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Residential Appraiser Site Valuation and Cost Approach exam questions with answers
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Residential Appraiser Site Valuation and Cost Approach exam questions with answers
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Residential Appraiser Site Valuation andCost Approach exam questions with
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Land |- |ANSWERS✔✔1. |In |law, |the |solid |surface |on |the |earth, |as |distinguished |from |water.
2. |One |of |the |four |agents |of |production |in |economic |theory
Site |- |ANSWERS✔✔Improved |land |or |a |lot |in |a |finished |state |so |that |it |is |ready |to |be |used |for |
a |specific |purpose.
International |Valuation |Standards |Council |- |ANSWERS✔✔an |independent |body |that |sets |
global |standards |for |valuation, |especially |those |that |will |be |relied |upon |by |investors |and |other
|third |party |stakeholders. |It |also |promotes |the |development |of |the |valuation |profession |
around |the |world |and |collaborates |and |cooperates |with |other |organizations |concerned |with |
standards |and |regulation |in |the |financial |markets
IVSC |definition |of |land |- |ANSWERS✔✔Valuation |of |land |as |if |vacant, |and |of |land |and |
improvements |to |or |on |the |land, |is |an |economic |concept. |Whether |vacant |or |improved, |land |
is |also |referred |to |as |real |estate. |The |earth's |surface, |the |space |beneath |which |extends |to |the |
centre |of |the |earth, |and |the |space |above |which |extends |to |the |sky. |The |ownership |of |land |and |
the |rights |attached |to |the |ownership |are |subject |to |the |laws |of |a |particular |State. |(IVS)
Plat |- |ANSWERS✔✔1. |A |plan, |map, |or |chart |of |a |city, |town, |section, |or |subdivision |indicating
|the |location |and |boundaries |of |individual |properties. |2. |A |map |or |sketch |of |an |individual |
property |that |shows |property |lines |and |may |include |features |such |as |soils, |building |locations, |
vegetation, |and |topography. |3. |A |map |intended |to |show |the |division |of |land |into |lots |or |
parcels. |Upon |recordation |with |the |appropriate |authorities, |land |included |in |the |plat |can |
thenceforth |be |legally |described |by |reference |to |the |plat, |omitting |a |metes |and |bounds |
description. |(IAAO)
, Legal |description |- |ANSWERS✔✔a |description |of |land |that |identifies |the |real |estate |
according |to |a |system |established |or |approved |by |law; |an |exact |description |that |enables |the |
real |estate |to |be |located |and |defined.
Plat |book |- |ANSWERS✔✔A |record |showing |the |location, |size |and |owner |of |each |plot |of |land |
in |a |stated |area.
three |general |types |of |legal |descriptions |- |ANSWERS✔✔Metes |and |Bounds
Government |Survey
Lot |and |Block
Township |- |ANSWERS✔✔6 |miles |by |6 |miles
Each |township |has |_____ |sections |- |ANSWERS✔✔36
Each |section |is |- |ANSWERS✔✔640 |acres |or |1 |mile |by |1 |mile
A |quarter |section |contains |- |ANSWERS✔✔160 |acres
A |quarter-quarter |section |contains |- |ANSWERS✔✔40 |acres
Lot |- |ANSWERS✔✔A |distinct |piece |of |land; |a |piece |of |land |that |forms |a |part |of |a |district, |
community, |city |block, |etc.
A |piece |of |land |in |one |ownership, |whether |platted |or |unplatted.
Tract |- |ANSWERS✔✔A |parcel |of |land; |an |area |of |real |estate |that |is |frequently |divided |into |
smaller |parcels.
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