IAAO 201 EXAMINATION TEST PAPER 2026 QUESTIONS AND SOLUTIONS

IAAO 201 EXAMINATION TEST PAPER 2026
QUESTIONS AND SOLUTIONS



◉ Five Attributes of Land. Answer: "PUFFS"
Permanent
Unique
Finite Supply
Functional
Stationary


◉ Four Value Characteristics of Land. Answer: "DUST"
Demand
Utility
Scarcity
Transferability


◉ Raw Land. Answer: is in its natural state, prior to grading,
construction, and subdividing. It is UNDEVELOPED, in agricultural
use, or intended for development.

, ◉ Site. Answer: Improvements that prepare the land for development (to
be built upon).


◉ Six rights associated with land ownership. Answer: "SLUGER"
Sell
Lease or rent
Use
Give away
Enter or leave
Refuse to do any of these


◉ Fee Simple Absolute Ownership. Answer: When all six rights of land
ownership are owned.


◉ Government restrictions on ownership rights.. Answer: "TEPE"
Taxation
Eminent Domain
Police power
Escheat


◉ Four Agents of Production. Answer: Land, Labor, Capital,
Management