The agents of production are
land, labor, capital, entrepreneurial coordination
The principle of ____________is the basic principle that underlies all three of the appraisal approaches.
substitution
How many criteria are used in highest and best use analysis?
4
Supply and price move in a(n) ____________ relationship.
inverse
Which principle has the strongest application in the valuation of income producing properties?
anticipation
In appraisal, the concept that the value of an inferior property is enhanced by its association with better properties of the same type" is the definition of the principle of
progression
Supply and demand will tend to move towards
equilibrium
Normally the first step in highest and best use determination is to investigate the uses that are
legally permissible
The principle that real property value is created and sustained when contrasting, opposing, or interacting elements are in a state of equilibrium" is the definition of the principle of
balance
In the agents of production theory, the return on land would be __________ and the return on labor would be ________.
rent, wages
The result of the cause and effect relationship among the forces that influence real property value" is the definition of the principle of
change
The principle that studies the relationships between participants in the marketplace, such as buyers and sellers or landlords and tenants, is the principle of
competition
A recession caused by a factory closing illustrates the principle of
change
The appraisal principle that real property value is created and sustained when the characteristics of a property conform to the demands of its market" is the definition of the principle of
conformity
When estimating the value of a swimming pool to a residential property, the most important principle is the principle of
contribution
Good things or bad things can happen to the value of your property according to what is located around it. This illustrates the principle of
externalities
Unfortunately, with real estate, the ______ side of the equation is relatively fixed and slow to change whereas the ______ side of the equation can change quickly.
supply, demand