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1 Flashcards

1
Q
  1. The earth’s surface, both land and water, and anything that is attached to it whether by the course of nature or human hands; all natural resources in their original state, e.g., mineral deposits, wildlife, timber, fish, water, coal deposits, soil.
  2. In law, the solid surface on the earth, as distinguished from water.
  3. One of the four agents of production in economic theory.
A

Land

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2
Q

Land that is improved so that it is ready to be used for a specific purpose.

A

Site

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3
Q

Land plus necessary site improvements equals a

A

Site

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4
Q

Which of the following would NOT be considered a site improvement?

Curbs and gutters
Municipal water
Fill
Mineral deposits

A

Mineral deposits

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5
Q

Land is best described as a(n) _____________ element.

Economic
Physical
Legal
Social

A

Physical

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6
Q

Which of the following items would NOT be considered a site improvement?

Water rights
Site plan
Fill
Permits

A

Water rights

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7
Q

A plan, map, or chart of a city, town, section, or subdivision indicating the location and boundaries of individual properties. A map or sketch of an individual property that shows property lines and may include features such as soils, building locations, vegetation, and topography. A map intended to show the division of land into lots or parcels. Upon recordation with the appropriate authorities, land included in the plat can thenceforth be legally described by reference to the plat, omitting a metes and bounds description.

A

plat

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8
Q

a description of land that identifies the real estate according to a system established or approved by law; an exact description that enables the real estate to be located and defined.

A

Legal description

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9
Q

A record showing the location, size and owner of each plot of land in a stated area.

This is simply the book that contains the plats; located in the municipal offices.

A

Plat book

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10
Q

There are three general types of legal descriptions employed in the country today:

A

Metes and Bounds
Government Survey
Lot and Block

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11
Q

is is the earliest system and was employed in the 13 original colonies in the East and Southeast United States.

A

Metes and bounds

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12
Q

Bounds are best described as

Distances
Boundaries
Bearings
Benchmarks

A

Distances

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13
Q

Each section is theoretically 1 square mile, or ___ acres

A

640

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14
Q

A distinct piece of land; a piece of land that forms a part of a district, community, city block, etc.
A piece of land in one ownership, whether platted or unplatted.

A

lot

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15
Q

A parcel of land; an area of real estate that is frequently divided into smaller parcels.

A

Tract -

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16
Q

a piece of land of any size in one ownership

A

Parcel -

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17
Q

One Acre = _______ square feet

A

43,560

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18
Q

Which system of legal description grew up primarily in the mid 1900s with the advent of suburban subdivisions?

Government Survey
Lot and Block
Rectangular Survey
Metes and Bounds

A

Lot and Block

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19
Q

How many links are in a chain?

16.5
66
100
660

A

100

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20
Q

How many feet are in a chain?

16.5
66
660
5,280

A

66

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21
Q

Each section contains _____ acres.

40
160
320
640

A

640

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22
Q

In the Government Survey System, each township is divided into ____ sections.

16
32
36
40

A

36

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23
Q

A rectangular lot is 314.55 feet by 517.24 feet. How many acres is that?

  1. 68
  2. 99
  3. 52
  4. 74
A

314.55 x 517.24 = 162,698 SF / 43,560 = 3.735 acre (3.74 rounded)

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24
Q

Which two terms are very similar?

Lot and plot
Lot and parcel
Parcel and tract
Site and land

A

Lot and parcel

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25
Q

A rectangular lot is 244.88 feet by 391.06 feet? It sold for $48,000. How much did it sell for per acre?

$18,772.34
$21,818.18
$22,745.45
$24,621.98

A

244.88 x 391.06 = 95,763 SF / 43,560 = 2.20 acre. 48,000 / 2.2 = $21,818.18

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26
Q

1 POLE=____FT

A

16.5

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27
Q

The most commonly used method for valuing sites is the _____________. It is the preferred method, the most credible, the most understandable, and should be utilized whenever possible.

A

sales comparison method

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28
Q

In the most commonly used land appraisal form, which is NOT one of the line items that are listed for adjustment?

Date of sale
Shape
Location
Site/view

A

Shape is not one of the line item adjustments specified on the form. If a shape adjustment is necessary, the appraiser should use one of the blank lines in the sales comparison grid.

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29
Q

Which is a true statement regarding adjustments in the sales comparison method?

Quantitative adjustments must be made on a dollar amount basis.
Quantitative adjustments must be made on a percentage basis.
Quantitative adjustments may be made on either a dollar amount or a percentage basis.
Qualitative adjustments are typically made on a percentage basis.

A

Quantitative adjustments may be made on either a dollar amount or a percentage basis.

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30
Q

A percolation test measures the _____________ of the soil.

Stability
Permeability
Bearing strength
Percability

A

Permeability

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31
Q

Properties in a Special Flood Hazard area are those designated by FEMA as being in _________.

Zone A only
Zones A and V
Zone C only
Zones C and V

A

Zones A and V

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32
Q

____________ soils absorb water quickly and swell up, causing cracking.

Expansive
Progressive
Expansion
Explosive

A

Expansive

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33
Q

The easiest site to develop is one that is

Gently sloping
Tabletop level
Terraced
Steeply sloping

A

Gently sloping

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34
Q

The right to use another’s land for a stated purpose.

A

easement

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35
Q

The right to perform a specific action on a property owned by another

A

affirmative easement

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36
Q

A property that is served or benefitted by an easement. The opposite of the servient estate, which granted the easement. Also known as the dominant tenement and the servient tenement, respectively.

A

dominant estate

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37
Q

An easement preventing a property owner from certain, otherwise permitted, uses of his or her land, e.g., agreeing not to do something such as building a wall or fence blocking an adjoining property’s view.

A

Negative easement

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38
Q 
Conservation easements
Historic preservation easements
Facade easements 
Scenic easements 
These are examples of
A

negative easements

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39
Q

An interest in real property restricting future land use to preservation, conservation, wildlife habitat, or some combination of those uses.

A

conservation easement

A conservation easement may permit farming, timber harvesting, or other uses of a rural nature to continue, subject to the easement. In some locations a conservation easement may be referred to as a conservation restriction.

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40
Q

Land that is not needed to serve or support the existing improvement.

A

excess land

The highest and best use of the excess land may or may not be the same as the highest and best use of the improved parcel. Excess land may have the potential to be sold separately and is valued separately.

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41
Q

Land that is not currently needed to support the existing improvement but cannot be separated from the property and sold off.

A

Surplus land

Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel.

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42
Q

Which would NOT be an example of a private restriction?

Easement
Zoning
Land lease
Transferable Development Right

A

Zoning

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43
Q

A property owner has a 4-acre site in an area where 1-acre sites are common. This additional land cannot be subdivided off and sold, and it is not capable of its own highest and best use. This is an example of:

Surplus land
Excess land
Interim use
Affirmative easement

A

Surplus land

Land that is not currently needed to support the existing improvement but cannot be separated from the property and sold off. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel.

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44
Q

The most commonly used land appraisal form is a Fannie Mae form.

True
False

A

False

The most common land appraisal report form is a generic form, and is not produced by Fannie Mae. Fannie does not purchase loans on vacant land.

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45
Q

Which of these is NOT a negative easement?

Access easement
Conservation easement
Historic preservation easement
Facade easement

A

Access

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46
Q

Designing the size of septic systems is based on

Soil samples
Bearing strength of the soil
Percolation tests
Soil maps

A

Percolation tests

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47
Q

The right to perform a specific action on a property owned by another is called

A servient estate
A tenancy
A negative easement
An affirmative easement

A

An affirmative easement

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48
Q

A method of estimating land value in which the depreciated cost of the improvements on the improved property is calculated and deducted from the total sale price to arrive at an estimated sale price for the land.

A

extraction method

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49
Q

A method of estimating land value in which sales of improved properties are analyzed to establish a typical ratio of land value to total property value and this ratio is applied to the property being appraised or the comparable sale being analyzed.

A

allocation method

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50
Q

A method of estimating land value when subdivision and development are the highest and best use of the parcel of land being appraised. When all direct and indirect costs and entrepreneurial incentive are deducted from an estimate of the anticipated gross sales price of the finished lots, the resultant net sales proceeds are then discounted to present value at a market-derived rate over the development and absorption period to indicate the value of the land.

A

subdivision development

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51
Q

A method of estimating land value in which the net operating income attributable to the land is capitalized to produce an indication of the land’s contribution to the total property.

A

land residual method

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52
Q

A method of estimating land value; applied by capitalizing ground rent at a market-derived rate. This method is useful when comparable rents, rates, and factors can be developed from an analysis of sales of leased land or other market sources.

A

ground rent capitalization

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53
Q

By definition, mass appraisals typically employ all of the following EXCEPT

Standard methodology
Statewide data
Common data
Statistical testing

A

statewide data

The definition of mass appraisal states: the process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing. (USPAP, 2010-2011 ed.) Often associated with real estate tax assessment valuation. It does not address statewide data.

54
Q

The subdivision development method is a variation of _________________________ analysis.

Gross Rent Multiplier
Internal Rate of Return
Discounted Cash Flow
Construction Breakdown

A

Discounted Cash Flow

55
Q

The temporary use to which a site or improved property is put until it is ready to be put to its future highest and best use.

A

Interim use

56
Q

the combining of two or more parcels, usually but not necessarily contiguous, into one ownership or use; the process that may create plottage.

A

Assemblage

57
Q

the increment of value created when two or more sites are combined to create greater utility.

A

Plottage

58
Q

The combining of two or more parcels, usually but not necessarily contiguous, into one ownership or use, is the definition of

Plottage
Plattage
Assemblage
Merging

A

Assemblage

59
Q

The temporary use to which a site or improved property is put until it is ready to be put to its future highest and best use is the definition of __________ use.

Intermediate
Indeterminate
Conditional
Interim

A

Interim

60
Q

The two methods that have frequent application in both rural and urban areas are the __________ method and the __________ method.

Land residual, Extraction
Allocation, Subdivision development
Allocation, Extraction
Ground rent capitalization, Extraction

A

Allocation, Extraction

61
Q

Qualitative methods of valuation include

Sales Comparison Analysis and Relative Comparison Analysis
Relative Comparison Analysis and Ranking Analysis
Sales Comparison Analysis and Ranking Analysis
Discounted Cash Flow Analysis and Ranking Analysis

A

Relative Comparison Analysis and Ranking Analysis

62
Q

Real property value is created and sustained when the characteristics of a property conform to the demands of its market is the definition of the principle of

Balance
Equilibrium
Conformity
Contrast

A

Conformity

63
Q

Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat.

A

Fee simple estate

64
Q

The estimated cost to construct, at current prices as of the effective date of the appraisal, an exact duplicate or replica of the building being appraised, using the same materials, construction standards, design, layout, and quality of workmanship and embodying all the deficiencies, superadequacies, and obsolescence of the subject building.

A

Reproduction cost

65
Q

The estimated cost to construct, at current prices as of the effective appraisal date, a substitute for the building being appraised, using modern materials and current standards, design, and layout.

A

Replacement cost

66
Q

he basic principle underlying the cost approach is the principle of _________.

Competition
Substitution
Highest and best use
Anticipation

A

Substitution

67
Q

The cost to construct a building “embodying all the deficiencies, superadequacies, and obsolescence of the subject building” is the ____________ cost.

Replication
Replacement
Improvement
Reproduction

A

Reproduction

68
Q

The amount an entrepreneur expects to receive for his or her contribution to a project.

A

Entrepreneurial incentive

Entrepreneurial incentive may be distinguished from entrepreneurial profit (often called developer’s profit) in that it is the expectation of future profit as opposed to the profit actually earned on a development or improvement.

69
Q
  1. In appraising, a loss in property value from any cause; the difference between the cost of an improvement on the effective date of the appraisal and the market value of the improvement on the same date.
  2. In accounting, an allowance made against the loss in value of an asset for a defined purpose and computed using a specified method.
A

Depreciation

70
Q

The cost approach has good applicability when:

A

The building improvements are new or relatively new.
The land value is well supported.
The improvements represent the highest and best use of the land as though vacant.
Estimating the use value of special purpose properties.
Building additions or renovations are being considered.

71
Q

The estimated cost to construct, at current prices as of the effective appraisal date, a substitute for the building being appraised, using modern materials and current standards, design, and layout.

A

Replacement Cost

72
Q

If a property is older or exhibits unusual construction, then perhaps the more accurate method would be to use a reproduction cost.

True
False

A

False

If the property is older or exhibits unusual construction, then perhaps the more accurate method would be to use reproduction cost.

73
Q

If the subject property exhibits a large or unusual amount of depreciation, it can be more accurately measured through the use of replacement cost.

True
False

A

False

If the property is older or exhibits unusual construction, then perhaps the more accurate method would be to use reproduction cost. Or if the subject property exhibits a large or unusual amount of depreciation, it can be more accurately measured through the use of reproduction cost.

74
Q

Which type of cost estimate eliminates functional obsolescence?

Replacement cost only
Reproduction cost only
Both reproduction and replacement cost
No type of cost eliminates functional obsolescence

A

When replacement cost is used, it eliminates any functional obsolescence that may be present in the structure and replaces it with functional utility that is acceptable in the marketplace today.

75
Q

Expenditures for the labor and materials used in the construction of improvements; also called hard costs.

A

Direct Costs

76
Q

Expenditures or allowances for items other than labor and materials that are necessary for construction, but are not typically part of the construction contract.

A

Indirect Costs

Indirect costs may include administrative costs; professional fees; financing costs and the interest paid on construction loans; taxes and the builder’s or developer’s all-risk insurance during construction; and marketing, sales, and lease-up costs incurred to achieve occupancy or sale. Also called soft costs.

77
Q

The amount an entrepreneur expects to receive for his or her contribution to a project.

A

Entrepreneurial incentive may be distinguished from entrepreneurial profit (often called developer’s profit) in that it is the expectation of future profit as opposed to the profit actually earned on a development or improvement.

78
Q

Expenditures for labor and materials are called _________ costs.

Construction
Soft
Durable
Hard

A

Hard

79
Q

Entrepreneurial incentive is what a contractor or developer _____; entrepreneurial profit is what they _______.

A

hopes to get, actually get

80
Q

Of the three traditional methods, the simplest, quickest, least complicated and least accurate method of estimating costs is the ____________ method.

Unit-in-place
Quantity survey
Comparative unit
Subdivision development

A

Comparative unit

81
Q

Cost services include direct and indirect costs in their cost figures, but NOT entrepreneurial profits or incentives.

True
False

A

True
Cost services include direct and indirect costs in their cost figures, which includes normal builder’s profit, but these costs do NOT include entrepreneurial profits or incentives.

82
Q

Reproduction cost estimates the cost to construct a building embodying all the deficiencies, superadequacies, and obsolescences of the subject building.

True
False

A

True

Reproduction cost includes all deficiencies, superadequacies, and obsolescences of the subject building.

83
Q

Entrepreneurial incentive/profit can be calculated on all of the following bases EXCEPT

Direct costs only
Indirect costs only
Direct and indirect costs
Direct and indirect costs plus site value

A

Indirect costs only

All of these were listed as bases on which entrepreneurial profit/incentive could be calculated, except for “indirect costs only”.

84
Q

The segregated cost method is another name for the ______________ method.

Comparative unit
Quantity survey
Unit-in-place
Reproduction cost

A

Unit-in-place

85
Q

In the _______method, total building cost is estimated by adding together the unit costs for the various building components. Sometimes this method is also called the segregated cost method.

A

unit-in-place

86
Q

The Marshall & Swift Residential Cost Handbook can be used to estimate costs using a ___________ method, but not a __________ method.

Comparative unit, quantity survey
Comparative unit, unit-in-place
Quantity survey, unit-in-place
Comparative unit, segregated cost

A

Comparative unit, quantity survey

87
Q

The method of cost estimating that falls between the other two cost estimating methods in complexity is the __________ method.

Comparative unit
Quantity survey
Unit-in-place
Reproduction cost

A

Unit-in-place

88
Q

In a unit-in-place cost estimation, all of the following components would typically be estimated EXCEPT

Excavation
Framing
Marketing
Plumbing

A

Marketing

89
Q

The least complex method of cost estimating is the _________________ method.

Comparative unit
Quantity survey
Unit-in-place
Reproduction cost

A

Comparative unit

90
Q

In appraising, a loss in property value from any cause; the difference between the cost of an improvement on the effective date of the appraisal and the market value of the improvement on the same date.

A

depreciation

91
Q

The wear and tear that begins when a building is completed and placed into service.

A

Physical deterioration

92
Q

A form of physical deterioration that can be practically and economically corrected as of the date of appraisal.

A

Curable physical deterioration

93
Q

A form of physical deterioration that cannot be practically or economically corrected as of the date of appraisal.

A

Incurable physical deterioration

94
Q

The impairment of functional capacity of a property according to market tastes and standards.

A

Functional obsolescence

95
Q

Impairment of the functional utility of a property or building according to market tastes and standards; equivalent to functional obsolescence because ongoing change makes the plan, form, style, design, layouts, or features obsolete.

A

Functional inutility

96
Q

Functional obsolescence is sometimes called functional inutility.

True
False

A

TRUE

97
Q

An element of depreciation; a diminution in value caused by negative externalities and generally incurable on the part of the owner, landlord, or tenant.

A

External obsolescence

98
Q

the period over which improvements to real property contribute to property value.

A

Economic life

99
Q

the period of time over which a structure may reasonably be expected to perform the function for which it was designed.

A

Useful life

100
Q

the total period a building lasts or is expected to last as opposed to its economic life.

A

Physical life

101
Q

the number of years that have elapsed since construction of an improvement was completed, also called historical or chronological age.

A

Actual age

102
Q

the age of property that is based on the amount of observed deterioration and obsolescence it has sustained, which may be different from its chronological age.

A

Effective age

103
Q

The estimated period during which improvements will continue to represent the highest and best use of the property; an estimate of the number of years remaining in the economic life of the structure or structural components as of the date of the appraisal; used in the economic age-life method of estimating depreciation.

A

Remaining economic life

104
Q

The most detailed method for estimating depreciation is the __________ method.

Unit-in-place
Age-life
Market extraction
Breakdown

A

Breakdown

105
Q

The period of time over which a structure may reasonably be expected to perform the function for which it was designed is the definition of _______ life.

Useful
Physical
Economic
Remaining

A

Useful

106
Q

Economic life is generally shorter than physical life.

True
False

A

TRUE

107
Q

What is another name for the breakdown method of estimating depreciation?

Sales comparison method
Age-life method
Subdivision development method
Observed condition method

A

Observed condition method

108
Q

The simplest method for estimating depreciation is the __________ method.

Unit-in-place
Age-life
Market extraction
Breakdown

A

Age-life

109
Q

The period over which improvements to real property contribute to property value is the definition of ________ life.

Useful
Physical
Economic
Remaining

A

Economic

110
Q

Items of physical deterioration or functional obsolescence that are economically feasible to cure. Economic feasibility is indicated if the cost to cure is equal to or less than the anticipated increase in the value of the property.

A

Curable depreciation

111
Q

Needed repairs or replacement of items that should have taken place during the course of normal maintenance.

A

deferred maintenance

112
Q

A building component with an expected remaining economic life that is shorter than the remaining economic life of the entire structure.

A

short-lived item

113
Q

Roof covering, carpeting and water heaters are examples of _____________ items.

Physical, curable
Deferred maintenance
Short-lived
Long-lived

A

Short-lived

114
Q

A building component with an expected remaining economic life that is the same as the remaining economic life of the entire structure.

A

Long-lived items

115
Q

When applying age-life ratios we utilize the _______ lives of those components.

Economic
Actual
Effective
Useful

A

Useful

116
Q

The house you are appraising has a total cost new of $214,552. It is 15 years old and has an estimated remaining economic life of 45 years. The cost to cure deferred maintenance items is $825. Short lived items of depreciation have been identified totaling $8,600. What is the amount of long-lived depreciation attributable to the building?

$46,902.23
$51,281.75
$55,873.91
$58,717.32

A

$51,281.75

117
Q

When using the market extraction method for depreciation we extract ______________.

Physical deterioration only
A lump sum amount
Functional obsolescence only
All depreciation except external obsolescence

A

A lump sum amount

118
Q

Deferred maintenance is considered to be __________; the short-lived and long-lived components are __________.

Incurable, incurable
Curable, curable
Incurable, curable
Curable, incurable

A

Curable, incurable

119
Q

__________ items are often referred to as part of the “bone structure” of the building.

Short-lived
Long-lived
Deferred maintenance
Incurable physical

A

Long-lived items are often referred to as part of the “bone structure” of the building.

120
Q

When applying age-life ratios we utilize the _______ lives of those components.

Economic
Actual
Effective
Useful

A

Useful

121
Q

Curable items are those items of physical deterioration or functional obsolescence that are ___________ to cure.

Physically possible
Functionally possible
Economically feasible
Potentially feasibl

A

Economically feasible

122
Q

When estimating up the physical depreciation in a structure utilizing the breakdown method, we first address any ___________ items.

Short-lived
Long-lived
Incurable
Deferred maintenance

A

Deferred maintenance

123
Q

“The difference between the cost of an improvement on the effective date of the appraisal and the market value of the improvement on the same date” is

Accrued loss
Depreciation
Change in book value
Profit

A

Depreciation

124
Q

The method of cost estimating that falls between the other two cost estimating methods in degree of difficulty is the __________ method.

Comparative unit
Quantity survey
Unit-in-place
Reproduction cost

A

Unit-in-place

125
Q

Nationwide Permits are required for projects impacting as little as ______ of wetlands.

1 acre

  1. 75 acre
  2. 5 acre
  3. 25 acre
A

0.5 acre

126
Q

The definition of replacement cost includes using _______materials and _________ standards, design and layout.

Imitation, modern
Modern, current
Equivalent, new
Today’s, equivalent

A

Modern, current

127
Q

Wetlands maps are available from

FEMA
EPA
Federal Wetlands Agency
U.S. Fish and Wildlife Service

A

U.S. Fish and Wildlife Service

128
Q

Metes are best described as

Distances
Boundaries
Bearings
Benchmarks

A

Bearings

129
Q

A method of estimating land value in which the net operating income attributable to the land is capitalized to produce an indication of the land’s contribution to the total property is the definition of the _____________ method of site valuation.

Allocation
Land residual
Extraction
Subdivision development

A

Land residual

130
Q

A method of estimating land value in which the depreciated cost of the improvements on the improved property is estimated and deducted from the total sale price to arrive at an estimated sale price for the land is the definition of the ______________ method of site valuation.

Allocation
Land residual
Extraction
Subdivision developmen

A

Extraction

131
Q

One way to mathematically calculate total economic life is by the _________ method.

Market extraction
Breakdown
Age-life
Quantity survey

A

Market extraction

132
Q

Which government agency is authorized to issue Nationwide Permits for filling or dredging wetland areas?

FEMA
EPA
Army Corps of Engineers
Federal Wetlands Agency

A

Army Corps of Engineers

Res Site Valuation and cost approach (1 decks)

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