Property Valuation
In Hawaii, which principle states that the value of a property is affected by the value of surrounding properties?
AA. Principle of substitution
BB. Principle of conformity (and its corollaries, regression and progression)✓ Correct
CC. Principle of contribution
DD. Principle of anticipation
Explanation
The principle of conformity and its corollaries (regression, progression) hold that properties are influenced by the value of surrounding properties—a property among higher-value homes may be worth more (progression) and vice versa (regression).
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