Iaao 201 questions - Study guides, Class notes & Summaries

IAAO 201 Questions and Answers with Verified Solutions 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

IAAO -COURSE 201 Questions With 100% Correct Answers Land - Correct Answer The surface of the earth and everything above and beneath it . Attributes of Land - Correct Answer Permanent, Unique, Finite Supply, Functional and Stationary Characteristics of Land - Correct Answer Demand, Utility, Scarcity and Transferability Raw land - Correct Answer unimproved land in its natural state prior to grading, construction and subdividing. Agricultural land - Correct Answer referred to as ...

What is included in the definition of the highest and best use? - ANSWER Present net worth Reasonable probable use Financially feasible Highest and Best Use analysis is an __________ analysis to determine which market provides the property's best use--the most _________, __________ use. - ANSWER Economic Profitable Competitive List the four tests for highest and best use - ANSWER Physically possible Legally permissible Financially feasible Most productive When a local governme...

The surface of the earth and everything above it and beneath it is - ANSWER Land List five attributes of land: - ANSWER Permanent Unique in location and composition Finite supply Functional Stationary List four value characteristics of land: - ANSWER Demand Utility Scarcity Transferability Refers to the natural state of the land before anything is done to it - ANSWER Raw land Everything done to the land that increases its usefulness without actually placing a structure or buil...

Sorting data on sold parcels into groups containing similar characteristics is called: - ANSWER Stratification List the five units of comparison: - ANSWER front foot square foot acre site or land Buildable units The assessor first stratifies by market or economic area, and then by zoning or use type. Next the assessor determines the typical value per unit for each category of land. - ANSWER True The _________________________ method is best applied to areas where parcels vary in size...

Mass appraisal is based on a different set of principles than single property appraisal. - ANSWER false List the four main components of a Mass Appraisal system: - ANSWER data management system sales analysis system valuation system administrative system Property data to be collected and maintained needs to be based upon: - ANSWER requirements of collection and property tax policies factors that influence the local market requirements of both governmental and private users requiremen...

Maps are necessary to ______, _______, and _______ all land parcels in a jurisdiction. - ANSWER locate identify inventory The two types of photographic maps are: - ANSWER orthophotographic and oblique Assessment maps are also referred to as - ANSWER cadastral maps Most assessment maps contain the map title, publication data, legend, explanatory notes, and _______ - ANSWER scale The appropriate map scale for rural areas is - ANSWER 1" = 400' The most important component of ...

What is an alternative method of land valuation that uses elements of the cost approach in the analysis of an improved property? - ANSWER Abstraction Off-site improvements _______ one of the site factors to be analyzed in determining land value. - ANSWER are In the sales comparison approach to value, you make adjustments to a ________ parcel to match the ______ parcel. - ANSWER comparable subject List the types of information to gather on sold parcels: - ANSWER names of grantor and gra...

Surface soil good for plant growth contains: - ANSWER 45 - 48% mineral matter Organic materials are _________ and _________ residue. - ANSWER plant and animal List the four physical properties of soil - ANSWER texture aggregation structure porosity Soil texture is a combination of: - ANSWER sand silt clay The tool used to identify the __________ classes of soil texture is called the _________________. - ANSWER twelve textural triangle The six classes of soil structure are: -...

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"