Suppose you want to secure the right to purchase a particular parcel of vacant landon a specified date in the future at a fixed price. You are willing to pay $5,000 forthis right. But, you don’t want to feel obligated to purchase the property if youchange your mind prior to the specified date. What kind of contract should youuse?

Which of the following statements about property value is NOT true?

The estimated cost of building an equally functional structure using modernmethods and costs is generally referred to as the

Suppose a property has estimated real estate taxes for the current year of$4,398.25 dollars and that taxes are paid at the end of the year. If the property isbeing sold on May 25 in a year with 365 days and the buyer and seller agree toprorate the taxes at the time of closing with the buyer being responsible for theday of closing, what amount will be charged to the seller on the settlementstatement?

Suppose you are asked to estimate the value of a 3 bedroom, 2 bathroom house bythe sales comparison approach. You have identified two houses that have recentlysold in the area. One of these houses has 4 bedrooms and 2 bathrooms and soldfor $215,000. The other has 4 bedrooms and 3 bathrooms and sold for $220,000.Your research reveals that an additional bedroom adds $16,000 to the value of ahouse in this market and that an additional bathroom adds $5,000 to the value ofhouse in this market. What is the indicated value of the subject property?

Like all contracts, when a lease is delivered and accepted it becomes ______.

A typical sales contract would state all of the following EXCEPT

The primary difference between a special warranty deed and a general warranty deed is that

Suppose John faxes a signed, written offer to Kelly to purchase her real estate for$100,000. Kelly agrees to all of the terms of John’s offer, except she marksthrough the $100,000 figure and writes in $105,000, signs the offer and faxes itback to John. Do the parties now have a valid contract?

In the income approach, which of the following is capitalized to obtain anestimate of value?