Download AGEC 4443 - TEST 2 VERIFIED ANSWERS!! and more Exams Marketing Business-to-business (B2B) in PDF only on Docsity!
AGEC 4443 - TEST 2 VERIFIED ANSWERS!!
Briefly describe the forces that influence property values. A. __________ - __________, _______ levels, _______/_______ levels, ____________________ characteristics B. ______________ - relate primarily to the __________ and __________ characteristics of the area C. ___________________ - type and organization of _________, ___________, and __________ governments who ______________ have an impact on the value of the property D. _________________ - refers to __________ features of the study area, both ______________ and ___________ - Answers social, population, age, skill/education, employment, economic, financial, business, governmental, state, county, local, regulations, environmental, physical, man made, natural Briefly describe the components that you need to pay attention to when evaluating the governmental forces affecting property values.
You need to pay attention to many regulations such as all of the __________ regulations and other regulations and restrictions regarding things such as ___________ rights, _______ and ___________ regulations, and _______ rates. - Answers USDA, grazing, soil, zoning, tax Briefly describe the components that you need to pay attention to when evaluating the economic considerations affecting property values. It is critical that you pay attention to present or future market ______________ that will provide a market for _______________ and the _____________ of services. You must also know how to operate relative to the ___________ and _______ of property. __________ in the prices and sales of _________ should also be considered. - Answers mechanisms, production, delivery, leasing, sale, trends, leases Briefly describe how you conduct a rectangular survey. This process is done in steps:
- Establish _______ lines
- Establish principal ______________
- Draw __________
- Establish _____________
- Divide townships into _____________
- Write a _________ description - Answers base, meridians, ranges, townships, sections, legal
- Estimate total annual ___________ of __________ based on range
- Calculate the ____________ capacity - Answers range, acreage, obtain, description, inspect, vegetation, yield, forage, condition, carrying Describe how you determine soil characteristics. What are the factors associated with soil characteristics that are important in determining the land value? The appraiser gathers his __________ knowledge and makes _______________ sense of it by relating _______ info to the _____________ potential of the rural property. The following characteristics are important to consider:
- Soil ___________
- _____ - Answers expert, economic, soil, earning, horizons, texture, structure, consistence, fertility, color, pH How many land capability classes are there based on USDA classification? What are the land capability subclasses?
There are _______ land capability classes based on USDA classification. The land capability subclasses are as follows: Subclass ___ - risk of __________ Subclass ___ - excess ________ Subclass ___ - soil is ___________, ____________, or ___________ Subclass ___ - climate limitation; too _________ or too ______ - Answers eight, e, erosion, w, water, s, shallow, droughty, stony, c, cold, dry Define: Site improvements, personal property and Chattels
- Site Improvements - ________ improvements necessary to make a property ____________ for its intended ______ or ______________
- Personal Property - includes ____________ items of the property that are not ________________ affixed to the ______ _________
- Chattels - _________ that are owned and ____________ to a _________ space or building by a __________ and used in conducting a _____________ - Answers land, suitable, use, development, movable, permanently, real estate, articles, attached, rented, tenant, business Describe what it means to have irrigation improvement in the farm and how it plays a role in land valuation.
- __________ walls
- ________/________ systems
- __________ storage
- ___________ - Answers dimensions, foundation, exterior, heating, lighting, feed/water, cages, manure, utilities What are the things that an appraiser needs to pay attention when valuing grain elevators.
- _________ storage
- ___________ system
- ________________ storage
- _______ equipment
- ______ facilities
- ______ facilities
- _________ and scales - Answers grain, elevator, warehouse, driers, seed, port, rail, office Define 'highest and best use value'. What are the components in this definition?
It is defined as the reasonably ___________ and _______ use of _________ land or an ___________ property, which is physically ____________, appropriately _______________, financially ___________, and that results in the __________ value. Components include: _______, ________, __________, ___________, and ___________________ data. - Answers probable, legal, vacant, improved, possible, supported, feasible, highest, sales, rental, income, expense, depreciation How does the appraisal process for the highest and best use of land as vacant differ from the highest and best use of land as improved? A.) As if vacant - ________ value is based on its _____________ use rather than its _______ use B.) As if improved - _______________ of property are considered in their ___________ condition - Answers land, potential, actual, improvements, current Outline the steps needed in evaluating the financially feasible criteria.
- Derive _______ for each use
- Estimate rate of ___________ for __________ capital
- If the NOI is ____________ to provide the ____________ rate of return and a _____________ return on the land, then it is considered to be ______________ _____________ - Answers NOI, return, invested, sufficient, required, positive, financially feasible
- ______________ timber sales - most _________ source of timber _________ info
- Timber price _____________ ___________ - ________________ sources
- Extraction from ____________ _____ __________ - price __________ companies are paying ___________ and __________ buyers for logs delivered to their ________ - Answers comparable, reliable, price, reporting services, published, delivered log prices, forest, loggers, timber, mills
