COURSE 101 -REVIEW-CHAPT 2

Play an AI-generated podcast conversation about this lesson

The four factors affecting land values are as follows:

Demographic, Political, Social, Financial

Technological, Environmental, Cultural, Legal

Physical (environmental), Economic, Governmental, Social (correct)

Geographic, Financial, Community, Historical

The Principle of _____________ states that returns to land are what remain after returns to labor, management, and capital are satisfied.

supply and demand

surplus productivity (correct)

change

anticipation

List the six methods of land valuation:

Market analysis, Allocation, Replacement, Anticipated profit, Rental analysis, Depreciation method

Cost analysis, Income approach, Market adjustment, Depreciation, Gross land assessment, Utility value

Direct sales comparison, Allocation, Abstraction, Anticipated use or development, Capitalization of ground rent, Land residual technique (correct)

Construction cost, Allocation, Comparative sales, Replacement, Land use adjustment, Market estimation

A complete set of __________ maps showing boundaries, parcel size, sales information, and other relevant features of all parcels in a jurisdiction is a necessary tool for assessors.

Cadastral Signup and view all the answers

The practice of measuring the direction of property lines with compass bearings and the distance with measuring chains or tapes in order to obtain a property description is known as _________________________.

Metes and bounds Signup and view all the answers

A township in the Public Land Survey System contains _ sections, with each section containing _ acres.

36 - 640 Signup and view all the answers

Using the Public Land Survey System, the shaded portion of land labeled "A" above is described as the ___________.

S 1/2 NE 1/4 NE 1/4 Signup and view all the answers

The shaded area in the previous question contains _________ acres.

20 Signup and view all the answers

When land is valued by using the direct sales comparison approach, sales must first be ______________ into homogeneous groups.

Stratified Signup and view all the answers

Improvements such as streets, sidewalks, and the availability of utilities are considered _______________ improvements.

Off-site Signup and view all the answers

Which method of land valuation compares the property being appraised to comparable vacant parcels that have recently sold?

Direct sales comparison Signup and view all the answers

Front foot, square foot, and acre are examples of basic _________________.

Units of comparison Signup and view all the answers

In the direct sales comparison approach to land valuation, adjustments are always made to the _____ property, never to the property.

Comparable, subject Signup and view all the answers

If a comparable lot that sold is superior in some aspect to the subject lot, a __________ adjustment would be made to the comparable property.

Negative Signup and view all the answers

A method of valuing land that subtracts the depreciated value of the improvement from the sale price is known as _____________.

Abstraction Signup and view all the answers

The preferred method of valuing land if adequate data is available is the:

Direct sales comparison method Signup and view all the answers

A land-to-building ratio of 1:4 means land represents __________ percent of the value.

20% Signup and view all the answers

The appropriate map scale for suburban areas and small towns is __________.

1" = 200' Signup and view all the answers

The appropriate map scale for rural areas is __________.

1" = 400' Signup and view all the answers

The property account number, linking ownership records, tax maps, and assessment records, is known as the __________.

Parcel Identifier Signup and view all the answers

Land that has been developed to the extent that it is ready to be built upon is considered a __________.

Site Signup and view all the answers

The concept of __________ means that the market value of vacant land depends on potential use rather than current use alone.

Highest and best use Signup and view all the answers

Factors affecting land values such as size, topography, and location are termed __________ factors.

Physical (environmental) Signup and view all the answers

COURSE 101 -REVIEW-CHAPT 2

Podcast Beta

Questions and Answers

The four factors affecting land values are as follows:

The Principle of _____________ states that returns to land are what remain after returns to labor, management, and capital are satisfied.

List the six methods of land valuation:

A complete set of __________ maps showing boundaries, parcel size, sales information, and other relevant features of all parcels in a jurisdiction is a necessary tool for assessors.

The practice of measuring the direction of property lines with compass bearings and the distance with measuring chains or tapes in order to obtain a property description is known as _________________________.

A township in the Public Land Survey System contains _ sections, with each section containing _ acres.

Using the Public Land Survey System, the shaded portion of land labeled "A" above is described as the ___________.

The shaded area in the previous question contains _________ acres.

When land is valued by using the direct sales comparison approach, sales must first be ______________ into homogeneous groups.

Improvements such as streets, sidewalks, and the availability of utilities are considered _______________ improvements.

Which method of land valuation compares the property being appraised to comparable vacant parcels that have recently sold?

Front foot, square foot, and acre are examples of basic _________________.

In the direct sales comparison approach to land valuation, adjustments are always made to the _____ property, never to the property.

If a comparable lot that sold is superior in some aspect to the subject lot, a __________ adjustment would be made to the comparable property.

A method of valuing land that subtracts the depreciated value of the improvement from the sale price is known as _____________.

The preferred method of valuing land if adequate data is available is the:

A land-to-building ratio of 1:4 means land represents __________ percent of the value.

The appropriate map scale for suburban areas and small towns is __________.

The appropriate map scale for rural areas is __________.

The property account number, linking ownership records, tax maps, and assessment records, is known as the __________.

Land that has been developed to the extent that it is ready to be built upon is considered a __________.

The concept of __________ means that the market value of vacant land depends on potential use rather than current use alone.

Factors affecting land values such as size, topography, and location are termed __________ factors.

More Like This

Assessors and Land Value

Mastering Land Appraisal

Upgrade to continue

COURSE 101 -REVIEW-CHAPT 2

Podcast Beta

Questions and Answers

The four factors affecting land values are as follows:

The Principle of _____________ states that returns to land are what remain after returns to labor, management, and capital are satisfied.

List the six methods of land valuation:

A complete set of __________ maps showing boundaries, parcel size, sales information, and other relevant features of all parcels in a jurisdiction is a necessary tool for assessors.

The practice of measuring the direction of property lines with compass bearings and the distance with measuring chains or tapes in order to obtain a property description is known as _________________________.

A township in the Public Land Survey System contains _________ sections, with each section containing _________ acres.

Using the Public Land Survey System, the shaded portion of land labeled "A" above is described as the ___________.

The shaded area in the previous question contains _________ acres.

When land is valued by using the direct sales comparison approach, sales must first be ______________ into homogeneous groups.

Improvements such as streets, sidewalks, and the availability of utilities are considered _______________ improvements.

Which method of land valuation compares the property being appraised to comparable vacant parcels that have recently sold?

Front foot, square foot, and acre are examples of basic _________________.

In the direct sales comparison approach to land valuation, adjustments are always made to the _______________ property, never to the __________ property.

If a comparable lot that sold is superior in some aspect to the subject lot, a __________ adjustment would be made to the comparable property.

A method of valuing land that subtracts the depreciated value of the improvement from the sale price is known as _____________.

The preferred method of valuing land if adequate data is available is the:

A land-to-building ratio of 1:4 means land represents __________ percent of the value.

The appropriate map scale for suburban areas and small towns is __________.

The appropriate map scale for rural areas is __________.

The property account number, linking ownership records, tax maps, and assessment records, is known as the __________.

Land that has been developed to the extent that it is ready to be built upon is considered a __________.

The concept of __________ means that the market value of vacant land depends on potential use rather than current use alone.

Factors affecting land values such as size, topography, and location are termed __________ factors.

More Like This

Assessors and Land Value

Mastering Land Appraisal

A township in the Public Land Survey System contains _ sections, with each section containing _ acres.

In the direct sales comparison approach to land valuation, adjustments are always made to the _____ property, never to the property.