IAAO 201; Questions & Answers 100 Solved
Land 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 "PUFFS"
Permanent
Uni...
IAAO 201; Questions & Answers 100 Solved
Land ✔✔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 ✔✔"PUFFS"
Permanent
Unique
Finite Supply
Functional
Stationary
Four Value Characteristics of Land ✔✔"DUST"
Demand
Utility
Scarcity
Transferability
Raw Land ✔✔is in its natural state, prior to grading, construction, and
subdividing. It is
UNDEVELOPED, in agricultural use, or intended for development.
, IAAO 201; Questions & Answers 100 Solved
Site ✔✔Improvements that prepare the land for development (to be built
upon).
Six rights associated with land ownership ✔✔"SLUGER"
Sell
Lease or rent
Use
Give away
Enter or leave
Refuse to do any of these
Fee Simple Absolute Ownership ✔✔When all six rights of land ownership are
owned.
Government restrictions on ownership rights. ✔✔"TEPE"
Taxation
Eminent Domain
Police power
Escheat
Four Agents of Production ✔✔Land, Labor, Capital, Management
Entrepreneurial Profit ✔✔The return to the investor for taking the investment
risk on a
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