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14 Cards in this Set
- Front
- Back
- 3rd side (hint)
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The valuation of land can be separated into these three basic functions |
Identification, analysis, and valuation |
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This term is a group of properties that share important characteristics and are often identified by a physical, geographic boundary (such as a street or river), or by a group of properties that wreck similarly to market influences. |
Neighborhood |
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Name the four forces that affect property value |
Physical, economic, governmental, and social |
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Name an example of a physical factor that affects value |
Location, topography, size and shape of a typical lot, appearance of a neighborhood, and availability of utilities |
Location, topography, size and shape of a typical lot, appearance of a neighborhood, and availability of utilities |
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Give an example of an economic factor that can affect property value |
Pattern of land use, employment of residence, average household income, and vacancy rates |
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Give an example of a governmental factor that affects property value |
Local land-use zoning, municipal services, and their cost |
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Give an example of a social factors that affects property value |
Characteristics of residence (age, size of family, education levels, income levels, etc.), population density, and crime rate. |
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Name five different units of comparison. Units of comparison our units of value measurement that are recognized by the market |
Front foot, square foot, acreage, site , per unit or space |
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What do you look for when establishing a base lot? |
A standard or typical parcel from the neighborhood. The base lot doesn’t have to be a sale property but should possess characteristics common to the majority of properties within the neighborhood. |
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What are two methods for estimating the value of the on site development (OSD)? |
The cost and the sales comparison approach |
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What are the major cost of developing homesites? |
Site preparation, water supply, sanitary waste disposal, utility services, gravel driveways, landscaping, permits an inspection, insurance, management and profit |
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Who can you contact to estimate the cost of on site development (OSD)? |
Utility companies and contractors working in the area |
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What four examples of an on-site development rating? |
Fair ($10,00), average ($14,000), good ($18,00), excellent ($30,000) |
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In areas where there are too few land sales to develop a reliable base unit and adjustments what other methods could be considered? |
Expand the sample of sales historically or geographically |
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