Chapter 3 Flashcards
1
Q
Land
A
The earth’s surface, both land and water, and anything that is attached to it whether by the course of nature or human hands; all natural resources in their original state, e.g., mineral deposits, wildlife, timber, fish, water, coal deposits, soil.
Land has not been improved === RAW
One of the four agents of productions (land, labor, capital and production)
2
Q
Site
A
Land that is IMPROVED so that it is ready to be used for a specific purpose.
Improved for: Roads Curbs and gutters Sewage disposal Grading Fill Drainage Site plans Site approval Zoning changes Permits
3
Q
Total Property Value has two elements
A
Value of the site
Value of any improvements
4
Q
Separte site valuations may be required in:
A
Cost approach Assessments and taxation Condemnation appraials Certain income capitalization methods Highest and Best Use analysis
