Question 1

The most important reason for inspecting and analyzing the site is to gather information for estimating its highest and best use.

Accepted Answer

Inspecting and analyzing a site provides information on the location, zoning regulations, market trends, and potential development opportunities. This information is crucial in determining the highest and best use of the site, which in turn affects its potential value and profitability.

Question 2

As in a condominium, the site in a planned unit development is a defined block of airspace, plus an undivided interest in the land.

Accepted Answer

In a planned unit development (PUD), homeowners own their individual lot and home outright, along with a shared interest in the development's common areas, not just a block of airspace and an undivided interest in the land as in a condominium.

Question 3

A key lot is one that is the most important one on the block.

Accepted Answer

A key lot is not necessarily the most important one on the block. It refers to a parcel of land that has a special significance or value, such as being the only lot with direct access to a road or water source.

Question 4

The gross area of a site is just as important as the useful area.

Accepted Answer

The answer of The gross area of a site is...

Question 5

Appraisal standards require the appraiser to consider and analyze the sales history of the subject property.

Accepted Answer

Appraisal standards, such as the Uniform Standards of Professional Appraisal Practice (USPAP), require appraisers to consider and analyze the sales history of the subject property as part of their valuation process. This includes examining the sales prices, dates, and terms of any previous sales of the property, as well as analyzing the local market conditions and trends that may have influenced those sales. By doing so, the appraiser can gain a better understanding of the overall value and marketability of the property, and ensure that their appraisal report accurately reflects these factors.

Question 6

Plottage value is always created when adjacent parcels are combined into one ownership.

Accepted Answer

Plottage value refers to the increase in value realized by combining adjacent parcels of land into one larger parcel, but it is not always created; the actual increase in value depends on various factors such as the market, the specific use of the land, and how well the parcels integrate.

Question 7

Sidewalks and curbs are considered to be off-site improvements.

Accepted Answer

Off-site improvements are those that are built outside of the property lines and are intended to benefit the surrounding community, such as sidewalks and curbs. On-site improvements, on the other hand, are built within the property lines and are intended to benefit the specific property, such as a driveway or landscaping.

Question 8

A non-conforming use could represent a legal problem to be noted in an appraisal.

Accepted Answer

A non-conforming use refers to a property use that does not comply with current zoning regulations. This can represent a legal problem as it may violate local laws and regulations, which could lead to fines, legal challenges, or even the forced cessation of the non-conforming use. Therefore, it is important for appraisers to note non-conforming uses as part of their appraisal process to avoid potential legal issues or disagreements with the property owner or buyers.

Question 9

The highest and best use must always be one that is legal under the present zoning laws, even if a zoning change is anticipated.

Accepted Answer

The answer of The highest and best use must always...

Question 10

Deed restrictions are examples of public restrictions on the use of land.

Accepted Answer

Deed restrictions are examples of private restrictions on the use of land, typically established by the property owner or developer to control how future owners can use the property.

Deck 6: Property Inspection and Analysis: the Site