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14 Cards in this Set

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The valuation of land can be separated into these three basic functions

Identification, analysis, and valuation

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

Name the four forces that affect property value

Physical, economic, governmental, and social

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

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

Give an example of a governmental factor that affects property value

Local land-use zoning, municipal services, and their cost

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.

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

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.

What are two methods for estimating the value of the on site development (OSD)?

The cost and the sales comparison approach

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

Who can you contact to estimate the cost of on site development (OSD)?

Utility companies and contractors working in the area

What four examples of an on-site development rating?

Fair ($10,00), average ($14,000), good ($18,00), excellent ($30,000)

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