Property Valuation
What is 'site analysis' in real estate appraisal and what factors does it consider?
AA. Analysis of the construction site to determine building costs
BB. Analysis of the land parcel considering size, shape, topography, utilities, access, location, and other physical and legal characteristics affecting value✓ Correct
CC. Environmental testing of soil and water on the property
DD. A survey of neighboring properties to determine comparable values
Explanation
Site analysis examines the land parcel's characteristics separately from any improvements. Factors include: size and shape, topography and drainage, soil conditions, view and orientation, utilities availability, access and frontage, legal restrictions, and location factors. In Hawaii, site analysis also considers lava zone, flood zone, and tsunami zone designations.
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