Final answer:
The statement `Changes in a parcel of land that affect its value are called improvements` is FALSE
The answer is option ⇒2
Step-by-step explanation:
. Improvements refer to additions or modifications made to a property that enhance its value or functionality. These can include construction of buildings, renovations, landscaping, or other enhancements.
However, changes in the value of a parcel of land itself, without any physical improvements, are typically referred to as appreciation or depreciation. Factors such as location, demand, and market conditions can influence the value of land.
The answer is option ⇒2