ASSIGNMENT 2, continued 17. You and an appraiser colleague are discussing the value of a duplex located in an area that is experiencing rising demand for mid-rise condominiums. Your friend argues that the sale prices for condominiums is irrelevant, because you need to focus on what is, not what could be. Which principle is your friend ignoring in this case? (1) Principle of conformity (2) Principle of substitution (3) Highest and best use principle (4) Principle of consistent use 18. Which of the following is a type of fee timesharing? (1) Interval ownership (2) Leasehold interest (3) Vacation license (4) Club membership 19. What form of ownership is a combination of fee-simple of a defined space and tenancy in common of shared areas? (1) Leasehold (2) Easement (3) Condominium (4) Timesharing 20. Which of the following statements about data grids is FALSE? (1) The data array grid only presents property data, not the adjustments necessary. (2) Market data grids are the most common tool used to organize data in appraisal. (3) In a basic data array, the appraiser lists comparable properties, the price they sold at, and the date they sold on, but must not include specific characteristics of the subject. (4) Only data grids that help to explain data to the client need to be included in the appraisal report. 0-0 Planning Ahead 31 Project 1 requires you to submit written answers to questions based on Lessons 1-4. You should read ahead to Project 1 so that you have a better idea of what is expected on this assignment. You may want to prepare answers to the questions from Lesson 2 now, while the materials are fresh in your mind, rather than waiting until Project 1 is due