Property Valuation
What principle states that the value of a property tends to be set by the cost of acquiring an equally desirable substitute?
APrinciple of conformity
BPrinciple of substitution✓ Correct
CPrinciple of contribution
DPrinciple of anticipation
Explanation
The principle of substitution holds that a buyer will pay no more for a property than the cost of acquiring an equally desirable substitute, forming the basis for the sales comparison approach.
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