 Marks] b) Describe the sales comparison approach of appraising properties and state three merits and two demerits of this approach [10 Marks] c) Explain three purposes of appraisal reports [6 Marks] d) Explain with the aid of a diagram the meaning of inflation based mortgage design [4 Marks] e) In relation to property tax lien explain: i. what taxes are included in the property tax lien [3 Marks] ii. what happens to the tax lien if the property changes hands [2 Marks]