Property Valuation
The economic principle of 'supply and demand' in Kansas real estate means that:
AThe government sets supply to control prices
BProperty values rise when demand exceeds supply and fall when supply exceeds demand✓ Correct
CAppraisers set prices based on supply
DDemand is always predictable in Kansas markets
Explanation
The principle of supply and demand explains price changes in real estate markets — when buyers (demand) outnumber available properties (supply), prices rise; when supply exceeds demand, prices fall.
Related Kansas Property Valuation Questions
- A Kansas appraiser performing a 'drive-by' appraisal (exterior-only) provides:
- In Kansas, a commercial appraiser analyzing a 'sale-leaseback' transaction must be particularly careful because:
- What is 'excess land' versus 'surplus land' in Kansas appraisal?
- A Kansas appraiser finds that a property's neighborhood is in a 'stable' stage of its life cycle. This means:
- In Kansas, the 'gross income multiplier' (GIM) is calculated as:
- In Kansas, the 'land value to total value ratio' is used by appraisers to:
- In Kansas, when an appraiser analyzes a market 'in decline' or 'transitional neighborhood,' they must be particularly careful to:
- In Kansas, the 'scarcity' principle in real estate economics states that value increases when:
Practice More Kansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kansas Quiz →