36 Questions
Which phase of land appraisal involves the classification of land according to its current use?
Site Analysis
What type of data is collected during the site analysis phase of land appraisal?
Attributes related to land
Which tool is considered invaluable for identifying land-related data during the identification and description phase of land appraisal?
Tax maps
Which method is used for the systematic appraisal of groups of properties as of a given date using standardized procedures and statistical testing?
Allocation method
What is the sum of the value of the land and the value of the buildings and improvements on a parcel?
Appraised value
What factors should be considered when establishing land values?
All of the above
Which of the following is NOT a determinant of land value?
Supply
What is the definition of scarcity in relation to land value?
The present or anticipated supply of an item in relation to the demand for it
Which of the following factors affects land value?
All of the above
What are site attributes in relation to land value?
Physical attributes of the land such as size, shape, soil, topography, and view
Which lots in Figure 2 have standard depths?
Lot 2 and 4
What is the sale price per front foot for lot 6?
$207
What is the depth factor for a lot with a standard depth of 120 feet and a depth of 140 feet?
1.10
Which of the following is NOT a factor that affects land value?
Social factors
What is the purpose of mass appraisal in land valuation?
To establish land values for equalization appraisal studies
Which of the following is NOT a physical characteristic of land that is considered when establishing land values?
Historical significance
Which of the following is a determinant of land value?
Scarcity
What is the definition of utility in relation to land value?
Ability to satisfy a need or desire
What is the definition of effective purchasing power in relation to land value?
Ability to pay and desire to possess land
Which factors affect land value?
Economic, social, governmental, environmental and physical
Which of the following is NOT a physical attribute that affects land value?
View
What are situation attributes in relation to land value?
External attributes that can have a positive or negative influence on land demand
Which land valuation method involves direct comparisons with actual market transactions of similar properties?
Sales Comparison Method
What is the first phase of land appraisal?
Identification and Description
Which of the following is NOT a category used for determining comparability between a subject property and comparable properties?
Conditions of sale
What is one of the more important factors when determining the classification and highest and best use of a property?
Zoning data
When determining comparability, what must be considered if market conditions have varied between the date of sale and date of appraisal?
An adjustment must be made
Which of the following physical characteristics can influence the value of a property?
All of the above
Which element of comparison refers to the neighborhood influence on the marketability of lots, parcels, or sites?
Location
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?
Paired sales analysis
When is a location adjustment generally necessary when comparing a comparable site to the property being appraised?
If they are located in different neighborhoods
What is the condition of sale element of comparison based on?
The financing conditions of the sale
Which unit of comparison is most commonly used for residential properties?
Front Foot
What is the definition of front foot?
A one foot wide strip of land fronting a street, highway or body of water and extending to the rear of the parcel.
What is the effective front footage for Parcel B, a triangular-shaped lot with 100 feet along its base?
70 feet
How is the effective front footage determined for irregular shaped parcels?
By converting the actual frontage of an irregular lot to effective front footage using the 65/35 rule.
Test your knowledge on the role of assessors in determining land value and working in a mass appraisal environment. This quiz covers topics such as the cost approach, vacant and improved taxable parcels, and the differences between mass appraisal and single-property appraisal.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
