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Residential Appraiser Site Valuation and Cost Approach > Chapter 2 site valuation by the sales comparison method > Flashcards

Chapter 2 site valuation by the sales comparison method Flashcards

1
Q

Compares the subject with recent sales

A

sales comparison

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2
Q

Subtracts estimated improvement value to arrive at land value

A

extraction

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3
Q

uses land to value ratios based on improved sales comparables

A

allocation

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4
Q

subtracts estimated development costs from discounted sale proceeds

A

subdivision development

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5
Q

divides up and capitalizes the income between land and improvements

A

land residual

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6
Q

capitalizes income from leased land

A

ground rent capitalization

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7
Q

most common method for valuing sites

A

sales comparison

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8
Q

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

A

quanitative

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9
Q 
The most commonly used method of site valuation is the \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ method.
Sales comparison
Allocation
Extraction
Paired data
A

sales comparison

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10
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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11
Q

We should only adjust for items that are _____________.
Different, even if the difference is very small
More than 10%
Significant
Permanent

A

significant

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12
Q

Traffic by a site is always a negative factor.
True
False

A

false

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13
Q

how many ft in acre

A

43,560 sq ft

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14
Q

The steeper a site gets the

A

harder and more expensive it is to develop

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15
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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16
Q 
Nationwide Permits are required for projects impacting as little as \_\_\_\_\_\_ of wetlands.
1 acre
0.75 acre
0.5 acre
500 square feet
A

0.5 acre

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17
Q

If a lot contains 235,790 square feet, how many acres is that?

  1. 41
  2. 35
  3. 18
  4. 49
A

5.41

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18
Q 
Corner locations are generally beneficial in which type of properties?
Residential
Industrial
Commercial
Condominium
A

commericial

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19
Q 
Nationwide soils maps are available from the \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_.
U.S. Fish and Wildlife Service
FEMA
National Soil Society
Natural Resources Conservation Service
A

Natural Resources Conservation Service

20
Q 
\_\_\_\_\_\_\_\_\_\_\_\_ soils absorb water quickly and swell up, causing cracking.
Expansive
Progressive
Expansion
Explosive
A

expansive

21
Q 
Designing the size of septic systems is based on \_\_\_\_\_\_.
Soil samples
Bearing strength of the soil
Percolation tests
Soil maps
A

percolation tests

22
Q 
A lot is L-shaped and consists of two rectangles that measure 245.63 feet x 468.5 feet and 112.48 feet x 288.03 feet. What is the total area of the lot in square feet?
189,346.8
147,475.27
138,412.4
239,224.8
A

147,475.27

245.63 x 468.5 = 115,077.66 112.48 x 288.03 = 32,397.61. 115,077.66 + 32,397.61 = 147,475.27

23
Q 
Which 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

24
Q 
A percolation test measures the \_\_\_\_\_\_\_\_\_\_\_\_\_ of the soil.
Stability
Permeability
Bearing strength
Percability
A

permeability

25
Q

Some areas of the country are still unzoned.
True
False

A

true

26
Q

there is no dominant tenement or servient tenement. the property owner is prohibited from doing something with his or her property, but there is no specific property that benefits. examples would be conservation easements, historic preservation easements, or facade easements.

A

negative easements

27
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

28
Q

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

A

affirmative easement

29
Q

A list of expressed assurances and limitations on land use; often found in contracts between a land subdivider and a lot purchaser. CC&Rs should be specified in the conveyance. Also referred to as covenants and restrictions or condominium covenants. See also restrictive covenant.

A

conditions, covenants and restrictions

30
Q

A private agreement that restricts the use and occupancy of real estate that is part of a conveyance and is binding on all subsequent purchasers; may involve control of lot size, setback, placement of buildings, number and size of improvements, architecture, cost of improvements, or use. Generally associated with the conditions, covenants, and restrictions written into deeds and leases. By specifying the permissible uses in a neighborhood, restrictive covenants help stabilize property values.

A

restrictive covenant

31
Q

A development right that cannot be used by the landowner, or that the owner chooses not to use, but can be conveyed to landowners in another location or leased for a period of years to then revert back to the original owner; TDRs are said to be transferred from a landowner in a sending district to the use of a landowner in a receiving district.

A

transferable development rights

32
Q

An interest in real estate restricting future land use to preservation, conservation, wildlife habitat, or some combination of those uses. A conservation easement may permit farming, timber harvesting, or other uses of a rural nature as well as some types of conservation-oriented development to continue, subject to the easement.

A

conservation easement

33
Q

When appraising land or sites, the most common units of comparison are:

A 
Price per square foot
Price per acre
Price per front foot
Price per lot
Price per buildable unit
Price per animal unit
34
Q

Land that is not needed to serve or support the existing use. 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 has the potential to be sold separately and is valued separately.

A

excess land

35
Q

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

A

surplus land

36
Q 
An interest in real property that conveys use, but not ownership, of a portion of an owner's property is a(an) \_\_\_\_\_\_\_\_.
Encroachment
Easement
Deed restriction
Tenancy in common
A

easement

37
Q 
Price per front foot is a common measure of comparison when appraising what type of properties?
Waterfront and commercial
Waterfront only
Commercial and Industrial
Commercial only
A

waterfront and commercial (those along major roadways)

38
Q 
Which would NOT be an example of a private restriction?
Easement
Zoning
Land lease
Transferable Development Right
A

zoning

39
Q 
The easiest site to develop is one that is \_\_\_\_\_\_.
Gently sloping
Tabletop level
Terraced
Steeply sloping
A

gently sloping

40
Q 
“A list of expressed assurances and limitations on land use, often found in contracts between a land subdivider and a lot purchaser” is the definition of \_\_\_\_\_\_.
Transferable Development Right
Conservation easement
Lis Pendens
CC&R
A

CC&R

41
Q

The most commonly used land appraisal form
Is produced by Fannie Mae
Is a generic form
Is not available in most software programs
Does not use the sales comparison approach to value the property

A

is a generic form

42
Q

Some areas of the country are still unzoned. Which statement is TRUE regarding the lack of zoning?
This is always an advantage for the property owner.
This is always a disadvantage for the property owner.
This may be either an advantage or a disadvantage, depending on the property type.
Lack of zoning in a municipality means that no development may take place there.

A

This may be either an advantage or a disadvantage, depending on the property type.

43
Q 
Wetlands Maps are available from \_\_\_\_\_\_\_\_.
FEMA
EPA
Federal Wetlands Agency
U.S. Fish and Wildlife Service
A

U.S. Fish and Wildlife Service

44
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:
Excess land
Surplus land
Interim use
Affirmative easement
A

surplus land

45
Q 
What type of soils absorb water quickly and swell up, causing cracking?
Expansive
Progressive
Expansion
Explosive
A

expansive

46
Q 
For residential properties, a large amount of traffic by a site is usually a \_\_\_\_\_\_\_ factor.
Positive
Negative
Meaningless
Non
A

negative

47
Q 
A residentially-zoned site could be appraised under the \_\_\_\_\_\_\_\_\_\_\_\_\_ that the zoning was commercial.
Probability hypothesis
Extraordinary assumption
Hypothetical condition
Opposite theory
A

hypothetical condition

Residential Appraiser Site Valuation and Cost Approach (9 decks)

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