While It Is Often Sufficient to Rely on Informal Methods

question 23

Multiple Choice

While it is often sufficient to rely on informal methods of estimating the market value of real estate assets, the complexity and large dollar value of many real estate decisions dictate that formal estimates based on methodical collection and analysis of relevant market data should be utilized. The unbiased written estimate of the market value of a property is commonly referred to as a(n) :

• A) arm's length transaction
• B) appraisal
• C) property adjustment
• D) reconciliation

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Definitions:

American Medical Association

A professional association for physicians in the United States aimed at promoting the art and science of medicine and the betterment of public health.

Testimony

A formal written or spoken statement, especially one given in a court of law.

Hypnosis

An altered state of consciousness marked by enhanced focus and suggestibility, commonly utilized for healing purposes.

Unpleasant Memories

Memories that invoke negative emotions due to past traumatic or distressing experiences.