Exam (elaborations)
IAAO 201 Questions And Correct Answers A Graded
5 Attributes of land - Permanent Unique Finite Supply Functional Stationary 4 Land Value Determinants - Demand Utility Scarcity Transferability Owning all 6 Bundle of Rights means - You own fee simple absolute ownership 6 Bundle of Rights - Sell Lease Use Give away Enter or leave Refuse to do any of these Governmental Restrictions on Property - Police power Eminent domain Taxes Escheat 4 Agents of Production - Land, Labor, Capital, Management Principle of Anticipation - Present worth of future benefits Income Approach Principle of Supply and Demand - Supply is fixed in the short term - it is limited. Value is purely demand driven. Principle of Conformity - Surroundings impact value
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5 attributes of land permanent unique finit
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