Property Valuation
Which appraisal principle states that a buyer will pay no more for a property than the cost of acquiring an equally desirable substitute?
APrinciple of contribution
BPrinciple of substitution✓ Correct
CPrinciple of balance
DPrinciple of conformity
Explanation
The principle of substitution is the foundation of all three appraisal approaches: a buyer will pay no more than the cost of a comparable alternative, setting an upper limit on value.
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