Residential Appraiser Site Valuation and
Cost Approach 2024 exam questions
with correct answers
Negative |Easement |- |ANSWERS✔✔ |prevents |a |property |owner |from |doing |something |with |
his |or |her |property. |The |easement |does |not |benefit |a |specific |property, |so |there |is |no |
dominant |estate.
The |definition |of |land |says |it |includes |- |ANSWERS✔✔ |all |natural |resources |in |their |original |
state, |e.g., |mineral |deposits, |wildlife, |timber, |fish, |water, |coal |deposits, |soil, |flowers |and |trees.
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.
Land |rights |include |- |ANSWERS✔✔ |Water |rights
Development |rights
Conservation, |or |non-development, |rights
Transferable |Development |Rights |(TDRs)
Lease |rights
Site |- |ANSWERS✔✔ |Roads
Curbs |and |gutters
Water
Sewer
Grading
,Fill
Drainage
Site |plans
Site |approval
Zoning |changes
Permits
sites |are |more |valuable |than |land, |true |or |false? |- |ANSWERS✔✔ |True
highest |and |best |use |from |The |Dictionary |of |Real |Estate |Appraisal |- |ANSWERS✔✔ |The |
reasonably |probable |use |of |property |that |results |in |the |highest |value. |The |four |criteria |that |
the |highest |and |best |use |must |meet |are |legal |permissibility, |physical |possibility, |financial |
feasibility, |and |maximum |productivity.
IVSC |define |highest |and |best |use |as |- |ANSWERS✔✔ |The |most |probable |use |of |a |property |
which |is |physically |possible, |appropriately |justified, |legally |permissible, |financially |feasible, |
and |which |results |in |the |highest |value |of |the |property |being |valued.
"In |law, |the |solid |surface |on |the |earth, |as |distinguished |from |water" |is |the |definition |of |- |
ANSWERS✔✔ |Land
What |is |NOT |a |site |improvement? |- |ANSWERS✔✔ |Mineral |Deposits
What |is |a |site |improvement? |- |ANSWERS✔✔ |Curbs |and |gutters
Municipal |Water
Fill
Improved |land |or |a |lot |in |a |finished |state |so |that |it |is |ready |to |be |used |for |a |specific |purpose |is |
called |- |ANSWERS✔✔ |Site
,Sites |are |usually |valued |according |to |their |highest |and |best |use. |True |or |False? |- |
ANSWERS✔✔ |True
What |is |NOT |one |of |the |elements |of |highest |and |best |use? |- |ANSWERS✔✔ |Socially |
acceptable
What |are |the |elements |of |highest |and |best |use? |- |ANSWERS✔✔ |Physically |possible
Legally |permitted
Economically |feasible
Land |includes |the |surface |of |the |earth |and |_____. |- |ANSWERS✔✔ |Anything |attached |to |it |by |
nature |or |mankind
Plat |- |ANSWERS✔✔ |A |plan, |map, |or |chart |of |a |city, |town, |section, |or |subdivision |indicating |
the |location |and |boundaries |of |individual |properties.
A |map |or |sketch |of |an |individual |property |that |shows |property |lines |and |may |include |features
|such |as |soils, |building |locations, |vegetation, |and |topography.
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.
This |is |simply |the |book |that |contains |the |plats; |located |in |the |municipal |offices.
There |are |three |general |types |of |legal |descriptions |employed |in |the |country |today: |- |
ANSWERS✔✔ |Metes |and |Bounds
Government |Survey
, Lot |and |Block
Metes |and |bounds |- |ANSWERS✔✔ |the |earliest |system |and |was |employed |in |the |13 |original |
colonies |in |the |East |and |Southeast |United |States. |It |utilized |a |system |of |bearings |and |
distances. |The |bearings |(or |metes) |were |the |directions |that |a |boundary |line |traveled |from |a |
benchmark. |It |indicated |direction |relative |to |north |or |south. |The |distances |(or |bounds) |were |
how |long |the |boundary |line |ran.
A |metes |and |bounds |description |starts |from |a |point |of |beginning |and |continues |around |until |
it |(hopefully) |reaches |closure.
Which |method |of |legal |description |was |the |earliest? |- |ANSWERS✔✔ |Metes |and |bounds
Bounds |are |best |described |as |______________. |- |ANSWERS✔✔ |distances
A |map |or |sketch |of |an |individual |property |that |shows |property |lines |and |may |include |features
|such |as |soils, |building |locations, |vegetation, |and |topography |that |can |also |serve |as |an |official |
legal |description |is |called |a |- |ANSWERS✔✔ |Plat
It |is |used |in |30 |states |today; |primarily |in |the |Midwest |and |West |(excluding |Texas). |- |
ANSWERS✔✔ |The |Government |Survey |System |(also |called |the |Rectangular |Survey |System)
Each |section |is |theoretically |- |ANSWERS✔✔ |1 |square |mile, |or |640 |acres
A |farmer |owned |4 |full |sections |and |2 |half |sections. |Then |he |bought |the |adjoining |property |
which |consisted |of |2 |full |sections, |1 |half |section, |3 |quarter |sections, |and |3 |quarter-quarter |
sections. |How |many |acres |does |he |own |now? |- |ANSWERS✔✔ |6 |full |sections |x |640 |acres |= |
3,840 |acres
3 |half |sections |x |320 |= |960
3 |quarter |sections |x |160 |= |480
3 |quarter-quarter |sections |x |40 |= |120