“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Real Estate QUIZMASTER DefinitionsAnalyticalFormulaeMiscellaneousCost New

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Real Estate QUIZMASTER DefinitionsAnalyticalFormulaeMiscellaneousCost New

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 100 The amount which the property is realistically likely to sell at in the open market

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 200 The highest price a willing buyer would pay and a willing seller would accept, both fully informed and without duress or unusual financing

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 300 A professional opinion and written report that is defensible and supported for a defined real estate value

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 400 The maximum price a buyer would pay or the minimum price a seller would accept on a property of interest

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 500 The price a property is likely to sell for if sold in less than limited marketing time, such as in a distressed auction for a limited time

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Analytical for 100 A site being used in less than optimal way with less than maximum productivity is said to be _____

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Analytical for 200 The option value of a land may _____ due to development on neighboring location, which fulfills the need for whole region

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner The most misused of all valuation approaches is the _______ Analytical for 300

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Of Single Story Retail, Surface Parking Lots and Hi Rise Hotel property types, _______ have the lowest improved site values and the highest option value Analytical for 400

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Analytical for 500 An insurance company will consider _________ as an objective of the valuation opinion

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner The ________________ method of valuation can be used only if the building is fairly new (less than 10 years) Cost New for 100

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Cost New for 200 The _____________ method is most accurate in estimating the cost new

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Cost factors per unit of the building’s various dimensions are used to determine the construction cost as new in the ____________ method Cost New for 300

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Cost New for 400 Cost new may be estimated by solving for ________ or replacement costs

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner DAILY DOUBLE

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner In the __________ method of valuation the cost as new of building is found by taking bids from subcontractors on all building components and summed along with general contractor fees and normal development fees Daily Double Cost New for 500

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Formulae for 100 Value = NOI ???

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Formulae for 200 In a statistical model: Sales price = a + b1(building size) + b2(Lot size) + b3(Age) + bn(x) + residual, “b” is the __________

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Formulae for 300 In a statistical model: Sales price = a + b1(building size) + b2(Lot size) + b3(Age) + bn(x) + residual, “x” is the independent ______ of interest from each observation in the sample

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Formulae for 400 Accrued Depreciation = Cost New X Effective Age ??????????

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Formulae for 500 Site Value = (Current Use Value) + (Future Value or ______ )

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 100 Value concepts are always _____ in nature while price is usually factual in nature

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 200 The ________ value represents the value of the property with the existing businesses operating on the property

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 300 Soft Costs in Costs New run about ______ of the Hard Costs

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 400 The land value or site acquisition value is based on the land as though vacant and available to be developed to its _____

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 500 ________ value normally represents an equilibrium value