Most Often Used in the Description of Urban Property, Which

question 18

Multiple Choice

Most often used in the description of urban property, which of the following methods of land description contains information regarding the location of various easements and may even contain a list of restrictive covenants?

• A) metes and bounds
• B) subdivision plat lot and block number
• C) government rectangular survey
• D) tax parcel number

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Definitions:

Excess Cost

The amount by which the cost of acquisition exceeds the fair value of the net identifiable assets of a company, often allocated to goodwill or specific intangible assets.

Book Value

Book value is the value of an asset according to its balance sheet account balance, calculated by subtracting any liabilities or obligations related to the asset from its original cost.

Fair Value

The amount one would get from selling an asset or the cost to move a liability in a structured exchange among market players on the evaluation date.

Equity Method

An accounting method used to assess the profits earned by investments in other companies, where the investment is recorded at cost and adjusted according to the investor's share of the investee's profit or loss.