The Appraisal Principle That States That the Value of a Property

question 25

Multiple Choice

The appraisal principle that states that the value of a property is dynamic, not static:

• A) principle of supply and demand
• B) principle of highest and best use
• C) principle of substitution
• D) principle of change

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Definitions:

Evaluative Criteria

The standards or benchmarks that consumers use to compare and judge products or services during the decision-making process.

Objective Attributes

Features or characteristics of a product or service that can be quantitatively measured.

Subjective Attributes

Characteristics of an object, service, or product assessed based on opinions, feelings, and experiences rather than objective measures.

Unbiased Purchase Decision

A buying decision made by consumers based on objective information and without undue influence from marketing or personal biases.