Certified Residential Appraiser Practice Exam

What do you call a piece of land that may be identified by a common description?

1. Parcel

2. Plot

3. Lot

4. Zone

The correct answer is: Parcel

The term "parcel" refers to a specific piece of land that can be identified by a common description, often used in legal contexts and real estate transactions. A parcel is typically delineated by boundaries that are recognized in legal documents, such as surveys or deed descriptions. This term encompasses not just the physical attributes of the land, but also its legal status, making it suitable for various forms of usage and ownership. In contrast, while "plot," "lot," and "zone" are related to the real estate and land-use contexts, they have distinct meanings. A plot generally refers to a small piece of land, often designated for development, but may not necessarily encompass the legal definitions or dimensions that a parcel would include. A lot generally refers to a piece of land for sale or development, often within a subdivision, and might be a smaller subdivision of a larger parcel. The term "zone" pertains to a classification within land-use regulations, indicating permitted uses for specific areas (residential, commercial, industrial, etc.), but does not specifically denote individual parcels of land. Thus, understanding the precise definition of "parcel" is crucial when discussing ownership, transactions, or legal aspects of land, making it the correct term for identifying a piece of land by