REVIEW EXAM FOR MODULE 4

1. A site is different from land because

a. Land represents an improved site
b. A site is improved land that is ready to be built upon
c. The land development method is used to value a site
d. No difference exists
2. Land is always valued at
a. Its current land use as though vacant
b. Its highest and best use as though vacant
c. The predominating land uses in the neighborhood
d. The preferred use of the appraisers client
3. Sites can be valued by
a. Sales comparison analysis only
b. Sales comparison and extraction only
c. Income capitalization analysis only
d. Extraction, allocation, and sales comparison
4. In sales comparison analysis, comparable sales are adjusted
a. To the typical property in the market
b. To the other sales
c. To allow for matching up with the other sales
d. To the subject property
5. When estimating the market value of a site, the appraisal should include
a. Three comparable site sales transactions
b. Five to six comparable site sales transactions
c. Seven to eight comparable site sales transactions
d. There is no set number of comparable site sales transactions
6. If market value is sought, the sales comparison approach to site valuation is based
primarily on an analysis of the market behavior of
a. Buyers
b. Sellers
c. Brokers
d. Lenders
7. Adjustments to the prices of comparable sites are measured by
a. Cost to cure any deficiency in the subject property
b. Front footage
c. Square footage
d. The amount a typical buyer will pay more or less for the item
8. In the valuation of land by sales comparison, the order of adjustment should begin with
a. Property rights transferred
b. Access and topography
c. Terms of sale or financing
d. Location