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IAAO 201 > TEST STUDY > Flashcards

TEST STUDY Flashcards

1
Q 
WHICH OF THE FOLLOWING IS NOT A UNIT OF COMPARISON FOR VACANT LAND?
BUILDABLE UNITS
ACRES
SQ FT
CUBIC YARD
A

CUBIC YARD

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2
Q 
THE RETURN OF THE INVESTOR FOR TAKING THE INVESTMENT RISK ON DEVELOPMENT IS:
ENTREP PROFIT
SALARY
BONUS
NET INCOME
A

ENTREP. PROFIT

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3
Q 
WHEN PARCELS ARE COMBINED TO CREATE A UNIT VALUE THAT IS GREATER THAN THE TOTAL VALUE OF THE INDIVIDUAL PARCELS BEFORE BEING COMBINED IS:
PLOTTAGE VALUE
ASSEMBLAGE
SURPLUS LAND
EXCESS LAND
A

PLOTTAGE VALUE

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4
Q 
WHAT IS THE SECOND ADJUSTMENT TO THE SALE?
LOCATION
FINANCING TERMS
PHYSICAL CHARACT.
CONDITIONS OF SALE
A

CONDITIONS OF SALE

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5
Q 
IF RESIDENTIAL LOTS IN A SUBDIVISION TEND TO SELL FOR THE SAME AMOUNT REGARDLESS OF SIZE, WHICH OF THE FOLLOWING IS THE MOST APPROPRIATE UNIT OF COMPARISON.
SITE OR LOT
SQ FT
FRONT FEET
ALL OF THE ABOVE (MAKES NO DIFFERENCE)
A

SITE OR LOT

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6
Q 
WHEN ANY COMPONENT IS VALUED BASED UPON ITS CONTRIBUTION TO THE VALUE OF THE WHOLE, IT IS THE APPRAISAL PRINCIPLE OF:
COMPETITION
CONTRIBUTION
CONFORMITY
CONSISTENT USE
A

CONTRIBUTION

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7
Q

THE SW1/4SW1/4SW1/4 CONTAINS ___ ACRES

A

10

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8
Q 
LAND THAT CANNOT BE SOLD OFF OR FUNCTIONALLY USED BECAUSE OF THE LIMITATIONS OF ITS SIZE OR OTHER PHYSICAL CHARACT. IS
PLOTTAGE VALUE
ASSEMBLAGE
SURPLUS LAND
EXCESS LAND
A

SURPLUS LAND

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9
Q

A site can be developed for a small retail strip center or a small office building. Rates are 10% for the land cap rate and 13% for the building cap rate for either the strip center or the small office. Construction costs are $2,000,000 for the strip center and $1800000 for the office building. The net operating income is $300000 for the retail center and $269000 for the office building. What is the highest and best use of the property?

A 
Strip Center.
BLT
260000+40000=300000 vs 234000+35000=269000
IRV
260000/.13=2000000 vs 234000/.13=1800000
40000/.1=400000 vs 35000/.1=350000
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10
Q 
Both natural and man made physical circumstances that affect land value are:
Social
Economic
Environmental
or Governmental factors
A

Environmental

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11
Q 
What appraisal principle is in effect when the highest market value is reached when the land's uses are complementary?                    
anticipation
balance
substitution
conformity
A

balance

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12
Q

Land by definition is:
ground, soil, and everything attached to it
everything down to the core of the earth
includes minerals, rocks, oils, gas, water, or any other substance found on earth
all of the above

A

all of the above.

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13
Q

Given the following information, what is the indicated land to building ratio?
Sale no Sale Price Imp Value
1 80000 64000
2 100000 80000
3 120000 96000

A

1:4

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14
Q 
\_\_\_\_ show the boundaries of parcels and displays the size and location of each parcel relative to other properties.
Aerial maps
Cadastral maps
Topographic maps
highway maps
A

cadastral maps

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15
Q 
The land valuation method that converts rents or leases of land into value by capitalizing net-income is the:
allocation
land residual
capitalization of ground rents
cost of development
A

capitalization of ground rents

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16
Q 
A property that essentially has only one functional use is:
legally non conforming use
special purpose use
intermin use
use that is not highest and best use
A

special purpose use

17
Q 
The general land valuation model formula is
LV=PGI/R
LV=GI/R
LV=(PGI-C)/R
LV=(C-PGI)/R
A

LV=(PGI-C)/R

18
Q

Which of the four criteria in highest and best use analysis comes first?

A

physcially possible

19
Q 
Which of the following would provide the strongest indication of accurate property data?
median sales ratio near 100%
good COD
frequent reappraisals
small number of appeals
A

good COD

20
Q 
In the comparative unit method, land must first be stratified by:
size
traffic
geographic area
all of the above
A

geographic area

21
Q

Data collection typically comprises what % of the cost of a complete reappraisal?

A

75%

IAAO 201 (1 decks)

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