Property Valuation
What is 'excess land' versus 'surplus land' in Kansas appraisal?
AThey are identical terms for unused land on a parcel
BExcess land can be separated and sold independently; surplus land is needed for the primary use but cannot be developed separately✓ Correct
CSurplus land is excess land in agricultural areas
DExcess land is always valued at zero
Explanation
Surplus land is beyond the typical size needed for the highest and best use but cannot be independently sold. Excess land is beyond what is needed and can be separated and valued independently, potentially at its own highest and best use.
People Also Study
Related Kansas Questions
- In Kansas, an agricultural exemption from property tax (known as use-value appraisal) applies to land:Land Use & Zoning
- A Kansas section of land is sold for $1,920,000. What is the price per acre?Real Estate Math
- The 'land residual technique' in Kansas appraisal is used to:Property Valuation
- A Kansas property has land valued at $45,000 and improvements valued at $135,000 (before depreciation of $22,500). What is the indicated value using the cost approach?Real Estate Math
- In Kansas, a 'multi-tenant office building' is typically valued using which appraisal approach as the primary method?Property Valuation
- What is an 'as-is' appraisal versus an 'as-improved' appraisal in Kansas?Property Valuation
- What is the 'highest and best use' principle in Kansas real estate appraisal?Property Valuation
Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
Study This Topic
Practice More Kansas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kansas Quiz →