Property Valuation
The principle of substitution states that:
AA buyer will pay no more for a property than the cost to acquire a similar one✓ Correct
BProperty values increase over time due to inflation
CA property's value is determined solely by its replacement cost
DLocation is the primary driver of all property values
Explanation
The principle of substitution holds that a rational buyer will pay no more for a property than the cost to acquire an equally desirable substitute property.
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