IAAO 201 EXAM Questions & Answers, Well
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Practice questions for this set
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Supply of land is limited - cannot increase like other goods.
Choose an answer
1 Land 2 Principle of Surplus Productivity
3 Principle of Supply and Demand 4 Site
Don't know?
Terms in this set (66)
, Land An immovable and indestructible three-
dimensional area consisting of a portion of the
earth's surface, the space above and below the
surface, and everything growing on or
permanently affixed to it.
Five Attributes of Land "PUFFS"
Permanent
Unique
Finite Supply
Functional
Stationary
Four Value Characteristics of Land "DUST"
Demand
Utility
Scarcity
Transferability
Raw Land is in its natural state, prior to grading,
construction, and subdividing. It is
UNDEVELOPED, in agricultural use, or intended
for development.
Site Improvements that prepare the land for
development (to be built upon).
Six rights associated with land "SLUGER"
ownership Sell
Lease or rent
Use
Give away
Enter or leave
Refuse to do any of these
Fee Simple Absolute Ownership When all six rights of land ownership are owned.
Elaborated | Already Verified Test |100% Verified
solutions | Latest!!
Save
Practice questions for this set
Learn 1 /7 Study with Learn
Supply of land is limited - cannot increase like other goods.
Choose an answer
1 Land 2 Principle of Surplus Productivity
3 Principle of Supply and Demand 4 Site
Don't know?
Terms in this set (66)
, Land An immovable and indestructible three-
dimensional area consisting of a portion of the
earth's surface, the space above and below the
surface, and everything growing on or
permanently affixed to it.
Five Attributes of Land "PUFFS"
Permanent
Unique
Finite Supply
Functional
Stationary
Four Value Characteristics of Land "DUST"
Demand
Utility
Scarcity
Transferability
Raw Land is in its natural state, prior to grading,
construction, and subdividing. It is
UNDEVELOPED, in agricultural use, or intended
for development.
Site Improvements that prepare the land for
development (to be built upon).
Six rights associated with land "SLUGER"
ownership Sell
Lease or rent
Use
Give away
Enter or leave
Refuse to do any of these
Fee Simple Absolute Ownership When all six rights of land ownership are owned.
