What is the principle of conformity?

References

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What is the principle of conformity quizlet?

The principle of conformity means that maximum value is created when a property is in harmony with its surroundings. Maximum value is realized if the use of land conforms to existing neighborhood standards.

What is the definition of conformity in real estate?

This is an appraisal principle that theorizes that a home is more likely to increase in value when it conforms to other houses in the neighborhood.

Who developed principle of conformity?

Solomon E. Asch conducted a classic study of conformity. He exposed students in a group to a series of lines, and the participants were asked to match the length of one line with a standard line, a task with a very clear right answer.

What is the principle of contribution?

Explanation: The principle of contribution holds that the value of a component of property depends upon its contribution to the value of the total property. The cost of an improvement does not necessarily equal the value the component adds to the property.