Week 5 - Land + site analysis ch 10 Flashcards
characteristics of land
Immobile
Supply is finite
Durability
Indestructible
Heterogeneity
No one piece is identical
explain improvements
On-site Improvement
Landscaping, site grading, access driveways, drainage improvements, support facilities, etc.
Off-site Improvement
Utility lines, access to roads, water, drainage & sewer systems, etc.
explain interest in land
Freehold interest
The owner has indefinite and exclusive rights to the land
Life estate
Freehold interest which is held for the life of the owner
Leasehold
The lessor grants the exclusive possession of the land to the lessee
Licence
Only grants permission to use the land for specified use
(E.g. unused roads can be licensed for agricultural purposes such as grazing)
physical characteristics of the land and contributing factors
size + shape corner influence pottage or special value excess land and surplus land topography soil analysis utilities accessibility environmental factors
difference between excess + surplus land
excess = land that is not needed to serve or support the existing improvement. The highest + best use of excess land may or may not be the same as the HBU of the improved parcel - excess land has the potential to be sold separately and must be valued separately
Surplus land = land that is not currently needed tp support existing improvements but cannot be separated from the property and sold off. surplus land does not have a independent HBU and may NOT contribute value to the improved parcel
what is an easement
A section of land registered on your property title, which gives someone the right to use the land for a specific purpose even though they are not the land owner.
define raw land
land on which no improvements have been made - land is in natural state before grading, construction subdivision …
3 methods commonly used in legal description
Description of land that identifies the real estate according to a system establish or approved by law - in such a way cannot be confused with other property
meters + bounds system
rectangular survey system
Lot + black survey system
explain meters + bound system
Legal description of land refers to parcels boundaries which are formed by point of beginning (POB) and intermediate points
define frontage
measured length of site that abuts a street, river, railway line or other feature
explain corner influence
the effect on value produced by property’s location at or near intersection of 2 streets - the increment of value gained or losses resulting from location / proximity
easier access
loss of privacy
> must consider local market area e.g. corner spot may be advantageous for corner shop
define assemblage
combining 2 or more parcels usually but not always contagious into one ownership or use - this process creates pottage or special value.
define plotagge / special value
increment of blue created when 2 or more sites combine to produce greater utility
