Real Estate Appraisal

QUESTION 13

1. Reproduction cost

   		Is the cost associated with the construction of a substitute of like utility
   		Is the cost to construct an exact duplicate of the subject improvements
   		Is always the same as replacement cost
   		Can only be estimated by a contractor or an architect

1 points

QUESTION 14

1. Direct costs are

   		Expenditures for items that are necessary but not usually included in the construction contract
   		Expenditures for the labor and material used in the construction of the improvements
   		An incentive that is market derived and provides compensation for the developer
   		The costs associated with fees and interest

1 points

QUESTION 15

1. Physical deterioration refers to

   		Losses in value from wear and tear
   		Losses in value from all causes
   		Losses in value from changes in market tastes
   		Losses in value from proximity to an adverse condition in the neighborhood

1 points

QUESTION 16

1. If a property has diminished valued because of factors outside the property, the loss is classified as:

   		Functional obsolescence
   		External obsolescence
   		Physical obsolescence
   		Physical depreciation