: the area included in a plot of land.
What is a plottage map?
The definition of plottage in real estate is simple. When you combine multiple pieces of land into one large parcel, the plot appreciates in value. This is not to be confused with the process of combining multiple plots of land into a single larger plot, which is known as assemblage in real estate.
What is another word for plottage in real estate?
A plot of land assigned for sale or for a particular use. lot. plot. parcel. plat.
What is Plottage comparison?
Plottage is the increase in value realized by combining adjacent parcels of land into one larger parcel. … Generally, the value of the whole parcel will be greater than the sum of the individual smaller parcels.
Is a tree an appurtenance?
Definition: Appurtenance is a noun; describing an item that is attached to something. … An appurtenance can be something tangible like a tree, barn, water tank, or something abstract such as an easement. Example: A fantastic example is if a homeowner installs a new water tank onto his property.
What is plottage increment?
The plottage increment refers to the value gained by combining the lots. For example, Steve owns two plots that are right next to each other. Each one is worth $40,000. When combined into a single property, the total value is now $90,000 and the increment is $10,000.
What is the most complete type of appraisal report?
WHICH OF THE FOLLOWING IS THE MOST COMPLETE TYPE OF APPRAISAL REPORT? NARRATIVE REPORT.
What type of value is of interest to taxing authorities?
What type of value is of interest to taxing authorities? local taxing authorities are interested in assessed values, which are used to determine property taxes.
What affects the value of a neighborhood?
Factors to consider when pricing a home are: historic sales price, quality of the neighborhood, the market, nearby features and the size, appeal, age and condition of the home.
What is highest and best use in real estate?
Highest and Best Use, Defined
The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, and financially feasible and that results in the highest value.
What is the purpose of a plot plan?
Plot plans are used for zoning, permitting, marketing, real estate transactions, and informational purposes, and details included in a plot plan will differ based on the intended use. Property lines with dimensions give the viewer an understanding of the scope of the plot including its shape and size.
What is the cost approach to value?
The cost approach is a real estate valuation method that estimates the price a buyer should pay for a piece of property is equal the cost to build an equivalent building. In the cost approach, the property’s value is equal to the cost of land, plus total costs of construction, less depreciation.
What is assemblage value?
Assemblage — The combining of two or more adjoining lots into one large tract. This is usually done to increase the value of the individual lots because a larger building capable of producing a larger net return may be erected on the larger parcel. The resulting added value is called plottage value.
What is functional obsolescence in real estate?
What Is Functional Obsolescence? … For example, in real estate, it refers to the loss of property value due to an obsolete feature, such as an old house with one bathroom in a neighborhood filled with new homes that have at least three bathrooms.
What are the 3 types of appraisal reports?
The Uniform Standards of Professional Appraisal Practice set forth the requirements for appraisal reports, which may be presented in one of three written formats: self-contained reports, summary reports, and restricted-use reports.
What are the 2 types of appraisals?
The most common types of appraisal are:
- straight ranking appraisals.
- management by objective appraisals.
- trait-based appraisals.
- behaviour-based appraisals.
- 360 reviews.
What are the 3 types of appraisals?
There are 3 major categories of appraisals within the marketplace and those in the industry define them as: Business Valuation, Real Estate and Personal Property appraisals.
What is an unearned increment in real estate?
: an increase in the value of property (such as land) that is due to no labor or expenditure of the owner but to causes (such as the increase of population) that create an increased demand for it.
What is an economic obsolescence?
Economic obsolescence (EO) is the loss of value resulting from external economic factors to an asset or group of assets. EO is often encountered in valuation work performed for financial reporting purposes, bankruptcy emergence and in other practice areas when dealing with companies in capital-intensive industries.
What does no situs mean?
From Wikipedia, the free encyclopedia. In law, the situs (pronounced /ˈsaɪtəs/) (Latin for position or site) of property is where the property is treated as being located for legal purposes.
What is an example of an appurtenance?
An appurtenance is a real property, which has been defined as being immovable or fixed to the land. … More examples of appurtenances include in-ground swimming pools, a fence, or a shed that are all fixed to the land. The term can also be used to describe the acreage behind a home.
Is a fixture an appurtenance?
Fixtures are the main type of appurtenances home buyers worry about, which is why they’re mainly what I’ve been discussing so far in this piece. A fixture is something that would normally be considered personal property, but is now somehow attached to real property (a house, the land, a commercial building, etc.).
Is a driveway an appurtenance?
A right, benefit, privilege, or improvement that allows for the full use and enjoyment of land that belongs to the owner of a dominant estate and may burden a servient estate. … Common examples of appurtenances are driveways, drainage ditches, fences, and rights of way.