Exam (elaborations)
REE 4103 Exam 1 FSU Bailey Fall 2018
REE 4103 Exam 1 FSU Bailey Fall 2018
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REE 4103 Exam 1 FSU Bailey Fall 2018A casement window is - ANS-A vertically hinged window that opens like a door
A district is - ANS-A type of neighborhood that is characterized by homogeneous land
use
A full section of land usually - ANS-Includes 27,878,400 square feet or 1 square mile
A market analysis is not used in which of the following approaches - ANS-A market
analysis uses the cost, income, and sales comparison approach
A market area characterized by one predominant land use—e.g., apartment,
commercial, industrial, agricultural is known as - ANS-A district
A movie theatre without stadium seating may be experiencing what? - ANS-functional
obsolescence
A negative leasehold is favorable to - ANS-The landlord.
A parcel of land that is improved to the point of being ready to be built upon is called -
ANS-a site
A property includes a one-unit residence on the southeast corner of a five-acre parcel
with 467 feet of frontage on each of two roads. The house alone (without land) would be
worth $100,000. It was never platted and there are no deed restrictions. The local
zoning ordinance only requires two acres with 200 feet of road frontage. The market for
houses with up to five acres is good. Excess land, not required by zoning, sells for only
$3,000 per acre. A buildable pad in this market is worth $30,000. The site is far enough
from the northern property line to allow an almost perfect split of the parcel in half. What
is the highest and best use of the site as though vacant and as improved? -
ANS-Highest and best use as though vacant= Two parcels with +/-2.5 acres each.
Highest and best use as improved= Leave the house and sell off the other site
A purchaser's wish for an item to satisfy human needs or individual wants beyond
essential life-support needs - ANS-Desire
, A rectangular site measures 125 feet (frontage) by 256 feet (depth), of which 26 feet is
in the public right of way. What is the gross and net site area? - ANS-32,000 square feet
gross area and 28,750 square feet net area
A small building used to manufacture saw blades is an example of - ANS-Industrial Use
A small town (pop. 2,500) has only two home builders. These two companies have each
been building about five houses per year for the last 15 years. The subcontractors they
used all came from neighboring towns, but occasionally there would be a need to import
a tradesperson from father away. The state recently decided to build a new law
enforcement academy in town, which would cause an influx of about 500 people and an
increase of about 200 households. There is almost no excess capacity of residences
now. What will most likely happen? - ANS-The existing builders will gear up to handle
some of the demand, but some subcontractors will become builders and some workers
will become subcontractors. Prices will increase in the short run.
All of the following are agents of production except - ANS-Land Labour and Capital. Not
Entrepreneurial Effort
All of the following are factors of value except - ANS-Factors include utility, scarcity,
desire BUT NOT Marketing Power
An acre of land includes - ANS-43,560 square feet
An appraiser gathers market data from a neighborhood where new, high-rise apartment
buildings are replacing older, small, multifamily residences. The appraiser uses this data
to reflect the value of small, multifamily residences in a stable neighborhood. The
appraisal is rejected by a local bank on the grounds that it is unreliable. (Appraiser took
info from transitional neighborhood to get stable neighborhood value estimate). What
principle of value was violated? - ANS-Substitution and Anticipation
An appraiser has just concluded that a property would most probably sell on the open
market for $75,000. The owner-occupant is a manufacturer who claims that he can
"prove" from his company's operating records that the property is "worth" $90,000.
Moreover, he bought it just six weeks ago (after occupying it as a tenant for several
years) for $83,500. The appraiser's client, who is considering buying it, maintains that it
is "worth" no more than $65,000 to him. What is the Value in Use? - ANS-90000
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