Assemblage
is the process of joining several parcels to form a larger parcel; the resulting increase in value is called plottage. Assemblage — The combining of two or more adjoining lots into one large tract.
Which term best describes combining two or more parcels of land into one larger parcel to increase value?
Plottage
is the increase in value realized by combining adjacent parcels of land into one larger parcel. The process of combining the parcels is known as assemblage. Generally, the value of the whole parcel will be greater than the sum of the individual smaller parcels.
What does assemblage mean in real estate?
Assemblage: 1)
The combining of two or more parcels, usually, but not necessary contiguous, into one ownership or use
; the process that creates plottage value 2) The combining of separate properties into units, set, or groups, i.e. integration or combination under unified ownership.
When value is created by combining individual properties into a larger one for a higher and more profitable use what is it called?
Synergy
is the concept that the value and performance of two companies combined will be greater than the sum of the separate individual parts.
When a property owner combines two adjacent properties to create a single property with a higher value?
Plottage, or assemblage
, is the result of combining two adjacent pieces of real estate into a single lot. This allows the land to be used in a way that creates additional value, with the increase in value being referred to as the plottage increment.
Which of the following terms refers to the process of combining separate adjacent parcels into one piece of land?
Which of the following terms refers to the process of combining separate adjacent parcels into one piece of land?
Assemblage
. This is the definition of assemblage.
What is considered excess land?
Excess land is
land that is not needed to serve or support the existing use
. The highest and best use of the excess land may or may not be the same as the highest and best use of the improved parcel. Excess land has the potential to be sold separately.
What does situs mean in real estate?
Situs is a term used by
the assessor’s office to indicate the site location of the property
. This address is the actual address of the property. Billing address is not necessarily the same as situs address. Situs addresses are not kept for all properties.
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 does leverage mean in real estate?
Leverage uses
borrowed capital or debt to increase the potential return of an investment
. In real estate, the most common way to leverage your investment is with your own money or through a mortgage. Leverage works to your advantage when real estate values rise, but it can also lead to losses if values decline.
Which economic principle says that value is created and maintained when the characteristics of a property fit in with its surroundings?
The principle of balance
is closely related to the principle of increasing and decreasing returns; it holds that maximum value is achieved and maintained when all elements in the agents of production are in economic balance. The value of a property depends on the balance of: Land. Labor.
What are the principles of property valuation?
2.7 Many recognised principles are applied in valuing real estate. They include the
principles of supply and demand; competition; substitu- tion; anticipation, or expectation; change; and others
. Common to all these principles is their direct or indirect effect on the degree of util- ity and productivity of a property.
Is an increase in property value caused by the joining of two neighboring parcels of land?
Terms in this set (8)
demands of the market.
change
in a property impacts the value as a whole. of land. … a property’s value is determined by what it would cost to purchase a similar substitute property.
Can you combine properties?
Yes, subject to permission from the local zoning or
planning board. This is called a property “merger,” which is the opposite of a “subdivision.”
Can you merge 2 properties?
What Is A
Lot Consolidation Plat
? A lot consolidation plat is essentially a re-mapping of two or more adjacent lots or parcels of land, combining them into one larger parcel. … A licensed professional land surveyor will perform field work on each existing lot to determine the exact dimensions and land boundaries of each.
What does progression mean in real estate?
Principle of progression is
the idea that the value of a house increases when more valuable houses are built in the area
. This contrasts with principle of regression, which is based on the concept that larger, more expensive houses lose value when they are near smaller, less valuable homes.
Which of the following terms refers to the transfer of the right title and interest in the property of one person to another?
ASSIGNMENT
– The transfer of the right, title and interest in the property of one person, the assignor, to another, the assignee.
What’s the correct term for unused land that could be separated from a parcel and sold separately?
Understanding
Landlocked
.
Landlocked parcels
are typically the result of subdivisions or the division of a larger parcel of land into smaller parcels, which are sold off individually. Ideally, the smaller parcels would each have access to a public right-of-way, but sometimes that’s not possible.
What is the difference between excess and surplus land?
Excess Land may have the potential to be sold separately. Surplus Land refers to land that is not currently needed to support the existing improvement but
cannot be separated from the Property and sold off
.
Which of the following is also known as an addendum?
An addendum or
appendix
, in general, is an addition required to be made to a document by its author subsequent to its printing or publication.
What is surplus land in land law?
After conferring land to the prospective owners whatever land remains with the state
, that land becomes surplus land and that land is to be distributed among the eligible persons in accordance with the provisions of the Page 2 sections 15 of the Act.
What is appraisal surplus?
Appraisal surplus means
the excess between the market value of an asset and its cost or depreciated book value when the market value is higher
.
What does the word fixity means?
Definition of fixity
1 :
the quality or state of being fixed or stable
. 2 : something that is fixed.
What does parcel situs mean?
Attribute Definition: Situs State:
The state of the parcel address
.
What does Nonhomogeneity mean?
Definition of nonhomogeneous
: made up of different types of people or things :
not homogeneous
nonhomogeneous neighborhoods the nonhomogenous atmosphere of the planet a nonhomogenous distribution of particles.
What is combining two or more adjoining properties called?
Assemblage
is the process of joining several parcels to form a larger parcel; the resulting increase in value is called plottage. Assemblage — The combining of two or more adjoining lots into one large tract. … The resulting added value is called plottage value.
What does equity mean in real estate?
Equity is
the difference between what you owe on your mortgage and what your home is currently worth
. If you owe $150,000 on your mortgage loan and your home is worth $200,000, you have $50,000 of equity in your home. … Your equity will also increase if the value of your home jumps.
What is leverage in property investment?
Put simply, leveraging is the
ability to put a small amount of deposit into a property
and use ‘leveraging’ or mortgage finance from a bank or other institution. … It’s the mortgage that gives you the ability to buy an investment property – without it, your money would be sitting in the bank earning next to nothing.
What does liquidity mean in real estate?
In other words, liquidity describes
the degree to which an asset can be quickly bought or sold in the market at a price reflecting its intrinsic value
. … Tangible assets, such as real estate, fine art, and collectibles, are all relatively illiquid.
What is technological obsolescence?
When a technical product or service is no longer needed or wanted
even though it could still be in working order. Technological obsolescence generally occurs when a new product has been created to replace an older version. +1 -1.
What is Title alienation?
Alienation refers to
the process of a property owner voluntarily giving or selling the title of their property to another party
. When property is considered alienable, that means the property is able to be sold or transferred to another party without restriction.
When value is created by combining individual properties into a larger one for a higher and more profitable use what is it called?
Synergy
is the concept that the value and performance of two companies combined will be greater than the sum of the separate individual parts.
Which of the following is a characteristic of joint tenancy?
For a joint tenancy to exist, four characteristics (or “unities”) must exist:
the holding of each joint tenant must be equal in nature, extension, and duration
(unity of interest); they must arise from the same act or instrument (unity of title); they must arise at the same time (unity of time); their rights must …
What is the number one rule of adjusting comparables?
1.
Multiply the value of the comparable by the percentage amount to get the amount of the adjustment
. 2. Then add or subtract this amount from the comparable’s value, depending on the relationship between the two properties.
What are the two values considered during a highest and best use Habu analysis?
The four criteria that the highest and best use must meet are
legal permissibility, physical possibility, financial feasibility, and maximum productivity
. Another definition that has been advanced is taken from The Illustrated Dictionary of Real Estate Appraisal by Henry S.
What two types of data does an appraiser gather?
There are generally two types of data that an appraiser will collect before making their evaluation:
specific data and general data
. Specific data refers to information gathered on the home itself. The home’s location, amenities, upgrades, size and other factors are all considered specific data.
Which principle states that property value is created and sustained when contrasting opposing or interacting elements are in a state of equilibrium?
What is
the economic principle of balance
? The principle that real property value is created and sustained when contrasting, opposing, or interacting elements are in a state of equilibrium.
How do you value property?
- Use online valuation tools. Searching “how much is my house worth?” online reveals dozens of home value estimators. …
- Get a comparative market analysis. …
- Use the FHFA House Price Index Calculator. …
- Hire a professional appraiser. …
- Evaluate comparable properties.
What is method of valuation?
Valuation is
the analytical process of determining the current (or projected) worth of an asset or a company
. … Fundamental analysis is often employed in valuation, although several other methods may be employed such as the capital asset pricing model (CAPM) or the dividend discount model (DDM).
Can you combine adjacent lots?
The main consideration is that California has long been regulated by the Subdivision Map Act. This means that you can’
t divide
or combine land in California for sale, lease, or financing without getting approval from your local jurisdiction.
How do I combine two houses?
- Evaluate Belongings Before the Move.
- Let Space Dictate Compromise.
- Tips for Combining a Multi-Pet Household.
- Blending Your Lifestyles After Marriage.
- Find a Style You Both Like.
- Don’t Forget to Update Your Finances After Marriage.
How big is a plat?
Map or plat size shall be
14” x 20” (preferred)
but no larger than 17” x 20”.
