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IAAO 201 Exam With 100% Correct And Verified Answers 2024
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IAAO 201 Exam With 100% Correct And Verified Answers 2024
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IAAO 201 Exam With 100% Correct AndVerified Answers 2024
Land - Correct Answer-An immovable and indestructible
three-dimensional area consisting of a portion of the earth's
surface, the space above and below the surface, and
everything growing on or permanently affixed to it.
Five Attributes of Land - Correct Answer-"PUFFS"
Permanent
Unique
Finite Supply
Functional
Stationary
Four Value Characteristics of Land - Correct
Answer-"DUST"
Demand
Utility
Scarcity
Transferability
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,Raw Land - Correct Answer-is in its natural state, prior to
grading, construction, and subdividing. It is
UNDEVELOPED, in agricultural use, or intended for
development.
Site - Correct Answer-Improvements that prepare the land
for development (to be built upon).
Six rights associated with land ownership - Correct
Answer-"SLUGER"
Sell
Lease or rent
Use
Give away
Enter or leave
Refuse to do any of these
Fee Simple Absolute Ownership - Correct Answer-When all
six rights of land ownership are owned.
Government restrictions on ownership rights. - Correct
Answer-"TEPE"
Taxation
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, Eminent Domain
Police power
Escheat
Four Agents of Production - Correct Answer-Land, Labor,
Capital, Management
Entrepreneurial Profit - Correct Answer-The
return to the investor for taking the
investment risk on a development, as part of
the Management
Sale Price - (Total Development Cost + Land)
Highest & Best Use - Correct Answer-
Producing the greatest economic net return
to the property over a period of time: legally
permissible >physically possible >finanically
feasible >most profitable
Principle of Anticipation - Correct Answer-
The present value of future benefits.
Principle of Surplus Productivity - Correct
Answer-Net income remaining after the cost
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