Let's Assume That We Are About to Appraise a House

question 35

Multiple Choice

Let's assume that we are about to appraise a house using the cost approach. The home was originally constructed in the early 1900s and is one of the last of its kind in this area. The cost of constructing an exact replica of this residence is estimated to be $350,000. On our trip to the actual property, we notice that this is the only residential unit located on this particular road. Based on the current usage of adjacent real estate, we estimate that the property would be worth an additional $25,000 in its highest and best use. However, due to the dramatic shift in the perceived safety of the neighborhood, values of any remaining residential properties in the area have fallen by $20,000. Due to the home's age, we also notice that there has been a significant amount of physical deterioration to the building, amounting to an estimate of $50,000 in lost value. Since the home was built over 100 years ago, the floor plan is quite obsolete relative to current preferences. This has a detrimental effect on the value of the property that is estimated to be approximately $15,000. Given this information, determine the appraised value of the home using the cost approach.

• A) $265,000
• B) $290,000
• C) $350,000
• D) $460,000

Recognize the impact of job design on employee motivation and development.

Identify biases and errors in performance appraisals and how they affect employee assessment.

Comprehend the benefits and challenges of different job design strategies like job rotation, job enlargement, and job enrichment.

Understand the significance and mechanisms of job characteristics and how they influence motivation.

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Definitions:

Distraction of Pain

A technique involving the diversion of attention away from pain stimuli, leading to reduced pain perception.

Suicide Rates

Suicide rates refer to the frequency of suicides occurring within a specified population during a given period of time.

Whites

A term that could refer to populations or groups characterized by lighter skin tones, often used in sociological and anthropological contexts.

Blacks

A term often used to refer to individuals of Sub-Saharan African descent; however, it can encompass a diverse range of identities and cultures.