IAAO 201 Questions And Correct Answers A Graded

Land - An immovable and indestructible three-dimensional area consisting of a portion of the earth's surface, the space above and below the surface, and everything growing on or permanently affixed to it. Five Attributes of Land - "PUFFS" Permanent Unique Finite Supply Functional Stationary Four Value Characteristics of Land - "DUST" Demand Utility Scarcity Transferability Raw Land - is in its natural state, prior to grading, construction, and subdividing. It is UNDEVELOPED, in agricultural use, or intended for development. Site - Improvements that prepare the land for development (to be built upon). Six rights associated with land ownership - "SLUGER" Sell Lease or rent Use Give away Enter or leave Refuse to do any of these Fee Simple Absolute Ownership - When all six rights of land ownership are owned. Government restrictions on ownership rights. - "TEPE" Taxation