It May Be Appropriate for a Real Estate Professional to Utilize

question 1

Multiple Choice

It may be appropriate for a real estate professional to utilize different approaches for estimating the market value of a property depending upon the particular property type and use.Which of the following approaches would be most appropriate when considering the valuation of retail office space?

• A)Income approach
• B)Sales comparison approach
• C)Cost approach
• D)Investment approach

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Definitions:

Systems Theory

A theoretical framework that analyses complex phenomena as systems of interrelated components, emphasizing whole-system behaviors rather than the properties of individual parts.

Theory of Relativity

A fundamental principle formulated by Albert Einstein that describes the laws of physics as the same for all non-accelerating observers and the speed of light within a vacuum as the same no matter the speed at which an observer travels.

Industrial Psychology

A field of psychology that applies psychological theories and principles to organizations and the workplace environment.

Homeostasis

The ability of an open system to maintain a steady state by adapting to changes in its environment.