Chapter 2 Flashcards
Assessment maps sometimes referred To as appraisal, ownership or tax maps
Cadastral maps
Lines, measurements and identifiers
Map information
The relationship of linear distance of the map to linear distance on the ground
Map Scale
Areas in which parcels are several hundred to thousands of acres
1”=1,000
Rural areas in which parcels are greater than 1 acre and may Be several hundred acres
1”=400
Suburban areas and small towns with few small lots and fort subdivisions with frontage of 109 feet or more
1”=200
Urban areas in which the Typical lot frontage is at least 50 feet a d detailed information is not required
1”100
Necessary for congested urban areas
1”=50
Computerized mapping systems can be classified as
Computer assisted drafting CAD
Stores land I found in a computer database
GIS technology
Cadastral map maintenance can be separated into two types
Systematic and general
Six desirable characteristics recommended for parcel identification system
Uniqueness Permanence Simplicity Ease of maintenance Flexibility Reference to geographic location
Metes meaning
Measurements
Bounds meaning
Boundaries
Discrepancies from both causes are concentrated along the west and north of
Township
Means of describing proper by numbered list
Platted subdivision
Land that is developed to the extent that it is ready for its intended use and is referred to as a site
Improved land
Implies that the market value of property depends on future potential use rather than current use alone
Concept of highest and best use
Appraisal principles important in land valuation
Supply and demand
Surplus activity
Change
Anticipation
The most significant physical factors is
Location
The first step in the analysis of sales and other market data for land
Stratification
Site specific data primary to the appraiser
Frontage Width Depth Shape Area Topography Soil and subsoil Off site improvements
Units if comparison
Front foot Square foot Acre Site Units
The sale price adjustments are always applied to the
Comparable property not the subject
Adjustment techniques this method utilizes
Lump sum dollar adjustment
Order of adjustments
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
Determine the amount of adjusts for changing market conditions
Time adjustment
Estimate the adjustment for
location and physical characteristics
Based on principle of balance , which states that there is a sense of proportion in the four agents if production
Allocation
Abstraction formula
S-IV=LV
Sale price - improvement value =Land value
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
An appraiser
Merging of adjacent properties into one common ownership
Assemblage
Four factors affecting land values are
Physical
Economic
Governmental
Social
Principle state that returns to land are what remain after returns to labor, management and capital are satisfied
Surplus productivity
Six methods of land valuation
Sales comparison Allocation Abstraction Anticipate use it development Capitalization of ground rent Land residual capitalization
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
Metes and bounds
A township in the public land survey system contains how many sections? Each section containing how many acre?
36
640
When land is valued by using the direct sales comparison approach, sales must first be _________into homogeneous groups
Stratified
Improvements such as streets and sidewalks and the availability of utilities are considered ________ improvements
Off site
Which method of land valuation compares the being appraised to comparable vacant parcels that have recently sold?
Sales comparison method
In the direct sales comparison approach to land valuation, adjustments are always made to the _________ property never the _________ property
Comparable
Subject
If a comparable lot that sold is superior in some aspect to the subject list, a _________adjustment would be made to the comparable property
Negative
A method of valuing land that subtracts the depreciated value if the improvement from the sale price is known as __________
Abstraction
The preferred method of valuing land if adequate data are available is the
Direct sales comparison method
The property account number linking ownership records tax maps and assessment records is known as the
Parcel indemnifier
Land that has been developed to the extent that is ready to be built upon is considered a
Site
Factors affecting land values such as size topography and location are termed
Physical factors
