General
What document adds appraisal requirements when federal funds are involved in any part of a project?
Uniform Act
In which partial acquisition methdology is compensation the sum of the value of the acquisition and net damages?
Summation/State Rule
Who determines just compensation?
What economic principle explains why buyers choose the lowest-priced option when similar goods are available?
Substitution
Access
Which controlling document must appraisers follow if a matter is to be tried in federal court?
Yellow Book
In the summation method, what can benefits be offset against?
Damages only
What do the tests of Unity of Title, Use, and Contiguity determine?
Larger Parcel
What is the keystone in partial acquisition valuation and often highly contested?
Highest and Best Use
What term describes property with limited utility after an easement acquisition?
Remnant
What is the result of net operating income divided by sale price or value?
Capitalization Rate
In the before-and-after method, what can be offset by specific benefits?
Both damages and the value of the acquisition
What is the generally accepted measure of just compensation for the loss of real property?
Market Value
Which principle requires the larger parcel to be valued as a whole rather than the sum of its parts?
Unit Rule
Which type of assignment condition does the Project Influence Rule usually fall under?
Hypothetical Condition
What term describes an increase in value due to the project?
Benefits
What is the compensation to an owner under the before-and-after method if the value after the acquisition is greater than the value before?
Zero
What is the term used to describe assigning the value of the whole among its parts?
Allocation
The income approach is predicated primarily upon which economic principle?
Anticipation
What term describes the remaining rights in an easement?
Residual
Carve-outs
What is the minimum number of highest and best use analyses in the valuation of a partial acquisition?
Two (Before and After)
What is the judicial principle requiring the owner be no worse off than before the acquisition?
Making the owner whole
What term refers to the ability of benfits to reduce compensation for the acquisition?
Benefit Offset/Offset Rule
Which type of easement benefits another tract of land and runs with the land?
Easement appurtenant