1. The relationship between investment value and most probable selling price is:
investment value will always exceed most probable selling price, at least by the amount of the transaction costs
most probable selling price will always exceed investment value, at least by the amount of transaction costs
investment value may be greater or less than most probable selling price, and the difference will approximate transaction costs
investment value need not be closely related to most probable selling price
2. Which one of the following would not qualify as a like-kind exchange?
a. limited partnership interest for interest in a land trust
b. vacant land for improved property
c. rural land for urban land
d. shopping center for an apartment complex