ASSIGNMENT 1 Chapter 1: Real Property and Its Appraisal Chapter 2: The Nature of Value Submul your answers to multiple choice assignments online using the Submil Multiple Choice Assignments link on your Course Resources webpage As soon as you have submitted your and onment you can view the answer guide under Assignment History and Answer Guides, Sea How to Submil Multiple Choice Assignmenty" in the Real Estate Division Student Handbook for more Information Marks: 1 mark per question Course Bulletins Remember to check the Course Resources webpage for courno bulletins and note any changes in your workbook and manual I Which of the following statements regarding the First Principles of Value is FALSE? (1) An initial step in an appraisal involves identifying the purpose/objective of the assignment and the date when the value opinion is to be effective. (2) Part of a comprehensive legal understanding of a property includes identifying the type of ownership. (3) The definition of "value" being sought is the key consideration in the highest and best use analysis. (4) Land use regulations are a key determinant of applicable property rights. 2. Which of the following statements regarding appraisal reporting is FALSE? (1) The different reporting formats are distinguished on the degree of analysis and level of detail reported. (2) Oral reports may be acceptable in court testimonies. (3) Reports must be done in writing (4) The client's purpose and intended use is one determinant of the format of the appraisal report. Which of the following statements regarding Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) is FALSE? (1) The Real Property Appraisal Standard deals with the procedures for the development and communication of a formal opinion of value for real property and incorporates the minimum content necessary to produce a credible report that will not be misleading. (2) According to CUSPAP, appraisal practice includes but is not limited to Appraisal, Appraisal Review, and Consulting (3) CUSPAP dictates the form, format, and style of reporting. (4) Adherence to CUSPAP when preparing reports can help reduce an appraiser's exposure to civil action. 4. In today's society, there are sometimes conflicts over the use of some lands. Environmentalists often feel that some lands should be kept for the use by society as a whole. while the owner thinks that they have the right to develop it as they like, subject to zoning regulations, Which concept of value does this fall under? (1) Geographic (2) Government (3) Social (4) Economic