Certified Residential Appraiser Practice Exam

Which term describes a property development that includes various complementary land uses under a single master plan?

1. Timesharing

2. General Partnership

3. Planned Unit Development (PUD)

4. Cooperative

The correct answer is: Planned Unit Development (PUD)

The term that accurately describes a property development encompassing various complementary land uses under a single master plan is Planned Unit Development, commonly referred to as PUD. A PUD is designed to create a cohesive community by integrating different types of residential, commercial, and sometimes industrial uses within a specifically planned area. This type of development allows for flexible zoning and a mix of property types, including single-family homes, townhouses, and apartments, which can enhance the functionality and aesthetic appeal of the community. PUDs are typically governed by a set of planning regulations that aim to maintain the overall character of the development while encouraging diversity in land use. This planning approach can lead to improved efficiency in land use and infrastructure, as well as a greater quality of life for residents through the creation of shared amenities such as parks, recreation centers, and walkable environments. Other terms provided do not accurately represent this concept. For example, timesharing refers to a property ownership arrangement where multiple parties own the right to use a property at specific times. A general partnership is related to business structure and ownership, often utilized in real estate ventures but not linked to specific land use planning. Lastly, a cooperative is a housing arrangement where residents own shares in a corporation that owns the property