Crop Insurance
The cost or the amount the farmer pays to have crop insurance
How many acres are in a section?
640
The value calculated for property tax purposes
Assessment
Govt’s right to acquire privately owned RE for public use
Eminent Domain
Who started/headlined the first farm aid concert?
Willie Nelson
The amount the farmer gets paid if there is a crop insurance claim
Indemnity
Where are correction lines found?
Along the boundaries of a township
PTAX forms are also called:
Green Sheets
The two forms of returns from any investment.
Annual Income Stream or Appreciation (Capital Gain)
What does Upside Down mean in reference to lending?
Debt > Assets
The Spring Price is the average of the daily closes of the December futures contract during the month of
February
____________________ are the degrees of ownership of land.
Estates in Land
When did the license for appraisals begin?
1980s
Farmland has a high positive correlation with:
Inflation/CPI
persistent high inflation combined with high unemployment and stagnant demand in a country's economy
Stagflation
Who will require you to buy crop insurance?
Lenders
Metes and Bounds
A _______________ can appraise any real property
The theory that states ownership of RE carries a collection of specific, separable rights
Bundle of Rights
Who was the Secretary of Ag who famously said, "Go Big or Get Out"
Earl Butz
APH Stands for
Actual Production History
How many acres are in the following legal description?
NE, NE of Section 1
40
Name two of the three approaches to value land in an appraisal
Cost, Sales Comparison, Income
a term for things that are movable and not “permanently affixed”
Chattels
Pre 1980s, lenders were ____________ based lenders and after the 1980s, lenders became ____________ based lenders