1. What is true about the relationship between the market value of a property and its sale price at the time the property is sold?
They are the same at that point in time.
The price will always exceed market value.
The price always has to be adjusted to determine market value.
The price could be more or less than the market value.
2. Direct capitalization applies multipliers and rates to?
First year income.
Last year’s income.
Average income over a holding period.
The present value of income.