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The subject property is a 0.75-acre site with a single-family residence that is located in a FEMA flood hazard area. The site is about 24 inches below the minimum building elevation, which would eliminate any feasible development of the site today. In this area, land in flood hazard areas sells for $10,000 per acre, and buildable residential sites in this market sell for $90,000. What is the value of the site (VL)?

Which of the following statements is correct with regard to real estate markets?

In a market value appraisal, land use regulations 

Which of the following is an example of micro-level data?

If an appraiser is estimating the land value of a parcel of land that has improvements on it, the land must be valued

The valuation process is

Which economic concept states that the value of a component is measured by the dollar amount that its absence would affect the value of the whole?

What is price?

An appraiser is preparing a market value appraisal of a residential property located within a gated, platted subdivision in Suburban City. A sign at the gate to the subdivision reads “No admittance to anyone other than owners and their guests,” and the gate only opens when a code or electronic signal is used. Which of the following statements is correct?

A lender asked an appraiser to prepare an appraisal report on a 2.2-acre site with a proposed single-tenant industrial building. The lender requested a value estimate as of today, which the appraiser provided via comparison with vacant land sales. The lender also requested a value opinion as if the structure were completed. This is an example of