Economic (locational) (example) correct answers Drop forge plant is next door
Physical Curable (example) correct answers Linoleum floor in kitchen is worn out
Functional Curable: Super-Adequacy (example) correct answers $15,000 residence with gold
plated door knobs
Functional Curable: Normal Deficiency (example) correct answers Supermarket needs central air
conditioning
Real Estate correct answers physical items, the land and any structures/improvements on it
Real Property correct answers Rights and benefits in addition to real estate
Bundle of Rights correct answers The right to sell, lease, occupy, mortgage, give away, do all or
none
Police Power correct answers Right to regulate the use of property for public welfare
Easements correct answers Right to access property, mostly utility
Life Estate correct answers Ownership interest in property that is not inheritable, expires on the
death of the inhabitant, then reverts to the owner who granted the estate
Lease correct answers Contract between the owner and tenant which transfers a portion of the
bundle of rights for rent
Encroachments correct answers Unauthorized use of the property by an individual who does not
own it
Land Contract correct answers Contract where the seller promises to give the property at a
specified future time and the buyer makes installments
Option Contract correct answers Property owner gives the buyer the right to buy property at a
specified price within a given time period
,Warranty Deed correct answers Seller guarantees the buyer the title is clear of encumbrances
except those mentioned in the deed
Special Warranty Deed correct answers Seller guarantees the title only against defects occurring
during the time they held the title
Quit-Claim Deed correct answers Passes all of the interest in the land that the grantor may have
and can give
Sheriff's Deed correct answers Used where the sheriff acts as the grantor for the public's benefit,
contains no warranties
Trustee's Deed correct answers When the property is held in trust...trustees need to sign the deed,
guarantees the title only against acts by the trustees
Accretion correct answers Land gained by water deposits adding to land
Real Estate Transfer Return correct answers Used for collecting information about the transfer of
real property
Agricultural Property Value Standard correct answers Use value
Principle of Contribution correct answers Value of an improvement by the amount it contributes
to market value, not by its cost
Valuation Considerations correct answers Market conditions, neighborhood analysis, physical,
economic, governmental, and social factors
Property Considerations correct answers Conservation easements, zoning, special zoning
restrictions, location, land, and improvement factors, physical, and economic characteristics
Metes and Bounds correct answers Land identification system based on semi-permanent physical
features or compass bearings
Township correct answers divided into 36 sections, each section 1 mile square containing 640
acres
Residential Subdivisions correct answers Commonly described by the lot and block system of
land
Fractional Sections correct answers Corrections are made on the north and/or west side of
townships and sections
Baselines correct answers East/west with the Wisconsin baseline being the WI/Il border
Meridians correct answers North/south with WI being the 4th principal meridian
, How Many Square Feet in an Acre? correct answers 43,650 square feet
NE1/4 NE1/4 SW1/4 correct answers 10 acres
What Establishes the Upper Limit of Value? correct answers Asking price
What Establishes the Lower Limit of Value? correct answers Offering price
Best Source of Verification/Documentation of Sales Data correct answers Direct interview of the
seller or buyor
Greatest Degree of Comparability is Influenced by what Factors? correct answers 1. social
2. economic
3. legal (governmental)
4. physical
Units of Comparison for the Valuation of Vacant Land are... correct answers 1. front foot
2. square foot
3. acre
4. section
Units of Comparison for the Valuation of Residential properties... correct answers 1. square foot
of building
2. dwelling unit
3. gross rent multiplier
4. bedroom
Units of Comparison for the Valuation of Apartment Houses are... correct answers 1. apartment
unit
2. apartment room
3. square foot of building
4. gross rent multiplier
Adjustments Can be Made in What Two Ways? correct answers Lump sum or percentages
Adjustments Should Always be Made on What Property? correct answers Sales/comparable
property
Adjustment process involves the application of what value of an item/factor to the total property?
correct answers Contributory
Elements for which adjustments can be made... correct answers 1. time
2. location
3. physical condition
4. size
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