Land Valuation Review Questions PDF

The four factors affecting land values are as follows: A. ***Physical (environmental),*** ***Economic,*** ***Governmental,*** ***Social*** 2\. The Principle of Surplus Productivity states that returns to land are what remain after returns to labor, management, and capital are satisfied. A. suppl...

The four factors affecting land values are as follows: A. ***Physical (environmental),*** ***Economic,*** ***Governmental,*** ***Social*** 2\. The Principle of Surplus Productivity states that returns to land are what remain after returns to labor, management, and capital are satisfied. A. supply and demand B. ***surplus productivity*** C. change D. anticipation 3\. List the six methods of land valuation: A. ***Direct sales comparison,*** ***Allocation,*** ***Abstraction,*** ***Anticipated use or development, Capitalization of ground rent, Land residual technique*** 4\. 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. ***A. cadastral*** 5\. 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. metes and bounds.*** 6\. A township in the Public Land Survey System contains\_\_\_\_\_\_\_\_\_ sections, with each section Containing\_\_\_\_\_\_\_ acres. A.***36 and 640*** When land is valued by using the direct sales comparison approach, sales must first be \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ into homogeneous groups. **A.stratified** 7\. 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.*** 8\. The shaded area in the previous question contains\_\_\_\_\_\_\_ acres. A. ***20*** 9\. When land is valued by using the direct sales comparison approach, sales must first be \_\_\_\_\_\_\_\_\_\_\_\_\_\_into homogeneous groups. A. **stratified** 10\. Improvements such as streets, sidewalks, and the availability of utilities are considered \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_improvements. A. ***off-site*** 11\. Which method of land valuation compares the property being appraised to comparable vacant parcels that have recently sold? A. ***direct sales comparison*** 12\. Front foot, square foot, and acre are examples of basic\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ A. ***units of comparison.*** 13\. In the direct sales comparison approach to land valuation, adjustments are always made to the\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ property, never to the\_\_\_\_\_\_\_\_ property. ***A. Comparable, subject*** 14\. 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. negative*** 15\. A method of valuing land that subtracts the depreciated value of the improvement from the sale price is known as \_\_\_\_\_\_\_\_\_\_\_\_\_. A. ***abstraction.*** 16\. The preferred method of valuing land if adequate data is available is the A. Abstraction method B. Allocation method C. Cost of development method D. ***Direct sales comparison method*** 17\. A land-to-building ratio of 1 :4 means land represents\_\_\_\_\_\_\_\_\_\_ ***percent*** of the value. ***20*** 18\. The appropriate map scale for suburban areas and small towns is \_\_\_\_ A. 1***\"*** = ***200\'.*** 19\. The appropriate map scale for rural areas is \_\_\_\_\_\_\_\_\_\_\_\_\_\_ A. ***1\"*** = ***400\'.*** 20\. The property account number, linking ownership records, tax maps, and assessment records, is known as the \_\_\_\_\_\_\_\_\_\_\_\_\_\_ ***A. Parcel Identifier*** 21\. Land that has been developed to the extent that it is ready to be built upon is considered a \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ A. ***site.*** 22\. The concept of \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ means that the market value of vacant land depends on potential use rather than current use alone. A. Supply and demand B. Anticipation C. Change D. ***Highest and best use*** 23\. Factors affecting land values such as size, topography, and location are termed \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ factors. ***A. Physical (environmental)***