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FAQ OREA Exam Sample Questions 27. Which of the following is not considered a part of Objective Value?
FAQ OREA Exam Sample Questions 27. Which of the following is not considered a part of Objective Value?
27. Which of the following is not considered a part of Objective Value?
- DATE ADDED:
- Sunday, 21 June 2009
- FAVOURED:
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0
ANSWER
- A homeowner paid $10,000 to add a patio to a house
- The cost to replace new shingle on a house is $3,500
- A homeowner loves purple carpets and feels that the new purple carpet adds $5,000 extra to their home, even though the carpet only cost $3,500
- A builder spends $285,000 to build a new house and adds 10% profit to arrive at the asking price
Answer: 3
Explanation: Objective value is based on the cost of creation