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Humber Real Estate - Course 4, Module 14: Transactions Involving Development Land and Farms Practice Questions and Answers (100% Pass)$12.49
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Humber Real Estate - Course 4, Module 14: Transactions Involving Development Land and
Farms Practice Questions and Answers (100% Pass)
What are 3 key factors that an appraiser considers when estimating the highest and best use
of an undeveloped vacant site? - ✔️✔️- Zoning - the highest and best use should conform with
the zoning, unless there is a probable and imminent prospect that the zoning will change or
be amended to accommodate the highest or best use estimate not currently legal
- Physical possibility of the proposed use in relation to factors such as the size or shape of the
lot, soil condition, water drainage, etc.
- The demand for the proposed use along with its economic and financial feasibility
To estimate highest and best use for an improved site, the improvements must: - ✔️✔️- Either
conform to the zoning or be legal non-conforming
- Conform to the other buildings in the area
- Add value to the land
Land assembly is more commonly known as what? - ✔️✔️Plottage
What is Land Assembly? - ✔️✔️A process that involves acquiring multiple parcels of property
and combining them, thereby increasing the total land's overall value (vs. their worth
separately).
A larger parcel of land may have greater utility and potential for development. A land
developer may find one larger parcel of land more appealing than several small ones.
What types of properties appeal to land developers? - ✔️✔️- Raw land (in its natural state),
with no services
- Vacant land with services
- Unoccupied property up to 5 acres with improvements
- Large tracts of land (5 acres or more) ready for a change in use
- Farmland (operational or not)
- Smaller properties available for assemblage
- Brownfield sites because these sites are frequently located in desirable urban locations and
have the advantage of in-place infrastructure, such as roads, utilities, water/sewer services,
schools and transit facilities
Generally risk is assessed as either ____________ or ____________. - ✔️✔️External, internal.
External risks are often what? - ✔️✔️Beyond the control of the investor.
Internal risks are what? - ✔️✔️Created by the management decisions of an organization.
Most risk analysts divide risk into what 4 broad segments? - ✔️✔️- Financial issues
- Market issues
- Business issues
- Building issues
What is the Places To Grow Act? - ✔️✔️A legislation that provides for growth plans that
establish long-term strategies for identified growth areas. It also requires that all decisions
under the Planning Act or Condominium Act conform to a growth plan as soon as the growth
plan is effective.
The Places To Grow Act enables what? - ✔️✔️- Designation of any geographic region of the
province as a growth area with a specific focus
- Development of a growth plan in consultation with local officials, stakeholders, public
groups and members of the public and indigenous communities for a particular region
- Decisions about growth to be made in ways that promotes greater housing and
transportation options; investments in regional public service facilities in downtown areas;
and maximizes infrastructure investments in communities while balancing regional needs for
farmland and natural areas
Buyer needs generally fall into 3 categories: - ✔️✔️- Physical requirements: Specific needs
such as site characteristics & transportation
- Investor/user objectives: General goals of the buyer, including type of property being
sought, investment return (if applicable), lease vs. own & type of ownership
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