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37 Cards in this Set

  • Front
  • Back
The process of estimating market value or investment value.
Study of the nature, quality or unity of a parcel of real estate or interest
is always related to a particular defined value.
Federal National Mortgage Association
Financial Institutions Reform, Recovery & Enforcement Act... The act establiched the requirement for Nationwide Competency Standards to be overseen by the Appraisal Foundation.
Appraisal Foundation
Non Profit Corp has the authority to set standards for licencing and certification (under title XI)
Standard of Value
Type of Value information the client wants (market value, Insurance value..etc).
Intended Use
What the client plans to do with the appraisal
Intended Users
Who will use it
Scope of work =
standard of value, intended use and intended user.
Definition of Real Estate
An Identified parcel or tract of of land, includes improvements if any.
Ownership of land includes
the sub-surface below, air space above as well as the surface.
is something added to land such as utities, buildings or landscaping.
An item which was formaly personal property that has become real property.
Test to Determine Fixture
Method of attachment
Relationship of Parties
Personal Property is
Property that is not real estate
Method of attachment
the harder to remove the more likely it is Real Estate
Trade Fixtures
Fixtures installed by a tenant in connection with the operation of a business.
Real Estate is
the physical land and the improvements
Real Property =
the interest, benifits and rights inherent in the ownership of real estate.
Bundle of Rights
include the right to use, occupy, sell or lease & to dispose of.
something that goes along with the ownership of land (easements & Reperian Rights).
the exclusive right to occupy and use the real estate
Freehold Estate
Estate that includes title
Leasehold Estate
Pocession without title
Fee Simple
most complete form of real property interest - includes entire bundle of rights
Life Estate
Similar to Fee Simple automatically terminates upon death.
Leasehold Estates
a tenants real property interest - leases
Tenancy for Years
Lease that terminates on a specific date
Periodic Tenancy
one that goes on until one party wants to terminate.
Tenancy at will
Landlord agrees to let the tenant remain for an indefinate amount of time.
Tenancy in Sufferance
Tenant Remains without consent of landlord.
Encumbrances are
interests that do not inclde right to use or occupy. no personal interest such as mortgage or easement.
is an interest that is held by a creditor
Leins can be...
voluntary or involuntary
Voluntary = mortgage
Involuntary = through operation of the law such as a tax lein or judgement
Non Financial Encumbrances
A) Easement - right to use someone elses property for a specific purpose (survient burdened tenement)
Easement in Gross = Benifit individuals or organizations (Utility Company)
B)Profit a Prendre - Right to take something from the property (crops, fruit, gravel) - diminishes the value of the property.
Private Restrictions
A form of land use regulation similar to zoning. The difference is that they are not enforced by the Govt.