Property Valuation
In Texas, the excess land technique in appraising a property means:
AValuing agricultural land at its highest agricultural use
BIdentifying land beyond what is needed for the property's highest and best use and valuing that excess separately✓ Correct
CAdding a value premium for corner lots
DCalculating the land area using GPS coordinates
Explanation
Excess land is land beyond the minimum site size needed to support the highest and best use of the improvements. The excess may have a different (often lower) per-unit value than the primary site and is valued separately.
Related Texas Property Valuation Questions
- A Texas appraiser is completing an appraisal and uses three comparable sales. After adjustments, the comparables indicate values of $310,000, $315,000, and $308,000. The appraiser reconciles these to $312,000. This process is called:
- An appraiser in Austin, Texas values a recently renovated historic bungalow in a gentrifying neighborhood. The key challenge is:
- Accrued depreciation in the cost approach refers to:
- The 'three approaches to value' in real estate appraisal are:
- Texas Central Appraisal Districts (CADs) are required to reappraise property at least once every:
- External obsolescence affecting a Texas property is BEST described as:
- Gross Rent Multiplier (GRM) is calculated as:
- A Texas appraiser determines that a property's highest and best use is commercial rather than its current residential use. For appraisal purposes, the appraiser should:
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