IAAO 102 Exam with Complete Solutions

IAAO 102 Exam with Complete Solutions
Question: What is Anticipation in real estate valuation?
Correct answer: Value is created by the expectation of
benefits to be derived in the future.
Question: What is the principle of Substitution in real estate?
Correct answer: The prices, rents, and rates of return of
property tend to be set by the current prices, rents, and rates
of return for equally desirable substitute properties.
Question: What is the principle of Contribution in real estate?
Correct answer: The value of a component of real estate can
be measured by the amount it contributes to net operating
income because net operating income can be capitalized into
value.
Question: What is Market Value?
Correct answer: The most probable price which a property
should bring in a competitive and open market under all
conditions.

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