2025年資產(chǎn)評估師考試資產(chǎn)評估專業(yè)英語詞匯試卷考試時間：______分鐘總分：______分姓名：______一、單項選擇題（本部分共20題，每題1分，共20分。每題的備選項中，只有1個最符合題意。）1.Theterm"asset"inthecontextofvaluationtypicallyrefersto:a)Anyitemofvalueownedbyanindividualorcorporation.b)Onlytangiblepropertylikebuildingsandmachinery.c)Justintangiblerightslikepatentsandtrademarks.d)Financialinstrumentssuchasstocksandbonds.*IrememberwhenIfirststartedteachingthis,I’dalwaysemphasizethat"asset"invaluationisn’tjustabouttheshinystuffyoucantouch.It’sabroaderconcept,yousee.It’sanythingthat’sexpectedtobringfutureeconomicbenefits.So,whilebuildingsandpatentsarebothassets,thecorrectanswerhereisA,becauseitcapturestheessenceofwhatwe’retalkingaboutinvaluation–thatpotentialforfuturevalue.*2.Whatisthemeaningoftheword"appreciation"whenusedinthecontextofrealestatevaluation?a)Thedecreaseinthevalueofapropertyduetowearandtear.b)Theincreaseinthevalueofapropertyovertime.c)Theprocessofdividingapropertyintosmallerlots.d)Theactofrepairingandmaintainingapropertytoimproveitscondition.*Youknow,studentsoftengetconfusedbetween"appreciation"and"depreciation."It’slikethey’retwosidesofthesamecoin,right?Butremember,appreciationisthegoodstuff–thevaluegoingup.SoBistherightanswerhere.It’stheincreaseinvalueovertime,drivenbyfactorslikelocation,markettrends,younameit.*3.Theterm"marketapproach"invaluationrefersto:a)Usinghistoricalcostdatatodeterminevalue.b)Comparingthesubjectpropertytosimilarpropertiesthathaverecentlysold.c)Estimatingvaluebasedonthecosttoreplacetheproperty.d)Analyzingtheincomepotentialoftheproperty.*Themarketapproachisallaboutlookingatwhatsimilarpropertieshavesoldfor.It’slikesaying,"IfthiscomparablepropertysoldforX,thenoursubjectpropertyshouldbeworthsomethingsimilar."That’swhyBisthecorrectanswer.It’saboutthoserecentsales,thosereal-worldtransactionsthatgiveusagoodbaselineforvalue.*4.Whatdoestheterm"costapproach"meaninthecontextofvaluation?a)Usinghistoricalcostdatatodeterminevalue.b)Comparingthesubjectpropertytosimilarpropertiesthathaverecentlysold.c)Estimatingvaluebasedontheincomepotentialoftheproperty.d)Analyzingthemarkettrendstodeterminefuturevalue.*Now,thecostapproachisabitdifferent.It’slikelookingatthecosttobuildanewpropertythat’ssimilartotheonewe’revaluing.Buthere’sthething–wedon’tjustusetheoriginalcost.Weadjustitforthingslikedepreciationandmarketconditions.SoAistherightanswerhere.It’saboutthathistoricalcost,butwiththosenecessaryadjustments.*5.Theterm"incomeapproach"invaluationisusedto:a)Determinethevalueofapropertybasedonitshistoricalcost.b)Comparethesubjectpropertytosimilarpropertiesthathaverecentlysold.c)Estimatethevalueofanincome-producingpropertybasedonitspotentialfutureearnings.d)Analyzethemarkettrendstodeterminetheproperty’svalue.*Whenwetalkabouttheincomeapproach,we’rereallydivingintothefinancialsideofthings.It’sallaboutthosepropertiesthatgenerateincome–likerentalproperties,right?Welookatthingslikerentalincome,operatingexpenses,andcapitalizationratestoestimatewhatthepropertyisworthbasedonitspotentialfutureearnings.That’swhyCisthecorrectanswerhere.It’sallaboutthatincomestream.*6.Whatisthemeaningoftheterm"capitalizationrate"inthecontextofrealestatevaluation?a)Theinterestrateusedtodiscountfuturecashflows.b)Theratiooftheproperty’svaluetoitsincome.c)Therateatwhichthevalueofaninvestmentgrowsovertime.d)Thecostofborrowingmoneytopurchasetheproperty.*Thecapitalizationrate,orcaprateasweoftencallit,isakeyconceptintheincomeapproach.It’sthatratethatweusetoconverttheproperty’sannualnetoperatingincomeintoitspresentvalue.Itreflectstheriskandreturnexpectationsofinvestors.SoBistherightanswerhere.It’sthatratioofvaluetoincome.*7.Theterm"netoperatingincome"(NOI)inrealestatevaluationrefersto:a)Thetotalincomegeneratedbythepropertybeforedeductinganyexpenses.b)Theincomeremainingafterdeductingalloperatingexpensesbutbeforeaddingdepreciation.c)Theincomeremainingafterdeductingalloperatingexpenses,includingdepreciationandfinancingcosts.d)Thetotalincomegeneratedbythepropertyafterallexpenses,includingtaxesandinsurance,havebeendeducted.*Netoperatingincomeisacrucialfigurewhenusingtheincomeapproach.It’stheincomethat’sleftoverafteryousubtractallthoseoperatingexpenses–thingslikepropertytaxes,insurance,andmaintenance.Buthere’sthething–wedon’tsubtractdepreciationorfinancingcostswhencalculatingNOI.SoBisthecorrectanswerhere.It’sthatincomeafteroperatingexpenses.*8.Whatisthemeaningoftheterm"comparablesales"inthecontextofrealestatevaluation?a)Salesofpropertiesthatareidenticaltothesubjectproperty.b)Salesofpropertiesthataresimilartothesubjectpropertyintermsofsize,location,andcondition.c)Salesofpropertiesthataremuchmoreexpensivethanthesubjectproperty.d)Salesofpropertiesthataremuchlessexpensivethanthesubjectproperty.*Whenwetalkaboutcomparablesales,we’relookingforpropertiesthatareascloseaspossibletothesubjectpropertyintermsofsize,location,condition,andotherrelevantfactors.It’snotaboutfindingidenticalproperties,becausethat’srare,right?It’saboutfindingpropertiesthataresimilarenoughthatwecanusetheirsalepricestoestimatethevalueofthesubjectproperty.That’swhyBisthecorrectanswerhere.*9.Theterm"highestandbestuse"inrealestatevaluationrefersto:a)Themostprofitableuseofaproperty.b)Theuseofapropertythatmaximizesitsvalue.c)Thelegaluseofapropertyasdeterminedbyzoningregulations.d)Thecurrentuseofaproperty.*Theconceptofhighestandbestuseisallaboutfiguringoutwhatthepropertyisworthifit’susedinthewaythatmaximizesitsvalue.Itcouldbeadifferentusethanwhatit’scurrentlybeingusedfor,yousee.It’saboutthatpotential–whatcouldthepropertydoifitweredevelopedorredevelopedinthemostprofitableway?That’swhyBisthecorrectanswerhere.*10.Whatisthemeaningoftheterm"depreciation"inthecontextofrealestatevaluation?a)Thedecreaseinthevalueofapropertyduetowearandtear.b)Theincreaseinthevalueofapropertyovertime.c)Theprocessofdividingapropertyintosmallerlots.d)Theactofrepairingandmaintainingapropertytoimproveitscondition.*Depreciationisanotherimportantconcept,especiallywhenusingthecostapproach.It’sthatdecreaseinvalueduetowearandtear,obsolescence,orotherfactors.It’snotthesameasappreciation,whichisanincreaseinvalue.SoAisthecorrectanswerhere.It’saboutthatdecreaseinvalueovertime.*11.Theterm"appraisal"inthecontextofrealestaterefersto:a)Theprocessofestimatingthevalueofaproperty.b)Theactofbuyingandsellingrealestate.c)Thelegaldocumentthatdescribesaproperty’sboundariesandimprovements.d)Theprocessofimprovingtheconditionofaproperty.*Whenwetalkaboutanappraisal,we’rereallytalkingabouttheprocessofestimatingthevalueofaproperty.It’sasystematicanalysisoftheproperty’scondition,location,andotherfactorstodetermineitsmarketvalue.It’snotaboutbuyingorselling,andit’snotaboutthelegaldescriptionoftheproperty.SoAisthecorrectanswerhere.*12.Whatisthemeaningoftheterm"marketvalue"inthecontextofrealestatevaluation?a)Thepriceatwhichapropertywouldsellinacompetitiveandopenmarket.b)Thepricepaidforthepropertyatthetimeofitslastsale.c)Thepriceatwhichtheownerwantstoselltheproperty.d)Thepriceatwhichthepropertywouldselliftherewerenocompetingbuyers.*Marketvalueisafundamentalconceptinrealestatevaluation.It’sthatpriceatwhichthepropertywouldsellinacompetitiveandopenmarket,assumingthatthebuyerandsellerarebothknowledgeableandwillingtotransact.It’snotthepricepaidatthelastsale,andit’snotthepricetheownerwantstosellfor.SoAisthecorrectanswerhere.*13.Theterm"incomecapitalization"inrealestatevaluationrefersto:a)Theprocessofconvertingtheproperty’sannualnetoperatingincomeintoitspresentvalueusingacapitalizationrate.b)Theprocessofaddingalloperatingexpensestotheproperty’svalue.c)Theprocessofestimatingtheproperty’sfutureincomepotential.d)Theprocessofdeterminingtheproperty’smarketvalue.*Incomecapitalizationisakeypartoftheincomeapproach.It’stheprocessofusingacapitalizationratetoconverttheproperty’sannualnetoperatingincomeintoitspresentvalue.It’slikesaying,"Ifthepropertygeneratesthismuchincome,whatisitworthtoday?"That’swhyAisthecorrectanswerhere.*14.Whatisthemeaningoftheterm"highestandbestuseanalysis"inthecontextofrealestatevaluation?a)Theanalysisofthemostprofitableuseofaproperty.b)Theanalysisoftheuseofapropertythatmaximizesitsvalue.c)Theanalysisofthelegaluseofapropertyasdeterminedbyzoningregulations.d)Theanalysisofthecurrentuseofaproperty.*Whenwetalkabouthighestandbestuseanalysis,we’rereallytryingtofigureoutwhatthepropertyisworthifit’susedinthewaythatmaximizesitsvalue.It’snotjustaboutthemostprofitableuse,butaboutthatoptimalusethatbringsthehighestvalue.It’snotaboutthelegaluseorthecurrentuse,butaboutthatpotential.That’swhyBisthecorrectanswerhere.*15.Whatisthemeaningoftheterm"marketdata"inthecontextofrealestatevaluation?a)Dataonthepricesofrecentlysoldproperties.b)Dataontheincomepotentialofproperties.c)Dataonthecostsofbuildingnewproperties.d)Dataonthemarkettrendsthataffectpropertyvalues.*Marketdataisallaboutthatinformationwegatherfromtherealestatemarket–thingslikethepricesofrecentlysoldproperties,theincomepotentialofproperties,andthemarkettrendsthataffectpropertyvalues.It’sthefoundationofthemarketapproach,yousee.SoAisthecorrectanswerhere.*16.Whatisthemeaningoftheterm"highestandbestuse"inthecontextofrealestatevaluation?a)Themostprofitableuseofaproperty.b)Theuseofapropertythatmaximizesitsvalue.c)Thelegaluseofapropertyasdeterminedbyzoningregulations.d)Thecurrentuseofaproperty.*I’vementionedthisbefore,butit’sworthemphasizingagain.Highestandbestuseisallaboutfiguringoutwhatthepropertyisworthifit’susedinthewaythatmaximizesitsvalue.Itcouldbeadifferentusethanwhatit’scurrentlybeingusedfor,yousee.It’saboutthatpotential–whatcouldthepropertydoifitweredevelopedorredevelopedinthemostprofitableway?That’swhyBisthecorrectanswerhere.*17.Whatisthemeaningoftheterm"netoperatingincome"(NOI)inrealestatevaluation?a)Thetotalincomegeneratedbythepropertybeforedeductinganyexpenses.b)Theincomeremainingafterdeductingalloperatingexpensesbutbeforeaddingdepreciation.c)Theincomeremainingafterdeductingalloperatingexpenses,includingdepreciationandfinancingcosts.d)Thetotalincomegeneratedbythepropertyafterallexpenses,includingtaxesandinsurance,havebeendeducted.*Netoperatingincomeisacrucialfigurewhenusingtheincomeapproach.It’stheincomethat’sleftoverafteryousubtractallthoseoperatingexpenses–thingslikepropertytaxes,insurance,andmaintenance.Buthere’sthething–wedon’tsubtractdepreciationorfinancingcostswhencalculatingNOI.SoBisthecorrectanswerhere.It’sthatincomeafteroperatingexpenses.*18.Whatisthemeaningoftheterm"comparablesales"inthecontextofrealestatevaluation?a)Salesofpropertiesthatareidenticaltothesubjectproperty.b)Salesofpropertiesthataresimilartothesubjectpropertyintermsofsize,location,andcondition.c)Salesofpropertiesthataremuchmoreexpensivethanthesubjectproperty.d)Salesofpropertiesthataremuchlessexpensivethanthesubjectproperty.*Whenwetalkaboutcomparablesales,we’relookingforpropertiesthatareascloseaspossibletothesubjectpropertyintermsofsize,location,condition,andotherrelevantfactors.It’snotaboutfindingidenticalproperties,becausethat’srare,right?It’saboutfindingpropertiesthataresimilarenoughthatwecanusetheirsalepricestoestimatethevalueofthesubjectproperty.That’swhyBisthecorrectanswerhere.*19.Whatisthemeaningoftheterm"marketvalue"inthecontextofrealestatevaluation?a)Thepriceatwhichapropertywouldsellinacompetitiveandopenmarket.b)Thepricepaidforthepropertyatthetimeofitslastsale.c)Thepriceatwhichtheownerwantstoselltheproperty.d)Thepriceatwhichthepropertywouldselliftherewerenocompetingbuyers.*Marketvalueisafundamentalconceptinrealestatevaluation.It’sthatpriceatwhichthepropertywouldsellinacompetitiveandopenmarket,assumingthatthebuyerandsellerarebothknowledgeableandwillingtotransact.It’snotthepricepaidatthelastsale,andit’snotthepricetheownerwantstosellfor.SoAisthecorrectanswerhere.*20.Whatisthemeaningoftheterm"capitalizationrate"inthecontextofrealestatevaluation?a)Theinterestrateusedtodiscountfuturecashflows.b)Theratiooftheproperty’svaluetoitsincome.c)Therateatwhichthevalueofaninvestmentgrowsovertime.d)Thecostofborrowingmoneytopurchasetheproperty.*Thecapitalizationrate,orcaprateasweoftencallit,isakeyconceptintheincomeapproach.It’sthatratethatweusetoconverttheproperty’sannualnetoperatingincomeintoitspresentvalue.Itreflectstheriskandreturnexpectationsofinvestors.SoBisthecorrectanswerhere.It’sthatratioofvaluetoincome.*二、多項選擇題（本部分共10題，每題2分，共20分。每題的備選項中，有2個或2個以上符合題意，至少有1個錯項。錯選、少選、多選均不得分。）1.Whichofthefollowingarecommonmethodsusedinrealestatevaluation?a)Marketapproachb)Incomeapproachc)Costapproachd)Comparativeapproache)Highestandbestuseanalysis*Youknow,whenIteachthesemethods,Ialwaysemphasizethatthey’renotmutuallyexclusive.Infact,thebestappraisalsoftenuseacombinationofthem.Butthemainoneswetalkaboutarethemarketapproach,theincomeapproach,andthecostapproach.Highestandbestuseismoreofananalysisthatmightbeusedinconjunctionwithoneofthesemethods.So,A,B,andCaretherightanswershere.*2.Whatarethecomponentsofnetoperatingincome(NOI)inrealestatevaluation?a)Grossrentalincomeb)Vacancyandcreditlossc)Operatingexpensesd)Depreciatione)Financingcosts*WhenwebreakdownNOI,we’rereallylookingatthoseincomestreamsandexpensesthataredirectlyrelatedtotheproperty’soperation.Grossrentalincomeisthestartingpoint,right?Thenwesubtractvacancyandcreditloss–thosepotentiallossesifunitsareemptyortenantsarelateonpayments.Andwealsosubtractoperatingexpenses–thingslikepropertytaxes,insurance,andmaintenance.Buthere’sthething–wedon’tsubtractdepreciationorfinancingcostswhencalculatingNOI.SoA,B,andCaretherightanswershere.*3.Whatarethefactorsthataffectthehighestandbestuseofaproperty?a)Zoningregulationsb)Marketconditionsc)Physicalconstraintsd)Legalrestrictionse)Economicfeasibility*Youknow,highestandbestuseisallaboutfiguringoutthemostprofitableuseofaproperty,butit’snotjustaboutwhatwewanttodo.It’saboutwhatwecanactuallydo,givenallthoseconstraints.Zoningregulations,marketconditions,physicalconstraints–theyallplayarole.Andwecan’tforgetaboutlegalrestrictionsandeconomicfeasibility.Ifit’snoteconomicallyfeasible,thenit’snotthehighestandbestuse,right?So,A,B,C,D,andEareallcorrecthere.*4.Whatarethecomponentsofthemarketapproachinrealestatevaluation?a)Salescomparisonanalysisb)Costsegregationc)Incomecapitalizationd)Comparablesalesanalysise)Markettrendanalysis*Themarketapproachisallaboutlookingatwhatsimilarpropertieshavesoldfor.It’snotaboutthecostofbuildingsomethingnewortheincomepotentialoftheproperty.Instead,wefocusonsalescomparisonanalysisandcomparablesalesanalysis–lookingatthoserecentsalesofsimilarpropertiesandadjustingtheirpricesfordifferences.Andwemightalsolookatmarkettrendstogetasenseoftheoverallmarketdirection.SoA,D,andEaretherightanswershere.*5.Whatarethecomponentsofthecostapproachinrealestatevaluation?a)Originalcostb)Depreciationc)Marketvalued)Replacementcoste)Capitalizationrate*Thecostapproachisallaboutlookingatthecosttobuildanewpropertythat’ssimilartotheonewe’revaluing.Butwedon’tjustusetheoriginalcost.Weadjustitforthingslikedepreciation–thatdecreaseinvalueduetowearandtearorobsolescence.Andwemightalsoconsiderthereplacementcost–thecosttobuildsomethingwithsimilarutility.Buthere’sthething–marketvalueandcapitalizationratearenotpartofthecostapproach.They’remorerelevanttothemarketandincomeapproaches,respectively.SoA,B,andDaretherightanswershere.*6.Whatarethefactorsthataffectthemarketvalueofaproperty?a)Locationb)Sizec)Conditiond)Economictrendse)Financingcosts*Youknow,marketvalueisinfluencedbyawholebunchoffactors.Locationisalwaysimportant,right?It’soneofthosekeydrivers.Sizeandconditionalsoplayarole–bigger,better-maintainedpropertiestendtobeworthmore.Andwecan’tforgetabouteconomictrends–thingslikeinterestratesandtheoveralleconomy.Financingcostscanaffectthepricesomeoneiswillingtopay,butthey’renotasdirectafactorastheothers.SoA,B,C,andDaretherightanswershere.*7.Whatarethecomponentsoftheincomeapproachinrealestatevaluation?a)Netoperatingincomeb)Capitalizationratec)Discountrated)Grossrentalincomee)Operatingexpenses*Theincomeapproachisallaboutestimatingthevalueofanincome-producingpropertybasedonitspotentialfutureearnings.Westartwithgrossrentalincome,thensubtractoperatingexpensestogetnetoperatingincome.Buthere’sthething–wedon’tjuststopthere.WeuseacapitalizationratetoconvertthatNOIintoapresentvalue.Andinsomecases,wemightalsouseadiscountrateifwe’relookingatalonger-termincomestream.SoA,B,C,andEaretherightanswershere.*8.Whatarethefactorsthataffectthecapitalizationrateinrealestatevaluation?a)Riskb)Marketconditionsc)Propertysized)Economictrendse)Propertytype*Thecapitalizationrateisakeycomponentoftheincomeapproach,andit’sinfluencedbyawholebunchoffactors.Riskisalwaysabigone–higher-riskpropertiestypicallyhavehighercaprates.Marketconditionsandeconomictrendsalsoplayarole–ifthemarketisvolatile,investorsmightdemandahigherreturn,whichwouldtranslateintoahighercaprate.Andpropertytypecanaffectittoo–commercialpropertiesmighthavedifferentcapratesthanresidentialproperties.Buthere’sthething–propertysizedoesn’tnecessarilyaffectthecaprate.SoA,B,D,andEaretherightanswershere.*9.Whatarethecomponentsofarealestateappraisalreport?a)Executivesummaryb)Propertydescriptionc)Analysisandconclusiond)Marketdatae)Financingcosts*Whenstudentsaskmewhatgoesintoanappraisalreport,Ialwayssayit’slikeastory–itneedstohaveaclearbeginning,middle,andend.Theexecutivesummaryisthebeginning–itgivesaquickoverviewofthereport.Thepropertydescriptionispartofthemiddle–ittellsusaboutthepropertyitself.Theanalysisandconclusionaretheend–theytieeverythingtogetherandgiveusthefinalvalueestimate.Andwecan’tforgetaboutthemarketdata–it’sthefoundationoftheanalysis.Buthere’sthething–financingcostsarenottypicallypartofthereport.SoA,B,C,andDaretherightanswershere.*10.Whataretheethicalconsiderationsinrealestatevaluation?a)Independenceandobjectivityb)Confidentialityc)Competenced)Integritye)Financingcosts*Youknow,ethicsarereallyimportantinanyprofession,andrealestatevaluationisnoexception.Weneedtobeindependentandobjective–thatmeanswecan’thaveanyconflictsofinterestthatmightbiasouropinion.Confidentialityisalsokey–wecan’tshareclientinformationwithouttheirpermission.Andweneedtobecompetent–thatmeansweneedtostayup-to-dateonthelatesttrendsandtechniques.Integrityisanotherbigone–weneedtobehonestandtransparentinourwork.Buthere’sthething–financingcostsarenotanethicalconsideration.SoA,B,C,andDaretherightanswershere.*三、判斷題（本部分共10題，每題1分，共10分。請判斷下列各題表述是否正確，正確的涂打“√”，錯誤的涂打“×”。）1.Theterm"appreciation"inrealestatevaluationalwaysreferstoanincreaseinvalueduetomarketdemand.*Irememberonetime,astudentaskedmeifappreciationwasalwaysgood,andIsaid,well,notnecessarily.Appreciationisanincreaseinvalue,sure,butitcanbeduetoallsortsofreasons–marketdemand,improvements,younameit.It'snotalwaysdrivenbywhatpeoplewant,youknow.So,thisstatementistoonarrow.It'smorelike...×.*2.Thecostapproachtovaluationismostappropriatewhendealingwithuniquepropertieswithoutcomparablesales.*Youknow,thecostapproachislikeasafetynet,right?Whenyou'vegotsomethingunique,somethingthatdoesn'treallyhaveanythingtocompareto,that'swhenthecostapproachreallyshines.It'sallaboutthatreplacementcost,whatitwouldtaketobuildsomethingsimilar.So,thisstatementisspoton.It'smorelike...√.*3.Thenetoperatingincome(NOI)ofapropertyincludesdepreciationandfinancingcosts.*Depreciationandfinancingcosts,huh?Letmethinkaboutthat.Depreciationisanon-cashexpense,andit'salreadyaccountedforintheNOIcalculation,right?Westartwithgrossrentalincome,subtractoperatingexpenses,andboom,we'vegotNOI.Financingcosts,though?No,no,thoseareseparate.They'remoreaboutthecostofborrowingmoney,nottheoperatingexpensesofthepropertyitself.So,thisstatementisjust...×.*4.Thehighestandbestuseofapropertyisalwaysthemostprofitableuse.*Mostprofitable,huh?Notalways,notalways.Highestandbestuseisaboutmaximizingvalue,yes,butit'snotjustaboutthebottomline.It'saboutthatlegallypermissible,physicallypossible,financiallyfeasible,andeconomicallysustainableusethatmaximizesvalue.So,ifthemostprofitableuseisillegalorphysicallyimpossible,thenit'snotthehighestandbestuse.It'smorelike...×.*5.Marketvalueisthepriceatwhichapropertywouldselliftherewerenocompetingbuyers.*Nocompetingbuyers,huh?That'sabitofafantasy,isn'tit?Intherealworld,therearealwaysbuyers,alwayscompetition.Marketvalueisaboutthatpriceatwhichapropertywouldsellinacompetitiveandopenmarket,assumingthebuyerandsellerarebothknowledgeableandwillingtotransact.So,thisstatementisjust...×.*6.Thecapitalizationrate(caprate)isusedtoconverttheproperty'snetoperatingincome(NOI)intoitspresentvalue.*Youknow,thecaprateistheworkhorseoftheincomeapproach,right?WetakethatNOI,andwemultiplyitbythecaprate,andvoilà,we'vegotthepresentvalue.It'slikeamagicnumberthatturnsincomeintovalue.So,thisstatementisabsolutely...√.*7.Comparablesalesarepropertiesthatareidenticaltothesubjectproperty.*Identical,huh?That'satallorder,right?Intherealworld,werarelyfindpropertiesthatareexactlythesame.Comparablesalesarepropertiesthataresimilartothesubjectpropertyintermsofsize,location,condition,andotherrelevantfactors.Theydon'thavetobeidentical,justsimilarenoughthatwecanusetheirsalepricestoestimatethevalueofthesubjectproperty.So,thisstatementisjust...×.*8.Depreciationisanon-cashexpensethatreducesthetaxableincomeofaproperty.*Non-cashexpense,yes,that'sright.Depreciationislikeataxshield,yousee.Itreducesthetaxableincome,whichcansavetheownersomemoneyontaxes.Butitdoesn'tactuallyreducethecashflowfromtheproperty.It'smorelike...√.*9.Themarketapproachtovaluationismostreliablewhenthereisahighvolumeofsalesdataavailableforcomparableproperties.*Highvolumeofsalesdata,huh?That'stheidealscenario,right?Whenyou'vegotlotsofdata,youcanfindmorecomparables,andyoucananalyzethemmorethoroughly.Itmakesthemarketapproachmorereliable,sure.Butit'snotalwaysthecase,isit?Sometimesyoumightbeinanichemarket,oranewdevelopment,wherethereisn'tmuchsalesdata.So,whileit'softentrue,it'snotalways...√.*10.Realestateappraisalsareonlynecessaryforfinancingpurposes.*Financing,huh?That'soneofthereasonswhypeoplegetappraisals,sure.Butthey'renottheonlyreason.Peoplegetappraisalsforallsortsofthings–estateplanning,taxpurposes,insurance,younameit.It'snotjustaboutgettingaloan.So,thisstatementisjust...×.*四、簡答題（本部分共5題，每題4分，共20分。請根據(jù)題目要求，簡要回答問題。）1.Explainth