IAAO 101-Ch 2 Review questions and answers with solutions 2025

4 factors affecting land values - ANSWER Physical (Environmental), Economic, Governmental, Social The Principle of _____ states that returns to land are what remains after returns to labor, management, and capital are satisfied. - ANSWER Surplus productivity The 6 methods of land valuation - ANSWER Direct sales comparison, Allocation, Abstraction, Anticipated use or development, Capitalization of ground rent, Land residual technique A complete set of ____ maps showing boundaries, parcel size, sales information, and other relevant features of all parcels in a jurisdiction is a necessary tool for assessors. - ANSWER Cadastral The practice of measuring the direction of property lines with compass bearings and the distance with measuring chains or tapes in order to obtain a property description is known as - ANSWER Metes and bounds A township in the Public Land Survey System contains ____ sections, with each section containing ____ acres. - ANSWER 36, 640 When land is valued by using the direct sales comparison approach, sales must first be ______ into homogeneous groups - ANSWER Stratified Improvements such as streets, sidewalks, and the availability of utilities are considered _____ improvements - ANSWER Off-site