Assessors and Land Value
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Questions and Answers

Which phase of land appraisal involves the classification of land according to its current use?

  • Identification and Description
  • Aerial maps
  • Site Analysis (correct)
  • Tax maps

    • What type of data is collected during the site analysis phase of land appraisal?

  • Attributes related to land (correct)
  • Sale data
  • Legal land descriptions
  • Data related to amenities

    • Which tool is considered invaluable for identifying land-related data during the identification and description phase of land appraisal?

  • Assessor
  • Sale data
  • Aerial maps
  • Tax maps (correct)

    • Which method is used for the systematic appraisal of groups of properties as of a given date using standardized procedures and statistical testing?

    <p>Allocation method</p> Signup and view all the answers

    What is the sum of the value of the land and the value of the buildings and improvements on a parcel?

    <p>Appraised value</p> Signup and view all the answers

    What factors should be considered when establishing land values?

    <p>All of the above</p> Signup and view all the answers

    Which of the following is NOT a determinant of land value?

    <p>Supply</p> Signup and view all the answers

    What is the definition of scarcity in relation to land value?

    <p>The present or anticipated supply of an item in relation to the demand for it</p> Signup and view all the answers

    Which of the following factors affects land value?

    <p>All of the above</p> Signup and view all the answers

    What are site attributes in relation to land value?

    <p>Physical attributes of the land such as size, shape, soil, topography, and view</p> Signup and view all the answers

    Which lots in Figure 2 have standard depths?

    <p>Lot 2 and 4</p> Signup and view all the answers

    What is the sale price per front foot for lot 6?

    <p>$207</p> Signup and view all the answers

    What is the depth factor for a lot with a standard depth of 120 feet and a depth of 140 feet?

    <p>1.10</p> Signup and view all the answers

    Which of the following is NOT a factor that affects land value?

    <p>Social factors</p> Signup and view all the answers

    What is the purpose of mass appraisal in land valuation?

    <p>To establish land values for equalization appraisal studies</p> Signup and view all the answers

    Which of the following is NOT a physical characteristic of land that is considered when establishing land values?

    <p>Historical significance</p> Signup and view all the answers

    Which of the following is a determinant of land value?

    <p>Scarcity</p> Signup and view all the answers

    What is the definition of utility in relation to land value?

    <p>Ability to satisfy a need or desire</p> Signup and view all the answers

    What is the definition of effective purchasing power in relation to land value?

    <p>Ability to pay and desire to possess land</p> Signup and view all the answers

    Which factors affect land value?

    <p>Economic, social, governmental, environmental and physical</p> Signup and view all the answers

    Which of the following is NOT a physical attribute that affects land value?

    <p>View</p> Signup and view all the answers

    What are situation attributes in relation to land value?

    <p>External attributes that can have a positive or negative influence on land demand</p> Signup and view all the answers

    Which land valuation method involves direct comparisons with actual market transactions of similar properties?

    <p>Sales Comparison Method</p> Signup and view all the answers

    What is the first phase of land appraisal?

    <p>Identification and Description</p> Signup and view all the answers

    Which of the following is NOT a category used for determining comparability between a subject property and comparable properties?

    <p>Conditions of sale</p> Signup and view all the answers

    What is one of the more important factors when determining the classification and highest and best use of a property?

    <p>Zoning data</p> Signup and view all the answers

    When determining comparability, what must be considered if market conditions have varied between the date of sale and date of appraisal?

    <p>An adjustment must be made</p> Signup and view all the answers

    Which of the following physical characteristics can influence the value of a property?

    <p>All of the above</p> Signup and view all the answers

    Which element of comparison refers to the neighborhood influence on the marketability of lots, parcels, or sites?

    <p>Location</p> Signup and view all the answers

    What is the most relied upon technique for determining the amount of adjustment for differences in physical characteristics between comparables and the property being appraised?

    <p>Paired sales analysis</p> Signup and view all the answers

    When is a location adjustment generally necessary when comparing a comparable site to the property being appraised?

    <p>If they are located in different neighborhoods</p> Signup and view all the answers

    What is the condition of sale element of comparison based on?

    <p>The financing conditions of the sale</p> Signup and view all the answers

    Which unit of comparison is most commonly used for residential properties?

    <p>Front Foot</p> Signup and view all the answers

    What is the definition of front foot?

    <p>A one foot wide strip of land fronting a street, highway or body of water and extending to the rear of the parcel.</p> Signup and view all the answers

    What is the effective front footage for Parcel B, a triangular-shaped lot with 100 feet along its base?

    <p>70 feet</p> Signup and view all the answers

    How is the effective front footage determined for irregular shaped parcels?

    <p>By converting the actual frontage of an irregular lot to effective front footage using the 65/35 rule.</p> Signup and view all the answers

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