Exam (elaborations)
IAAO 201 QUESTIONS AND ANSWERS
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IAAO 201 QUESTIONS AND ANSWERS
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IAAO 201 QUESTIONS AND ANSWERS5 Attributes of land - Answers -Permanent
Unique
Finite Supply
Functional
Stationary
4 Land Value Determinants - Answers -Demand
Utility
Scarcity
Transferability
Owning all 6 Bundle of Rights means - Answers -You own fee simple absolute
ownership
6 Bundle of Rights - Answers -Sell
Lease
Use
Give away
Enter or leave
Refuse to do any of these
Governmental Restrictions on Property - Answers -Police power
Eminent domain
Taxes
Escheat
4 Agents of Production - Answers -Land, Labor, Capital, Management
Principle of Anticipation - Answers -Present worth of future benefits
Income Approach
Principle of Supply and Demand - Answers -Supply is fixed in the short term - it is
limited. Value is purely demand driven.
Principle of Conformity - Answers -Surroundings impact value
Progression/Regression
Highest Market Value is reached because of relative consistency/uniformity in a
neighborhood
Price Related Differential (PRD)
Principle of Increasing/Decreasing Returns - Answers -Diminishing margining utility (a
market-driven economy of scale)
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