C. The highest and best use is that use the property can be put to that will result in its highest value.
A. Change is a principle of value, not a characteristic of value. The fourth characteristic of value is scarcity.
D. Two or more properties when combined may benefit from the increase in size, which allows more varied uses. This increase in value is called plottage.
B. Adjusting comparables to the subject is the process of accounting for differences between properties. Reconciling comes near the end of the appraisal process. Equalization is a term associated with tax assessment. Estimating value is the definition of appraising.
D. Building codes may indirectly accomplish some of the other choices, but the primary purpose is to maintain safe and sanitary structures within a community.
B. Balloon framing uses continuous studs from the foundation to the ceiling of the second floor.
D. The interior lot has other lots on two sides. The cul-de-sac lot is often larger and has less traffic than the other lots.
B. The R factor is the measure for the efficiency and effectiveness of insulation because it takes into account the various efficiencies of different types of insulation to reduce heat loss.
B. Real estate is generally considered to be an illiquid investment that is not readily sold.
C. The characteristics described—location and immobility—make all real estate markets local in character.
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