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IAAO 101 > Chapter 2 > Flashcards

Chapter 2 Flashcards

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1
Q

Assessment maps sometimes referred To as appraisal, ownership or tax maps

A

Cadastral maps

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2
Q

Lines, measurements and identifiers

A

Map information

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3
Q

The relationship of linear distance of the map to linear distance on the ground

A

Map Scale

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4
Q

Areas in which parcels are several hundred to thousands of acres

A

1”=1,000

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5
Q

Rural areas in which parcels are greater than 1 acre and may Be several hundred acres

A

1”=400

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6
Q

Suburban areas and small towns with few small lots and fort subdivisions with frontage of 109 feet or more

A

1”=200

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7
Q

Urban areas in which the Typical lot frontage is at least 50 feet a d detailed information is not required

A

1”100

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8
Q

Necessary for congested urban areas

A

1”=50

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9
Q

Computerized mapping systems can be classified as

A

Computer assisted drafting CAD

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10
Q

Stores land I found in a computer database

A

GIS technology

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11
Q

Cadastral map maintenance can be separated into two types

A

Systematic and general

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12
Q

Six desirable characteristics recommended for parcel identification system

A 
Uniqueness 
Permanence
Simplicity 
Ease of maintenance 
Flexibility 
Reference to geographic location
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13
Q

Metes meaning

A

Measurements

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14
Q

Bounds meaning

A

Boundaries

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15
Q

Discrepancies from both causes are concentrated along the west and north of

A

Township

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16
Q

Means of describing proper by numbered list

A

Platted subdivision

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17
Q

Land that is developed to the extent that it is ready for its intended use and is referred to as a site

A

Improved land

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18
Q

Implies that the market value of property depends on future potential use rather than current use alone

A

Concept of highest and best use

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19
Q

Appraisal principles important in land valuation

A

Supply and demand
Surplus activity
Change
Anticipation

20
Q

The most significant physical factors is

A

Location

21
Q

The first step in the analysis of sales and other market data for land

A

Stratification

22
Q

Site specific data primary to the appraiser

A 
Frontage
Width
Depth
Shape
Area
Topography 
Soil and subsoil
Off site improvements
23
Q

Units if comparison

A 
Front foot
Square foot
Acre
Site
Units
24
Q

The sale price adjustments are always applied to the

A

Comparable property not the subject

25
Q

Adjustment techniques this method utilizes

A

Lump sum dollar adjustment

26
Q

Order of adjustments

A

Real property rights conveyed
Financing terms
Conditions of sale

Expenditures made immediately after the purchase

Market conditions

Location 

Physical characteristics
Economic characteristics
Legal characteristics
Non Realty components

27
Q

Determine the amount of adjusts for changing market conditions

A

Time adjustment

28
Q

Estimate the adjustment for

A

location and physical characteristics

29
Q

Based on principle of balance , which states that there is a sense of proportion in the four agents if production

A

Allocation

30
Q

Abstraction formula

A

S-IV=LV

Sale price - improvement value =Land value

31
Q

Site/land valuation method: Views the land in transition in the same manner a developer would view it should he or she wish to produce it for development

A

An appraiser

32
Q

Merging of adjacent properties into one common ownership

A

Assemblage

33
Q

Four factors affecting land values are

A

Physical
Economic
Governmental
Social

34
Q

Principle state that returns to land are what remain after returns to labor, management and capital are satisfied

A

Surplus productivity

35
Q

Six methods of land valuation

A 
Sales comparison 
Allocation 
Abstraction 
Anticipate use it development 
Capitalization of ground rent
Land residual capitalization
36
Q

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

37
Q

A township in the public land survey system contains how many sections? Each section containing how many acre?

A

36

640

38
Q

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

A

Stratified

39
Q

Improvements such as streets and sidewalks and the availability of utilities are considered ________ improvements

A

Off site

40
Q

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

A

Sales comparison method

41
Q

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

A

Comparable

Subject

42
Q

If a comparable lot that sold is superior in some aspect to the subject list, a _________adjustment would be made to the comparable property

A

Negative

43
Q

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

A

Abstraction

44
Q

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

A

Direct sales comparison method

45
Q

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

A

Parcel indemnifier

46
Q

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

A

Site

47
Q

Factors affecting land values such as size topography and location are termed

A

Physical factors

IAAO 101 (5 decks)

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