IAAO -COURSE 201 Latest Updated -

IAAO -COURSE 201 Latest Updated - Actual Exam Questions and 100% Verified Correct Answers Guaranteed A+ 1"=100' - CORRECT ANSWER: is used for at least 50 front footage lots in urban areas

1"=200' - CORRECT ANSWER: is used for 100 front footage or greater lots in suburban areas and small towns.

1"=400' - CORRECT ANSWER: is used for rural properties that are larger than an acre

Agents of Production - CORRECT ANSWER: based on the Principle of Balance

Agents of Production - CORRECT ANSWER: Land, Labor, Capital, Entrepreneurial

Coordination

Agricultural land - CORRECT ANSWER: referred to as undeveloped land except when

platted subdivision

Appraisal Process - CORRECT ANSWER: definition of the problem, identification of scope of work, preliminary survey and analysis, data collection, market analysis, highest and best use, valuation model building and model calibration and model testing quality control and correlation value

Assemblage - CORRECT ANSWER: is the process of creating a new area by

combining two or more parcels into a single ownership for greater utility.

Attributes of Land - CORRECT ANSWER: Permanent, Unique, Finite Supply,

Functional and Stationary

Cadastral - CORRECT ANSWER: Assessment map used to locate, identify, and

inventory all the parcels of land in the jurisdiction

Characteristics of Land - CORRECT ANSWER: Demand, Utility, Scarcity and

Transferability

coefficient of variation - CORRECT ANSWER: expresses the standard deviation as a percentage

Criteria of highest and best use - CORRECT ANSWER: Legally Permissible, Physical Possible, Financially Feasible and Maximally Productive

Demand - CORRECT ANSWER: influenced by consumer tastes and preferences

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Eminent Domain - CORRECT ANSWER: the act of taking property for public use-

owner must receive reasonable compensation.

Entrepreneurial Profit - CORRECT ANSWER: the return to the investor for taking the investment risk on a development, as part of the Management (Coordination)

Factors that influences land value - CORRECT ANSWER: Physical, economic,

governmental, social

Fee Simple or Fee simple absolute Ownership - CORRECT ANSWER: All rights are

owned for a property.

Government Restrictions - CORRECT ANSWER: Taxation, Eminent domain, Police

Power, Escheat

Governmental factor - CORRECT ANSWER: first and most important to value

Highest and Best Use - CORRECT ANSWER: produce the greatest economic net

return to the property.

Improved land - CORRECT ANSWER: Improvements that prepare the land for

development (to be built upon) are considered a site.

Improvement on land - CORRECT ANSWER: any structure or building on the site

Land - CORRECT ANSWER: The surface of the earth and everything above and

beneath it .

land valuation models - CORRECT ANSWER: General, Sales Comparison Model and

Income

Location - CORRECT ANSWER: the most significant physical factor in residential land

Mass Appraisal - CORRECT ANSWER: all land parcels in the jurisdiction requiring

various people to contribute to the process, using standardized procedures and techniques

metes and bounds system - CORRECT ANSWER: provides a point of beginning, the

direction and distance to each landmark.

off=site improvements - CORRECT ANSWER: streets, sidewalks, curbing, traffic lights, street lights and water mains

On-site improvements - CORRECT ANSWER: grading, paving, driveways, landscaping,

sewers and utility hookups

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