Everyone has a scale of preference for a particular real property. This preference between an individual and a given property is influenced continuously and in varying degrees by personal traits and by cultural,religious,and governmental forces that influence each person as a member of society
Scarcity in supply as well as over- and underconsumption will temporarily influence the price of real property. Therefore,in solving a value problem it is essential to stipulate either whether market conditions are normal, or, if they are not, the dollar extent to which value adjustments must be made to reflect peculiarities of the market that favor either buyers or sellers.
Some people hold that a commodity is valuable because it possesses intrinsic qualities, whereas others believe that value is entirely extrinsic to the object and is created wholly in the minds of people who seek to possess that object.
Everyone has a scale of preference for a particular real property. This preference between an individual and a given property is influenced continuously and in varying degrees by personal traits and by cultural,religious,and governmental forces that influence each person as a member of societyScarcity in supply as well as over- and underconsumption will temporarily influence the price of real property. Therefore,in solving a value problem it is essential to stipulate either whether market conditions are normal, or, if they are not, the dollar extent to which value adjustments must be made to reflect peculiarities of the market that favor either buyers or sellers.Some people hold that a commodity is valuable because it possesses intrinsic qualities, whereas others believe that value is entirely extrinsic to the object and is created wholly in the minds of people who seek to possess that object.
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