The Value of Property Based on Location, Size, Cost, Replacement

question 93

True/False

The value of property based on location, size, cost, replacement value, condition, and income derived from its use is called fair market value.​

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Definitions:

Scarcity

Is the fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.

Societies

Large groups of individuals who live together in an organized community with shared laws, traditions, and values.

Goods and Services

The output of an economy or a firm that consists of tangible commodities (goods) and intangible activities (services) offered to satisfy consumer needs.

Subjective Concept

An idea or notion based on personal opinions, interpretations, points of view, emotions, and judgment.