Estimated income property values will decline as a result of a. Increased net cash flows b. Lower capitalization rates c. Lower vacancy rates d. Increased discount rates e. Higher standard of living Income capitalization is the term used to described the process of estimating the value of income property by studying expected future income. This process a. Converts the net operating income of a property into its equivalent capital value b. Reflects the time value of money by reducing or discounting future income to its present worth c. Focuses on the present worth of future benefits d. Uses market interest rates e. All of the above When estimating the value of an income producing property, the appraiser will not consider a. Income taxes attributable to the property b. The remaining economic life of the property c. Potential future income d. Net operating income e. Expected future income patterns In income capitalization, value is measured as the present worth of the a. Forecast reversion with a growth factor b. Forecast cash flow capitalized in perpetuity c. Forecast effective gross income (egi) plus the reversion d. Forecast net operating income plus the reversion e. Cost of production Income capitalization techniques are typically not used in valuing