Property Valuation
The principle of substitution in Wisconsin appraisal practice states that:
AA property is worth its replacement cost
BA buyer will not pay more for a property than the cost of an equally desirable substitute✓ Correct
CThe highest use determines the value
DProperties in the same area have the same value
Explanation
The principle of substitution holds that a rational buyer will not pay more for a property than the cost of acquiring a comparable substitute property.
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