Residential Appraiser Site Valuation and Cost Approach Verified And Rated 100% Correct!!

"A description of land that identifies the real estate according to a system established or approved by law; an exact description that enables the real estate to be located and defined" is the definition of Legal description A map or sketch of an individual property that shows property lines and may include features such as soils, building locations, vegetation, and topography that can also serve as an official legal description is called a plat Bounds are best described as ______. distances A triangular shaped lot contains .65 acres and sold for $37,500. How much did it sell for per square foot? $1.32 How many links are in a chain? 100 Each section contains _____ acres. 640 In the Government Survey System, each township is divided into ____ sections. 36 Which system of legal description grew up primarily in the mid 1900s with the advent of suburban subdivisions? Lot and Block Sites are usually valued according to their highest and best use "In law, the solid surface on the earth, as distinguished from water" is the definition of land The Government Survey System is found primarily in the midwest and west A plan, map, or chart of a city, town, section, or subdivision indicating the location and boundaries of individual properties is the definition of plat The highest and best use of a site is the use that results in the highest site value How many feet are in a chain? 66 Land includes the surface of the earth and anything attached to it by nature or mankind A rectangular lot is 244.88 feet by 391.06 feet. It sold for $48,000. How much did it sell for per acre? $21,818.18 Traffic by a site is always a negative factor. false The most commonly used method of site valuation is the _______________ method. sales comparison We should only adjust for items that are _____________. significant The most accurate and understandable method of site valuation is the _____________ method. sales comparison Corner locations are generally beneficial in which type of properties? commercial Nationwide soils maps are available from the _______________. Natural Resources Conservation Service Properties in a Special Flood Hazard area are those designated by FEMA as being in _________. Zones A and V Which agency is authorized to issue Nationwide Permits for filling or dredging wetland areas? Army Corps of Engineers A site has a total of 95 acres. However, 14 acres is in a protected wetland area and 23 acres is encumbered by a utility easement. What is the net usable area? 58 Nationwide Permits are required for projects impacting as little as ______ of wetlands. 0.5 acre Before we embark on a detailed highest and best use study, the first step ought to be a check of the zoning ordinance to see what uses are allowed. true Price per front foot is a common measure of comparison when appraising what type of properties? waterfront and commercial A property has a large 1.5 -acre homesite in an area where 0.5 acre sites are typical. Due to frontage restrictions, this additional acre cannot be subdivided off and built on. What is this additional acre considered? surplus land For residential properties, a large amount of traffic by a site is usually a _______ factor. negative What type of soils absorb water quickly and swell up, causing cracking? expansive 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: surplus land A percolation test measures the _____________ of the soil. permeability "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 ______. CC&R When embarking on a detailed highest and best use study, the first step is usually check to see what uses are allowed under zoning A property sold for $200,000. The reproduction cost of the building was $240,000 and its estimated deprecation was 75%. By extraction, what is the value of the land? $140,000 A comparable sale recently sold for $300,000. The typical land value to property value ratio in that area is 40:60. By allocation, what is the value of the land in that comparable sale? $120,000 You find a comparable sale that recently sold for $260,000. The typical land value to property value ratio in that area is 35:65. By allocation, what is the value of the land in that comparable sale? $91,000 A method of estimating land value in which the depreciated cost of the improvements on an improved property is calculated and deducted from the total sale price to arrive at an estimated sale price for the land is the definition of the ___________________ method of site valuation. Extraction A method of estimating land value in which sales of improved properties are analyzed to establish a typical ratio of land value to total property value and this ratio is applied to the property being appraised or the comparable sale being analyzed is the definition of the ___________________ method of site valuation. allocation The subdivision development method is a variation of _________________________ analysis. Discounted Cash Flow Real property value is created and sustained when contrasting, opposing, or interacting elements are in a state of equilibrium is the definition of the principle of ________. Balance If a property has a ground rent of $75,000 per year, which is market rent, and the appropriate capitalization rate is 11%, what is the value of the land, by the ground rent capitalization method? $681,818 If a property has a ground rent of $60,000 per year, which is market rent, and the appropriate capitalization rate is 9%, what is the value of the land, by the ground rent capitalization method? $666,667 The temporary use to which a site or improved property is put until a different use becomes maximally productive is the definition of __________ use. interim A parcel is valued at $140,000. Zoning allows it to be subdivided into 5 lots and it is estimated that each lot could sell for $45,000. Site development costs (sewer, grading, road, etc.) would amount to $70,000. What is the highest and best use? Develop it The increment of value that often occurs when two or more sites are combined to produce greater utility, resulting in a higher productivity or income than could be obtained from the individual smaller sites, is the definition of ________. Plottage value A method of estimating land value in which sales of improved properties are analyzed to establish a typical ratio of land value to total property value and this ratio is applied to the property being appraised or the comparable sale being analyzed is the definition of the _____________ method of site valuation. allocation The subject property has a total value of $315,000 by the sales comparison approach. A competitive neighborhood nearby has home sales with a median value of $300,000, and recent lot sales at $75,000. By allocation, what would be the value of the subject land? $78,750 The subdivision development method should only be used when ________. The highest and best use is for subdivision and development The combining of two or more parcels, usually but not necessarily contiguous, into one ownership or use, is the definition of ______. assemblage The subject property has a total value of $234,000 by the sales comparison approach. A competitive neighborhood nearby has home sales with a median value of $240,000, and recent lot sales at $60,000. By allocation, what would be the value of the subject land? $58,500 The median sale price of homes in a market area and the median land sale price in that market area could be used in estimating land values by the ___________ method. allocation The increment of value that often occurs when two or more sites are combined to produce greater utility, resulting in a higher productivity or income than could be obtained from the individual smaller sites , is the definition of ________. Plottage value A property sold for $260,000. The reproduction cost of the building was $440,000 and its estimated deprecation was 80%. By extraction, what is the value of the land? $172,000 A property sold for $375,000. The reproduction cost of the building was $600,000 and its estimated deprecation was 70%. By extraction, what is the value of the land? $195,000 If a property has a ground rent of $75,000 per year, which is market rent, and the appropriate capitalization rate is 11%, what is the value of the land, by the ground rent capitalization method? $681,818 A comparable sale recently sold for $340,000. The typical land value to property value ratio in that area is 30:70. By allocation, what is the value of the land in that comparable sale? $102,000 A parcel is valued at $190,000. Zoning allows it to be subdivided into 6 lots and it is estimated that each lot could sell for $42,000. Site development costs (sewer, grading, road, etc.) would amount to $80,000. What is the highest and best use? Leave it alone Real property value is created and sustained when the characteristics of a property conform to the demands of its market is the definition of the principle of Conformity Qualitative methods of valuation include _______. Relative Comparison Analysis and Ranking Analysis The value of an improved subject property by the sales comparison approach is $450,000. The allocation ratio, as indicated by sales of other properties in the area, indicates that the land-to-total-value ratio is 60:40. What is the indicated site value of this property by the allocation method? $270,000 The cost to construct a building "embodying all the deficiencies, superadequacies, and obsolescence of the subject building" is the ____________ cost. reproduction The cost to construct a building that is "a substitute for a building being or other improvements appraised, using modern materials and current standards, design, and layout." is the ______________ cost. replacem