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Residential Appraiser Site Valuation and Cost Approach > Ch 1 Elements of property, land and site > Flashcards

Ch 1 Elements of property, land and site Flashcards

1
Q

In law, the solid surface on the earth, as distinguished from water. One of the four agents of production in economic theory

A

land

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2
Q

Improved land or a lot in a finished state so that it is ready to be used for a specific purpose.

A

Site

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3
Q

Sites are typically valued according to their

A

highest and best use

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4
Q 
Improved land or a lot in a finished state so that it is ready to be used for a specific purpose is called
Improved land
Situs
Site
Tract
A

site

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5
Q 
“In law, the solid surface on the earth, as distinguished from water” is the definition of
Land
Terra firma
Real property
Site
A

land

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6
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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7
Q 
Trees growing on wooded property in a nature preserve would be part of the
Site
Site improvements
Emblements
Land
A

land

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8
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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9
Q 
Land is best described as a(n) \_\_\_\_\_\_\_\_\_\_\_\_\_ element.
Economic
Physical
Legal
Social
A

physical

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10
Q

Sites are usually valued according to their highest and best use.
True
False

A

true

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11
Q

The highest and best use of a site as though vacant may be different from the highest and best use of the whole property, as presently improved.
True
False

A

true

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12
Q

A plan, map, or chart of a city, town, section, or subdivision indicating the location and boundaries of individual properties.

A

plat

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13
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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14
Q

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

A

plat book

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15
Q

3 general types of legal descriptions

A

Metes and Bounds
Government Survey
Lot and Block

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16
Q

he earliest system and was employed in the 13 original colonies in the East and Southeast United States. It utilized a system of bearings and distances.

A

metes and bounds

17
Q 
Bounds are best described as \_\_\_\_\_\_.
Distances
Benchmarks
Bearings
None of the above
A

distances

18
Q 
Metes are best described as \_\_\_\_\_.
Benchmarks
Boundaries
Bearings
None of the above
A

bearings

19
Q

The distances in earlier metes and bounds descriptions were calculated in chains links and rods

A

gunters chain

20
Q

The basics of the gov’t survey system are as follows:

A

Land is divided into townships (6 miles x 6 miles)
Each Township has 36 numbered sections
Each section is theoretically 1 square mile, or 640 acres
West & North sections of a township were used for error and curvature correction, and are often smaller

21
Q

A farmer owned 4 full sections and 2 half sections. Then he bought the adjoining property which consisted of 2 full sections, 1 half section, 3 quarter sections, and 3 quarter-quarter sections. How many acres does he own now?

A. 540
B. 3,250
C. 4,200
D. 5,400

A

5,400 acres

6 full sections x 640 acres = 3,840 acres

3 half sections x 320 = 960

3 quarter sections x 160 = 480

3 quarter-quarter sections x 40 = 120

22
Q

system employs plats and plat books.

A

lot and block system

23
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

24
Q

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

A

tract

25
Q

a piece of land of any size in one ownership

A

parcel

26
Q 
In the Government Survey System, each township is divided into \_\_\_\_ sections.
16
32
36
40
A

36

27
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

3.74

28
Q 
Which two terms are very similar?
Lot and plot
Tract and parcel
Plot and tract
Site and land
A

tract and parcel

29
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

30
Q 
Which is longer?
Pole
Chain
Furlong
Rod
A

furlong

31
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

$21,818.18

32
Q 
Each section contains \_\_\_\_\_ acres.
40
160
320
640
A

640

33
Q 
Which method of legal description is found primarily in along the East Coast?
Rectangular Survey
Metes and Bounds
Government Survey
Lot and Block
A

metes and bounds

34
Q 
Improved land or a lot in a finished state so that it is ready to be used for a specific purpose is called
Improved land
Situs
Site
Tract
A

site

35
Q 
Trees growing on wooded property in a nature preserve would be part of the
Site
Site improvements
Emblements
Land
A

land

Residential Appraiser Site Valuation and Cost Approach (9 decks)

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