Appraisal

3. Increase in value or utility due to consolidation of two or more adjoining lots into one larger lot
5. _____ approach; appraisal process that examines sales of similar properties
7. Process of combining two or more adjoining lots into one larger tract
12. Principle that the value of any part of a property is measured by its effect on the value of the whole property

1. Maximum value is created when a property is in harmony with its surroundings
2. Construction cost at current prices of a property that is not an exact duplicate is called _____ cost
4. Loss of value to an improvement to real estate because of problems such as changing tastes or poor design is called _____ obsolescence
6. Most probable price a property would bring in an arm's length transaction under normal market conditions on the open market
8. Appraisal principle that holds value is created based on the expectation of some future event
9. Principle that maximum value of property tends to be set by cost of buying an equally desirable and valuable property
10. Reduction in property value due to outside factors (off the property) is called _____ obsolescence
11. _____ approach; appraisal process used to estimate value of rental property