Which of the following choices represents the main categories

Which of the following choices represents the main categories of depreciation?
(A)   Physical, external, functional
(B)   Physical, economic, locational
(C)   External, structural, financial
(D)   Economic, physical, external

Which of the following expenses would NOT be included in an operating statement used to calculated net operating income in the income approach to value?
(A)   Reserves for replacement
(B)   Maintenance
(C)   Real estate taxes
(D)   Capital additions


The discount rate is a rate that a typical investor would normally require as a(n) ___ return over investment holding period.
(A)   Maximum
(B)   Risk free
(C)   Expected
(D)   Historical