The inherent power of state governments to regulate economic and social relationships for the welfare of all citizens is known as police power.

An appraiser is appraising a two-year-old, single-family, owner-occupied home in a good neighborhood. If he is trying to determine the sales price, which of the following would normally be given the greatest weight:

A: Determining the value received from direct use of the property by the owner-occupant; B: Determining the present cost to replace the dwelling, plus the depreciation to date and the land value; C: Capitalizing the rental income from an apartment property that is comparable, using the capitalization rate that is common in the neighborhood; D: Carefully comparing the property with similar properties that have sold recently in the neighborhood.

Forming an agency relationship requires that

A. The agreement between the principal and agent be supported by consideration. B. The principal and agent not be minors. C. Both the principal and agent consent to the agency. D. The agent's authority be limited to the express grant of authority in the agency agreement.