Exam 1 - Chapter 2

Question 1

What are the geographic and environmental concepts of land?

Answer 1

Unique, Physically Immobile, Durable, Supply is Finite, Land is Useful, Used For Many Purposes

Examples of purposes include agriculture and commerce.

Question 2

What factors influence land use and value? (There are 3).

Answer 2

Climate,

Topography,

Trends (economic, population, technology)

These factors affect land use and value.

Question 3

What legal concepts must appraisers research regarding land?

Answer 3

Government Controls Airspace, Minerals often controlled by others, Easements, Access Regulations, Water and Mineral, Zoning and Other Use Restrictions, Recording & Conveying Titles

These legal concepts impact land ownership and usage.

Question 4

True or False: Land is considered a source of wealth.

Answer 4

True

Land is valuable and is often viewed as an object of value.

Question 5

What is the government’s role in land use?

Answer 5

Zoning – Government has the right to decide use

Zoning regulations can dictate how land can be utilized.

Question 6

What are the forms of private real property ownership?

Answer 6

Individual ownership,

Concurrent ownership (Joint Tenancy, Tenancy by the Entirety),

Legal Entities

Legal entities include Land Trusts, Partnerships, Corporations, Syndications, and others.