Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

03 Site Valuation and Cost Approach > Ch 1 Quiz > Flashcards

Ch 1 Quiz Flashcards

1
Q

“In law, the solid surface on the earth, as distinguished from water” is the definition of

A

Land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

1 Chain =

A

66 Feet, or 4 Rods or 100 links

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

1 Furlong =

A

660 Feet, or 10 Chains

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

1 Link =

A

7.92 Inches

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

1 Mile =

A

8 Furlongs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

1 Rod (or pole or perch) =

A

16½ Feet, or 25 Links

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
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

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, = 5,400 acres

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

A lot contains .74 acres of land. How many SF is that?

A

43,560 x 0.74 = 32,234 SF

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

A lot of 32,234 SF sells for $76,000. How much did it sell for per SF?

A

76,000 divided by 32,234 = $2.36 per SF

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

A map or sketch of an individual property that shows property lines and may include features such as soils, building locations, vegetation, and topography that can also serve as an official legal description is called a

A

Plat. Plat can be defined as a map or sketch of an individual property that shows property lines and may include features such as soils, building locations, vegetation, and topography. (Chapter 1)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
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?

A

21818.18. 244.88 x 391.06 = 95,763 SF / 43,560 = 2.20 acre. 48,000 / 2.2 = $21,818.18 (Chapter 1)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

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

A

3.74. 314.55 x 517.24 = 162,698 SF / 43,560 = 3.735 acre (3.74 rounded) (Chapter 1)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

A triangular shaped lot contains .65 acres and sold for $37,500. How much did it sell for per square foot?

A

1.32. 43,560 x .65 = 28,314 SF $37,500 / 28,314 = $1.32 per SF (Chapter 1)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

All areas are platted.

A

FALSE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Bounds are best described as ______.

A

Distances

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Each section contains _____ acres.

A

640

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Each Township has ____ numbered sections

A

36

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

How many feet are in a chain?

A

66

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

How many links are in a chain?

A
  1. There are 25 links in a rod, and 4 rods in a a chain. 25 x 4 = 100. (Chapter 1)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

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

A

Site

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

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

A
  1. Each township is 6 miles by 6 miles. Each township has 36 numbered sections. (Chapter 1)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

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

A

Physical

23
Q

Metes are best described as _____.

A

Bearings. The bearings (or metes) were the directions that a boundary line traveled from a benchmark. It indicated direction relative to north or south. The distances (or bounds) were how long the boundary line ran. (Chapter 1)

24
Q

One Acre = ____ square feet

A

43,560 Square Feet

25
Q

quarter section =

A

160 acres

26
Q

quarter-quarter section =

A

40 acres

27
Q

section =

A

1 square mile, or 640 acres

28
Q

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

A

TRUE

29
Q

The Government Survey System is found primarily in the

A

Midwest and West. The Government Survey System (also called the Rectangular Survey System) is used in 30 states today; primarily in the Midwest and West (excluding Texas). (Chapter 1)

30
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.

A

TRUE

31
Q

The Highest and Best Use would be the one that would bring the highest value to the site.

A

TRUE

32
Q

townships =

A

6 miles x 6 miles

33
Q

Trees growing on wooded property in a nature preserve would be part of the

A

Land. The definition says it includes all natural resources in their original state, e.g., mineral deposits, wildlife, timber, fish, water, coal deposits, soil. (Chapter 1)

34
Q

Which is longer?

A

Furlong. A furlong is 660 feet. A pole and a rod are the same length - 16.5 feet. A chain is 66 feet. (Chapter 1)

35
Q

Which method of legal description is found primarily in along the East Coast?

A

Metes and Bounds

36
Q

Which method of legal description was the earliest?

A

Metes and Bounds

37
Q

Which of the following are considered site improvements?

A

Site plan, Fill, Permits, Curbs and gutters, Municipal water, Fill

38
Q

Which of the following are elements of highest and best use?

A

Physically possible, Legally permitted, Economically feasible

39
Q

Which statement is true of land rights?

A

They can be sold or leased

40
Q

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

A

Lot and Block

41
Q

Which two terms are very similar?

A

Tract and parcel. Tract is simply a larger piece of land that is frequently divided. People use the term “development tract.” Sometimes the phrases “tract home” or “tract builder” are heard in the market place. Parcel - a piece of land of any size in one ownership

42
Q

Which statement regarding highest and best use is true?

A

The highest and best use of the property as though vacant may be different than the highest and best use of the property as presently improved

43
Q

Which unit of measure is the longest?

A

Furlong

44
Q

Which two terms are very similar?

A

Lot and parcel. Lot and parcel are very similar and are sometimes used interchangeably. (Chapter 1)

45
Q

The highest and best use of a site is the use that

A

Results in the highest site value

46
Q

Sites are usually valued according to

A

Their highest and best use

47
Q

Land includes the surface of the earth and

A

Anything attached to it by nature or mankind. Land is defined as 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. (Chapter 1)

48
Q

What is SALES COMPARISON

A

Compares the subject with recent sales

49
Q

What is EXTRACTION

A

Subtracts estimated improvement value to arrive at site value

50
Q

What is ALLOCATION

A

Uses land-to-value ratios based on improved sale comparables

51
Q

What is SUBDIVISION DEVELOPMENT

A

Subtracts estimated development costs from discounted sale proceeds

52
Q

What is LAND RESIDUAL

A

Divides up and capitalizes the income between land and improvements

53
Q

What is GROUND RENT CAPITALIZATION

A

Capitalizes income from leased land

03 Site Valuation and Cost Approach (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions