Nys Appraisal Chptr 1 Introduction

Front 1

Valuation

Back 1

The process of estimating market value or investment value.

Front 2

Evaluation

Back 2

Study of the nature, quality or unity of a parcel of real estate or interest

Front 3

Appraisal

Back 3

is always related to a particular defined value.

Front 4

FANNIE MAE

Back 4

Federal National Mortgage Association

Front 5

FIRREA

Back 5

Financial Institutions Reform, Recovery & Enforcement Act... The act establiched the requirement for Nationwide Competency Standards to be overseen by the Appraisal Foundation.

Front 6

Appraisal Foundation

Back 6

Non Profit Corp has the authority to set standards for licencing and certification (under title XI)

Front 7

Standard of Value

Back 7

Type of Value information the client wants (market value, Insurance value..etc).

Front 8

Intended Use

Back 8

What the client plans to do with the appraisal

Front 9

Intended Users

Back 9

Who will use it

Front 10

Scope of work =

Back 10

standard of value, intended use and intended user.

Front 11

Definition of Real Estate

Back 11

An Identified parcel or tract of of land, includes improvements if any.

Front 12

Ownership of land includes

Back 12

the sub-surface below, air space above as well as the surface.

Front 13

Improvement

Back 13

is something added to land such as utities, buildings or landscaping.

Front 14

Fixture

Back 14

An item which was formaly personal property that has become real property.

Front 15

Test to Determine Fixture
M A R I A

Back 15

Method of attachment
Adaptability
Relationship of Parties
Intention
Agreement

Front 16

Personal Property is

Back 16

Property that is not real estate

Front 17

Method of attachment

Back 17

the harder to remove the more likely it is Real Estate

Front 18

Trade Fixtures

Back 18

Fixtures installed by a tenant in connection with the operation of a business.

Front 19

Real Estate is

Back 19

the physical land and the improvements

Front 20

Real Property =

Back 20

the interest, benifits and rights inherent in the ownership of real estate.

Front 21

Bundle of Rights

Back 21

include the right to use, occupy, sell or lease & to dispose of.

Front 22

Appurtenance

Back 22

something that goes along with the ownership of land (easements & Reperian Rights).

Front 23

Estate

Back 23

the exclusive right to occupy and use the real estate

Front 24

Freehold Estate

Back 24

Estate that includes title

Front 25

Leasehold Estate

Back 25

Pocession without title

Front 26

Fee Simple

Back 26

most complete form of real property interest - includes entire bundle of rights

Front 27

Life Estate

Back 27

Similar to Fee Simple automatically terminates upon death.

Front 28

Leasehold Estates

Back 28

a tenants real property interest - leases

Front 29

Tenancy for Years

Back 29

Lease that terminates on a specific date

Front 30

Periodic Tenancy

Back 30

one that goes on until one party wants to terminate.

Front 31

Tenancy at will

Back 31

Landlord agrees to let the tenant remain for an indefinate amount of time.

Front 32

Tenancy in Sufferance

Back 32

Tenant Remains without consent of landlord.

Front 33

Encumbrances are

Back 33

interests that do not inclde right to use or occupy. no personal interest such as mortgage or easement.

Front 34

Lein

Back 34

is an interest that is held by a creditor

Front 35

Leins can be...

Back 35

voluntary or involuntary
Example:
Voluntary = mortgage
Involuntary = through operation of the law such as a tax lein or judgement

Front 36

Non Financial Encumbrances

Back 36

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.

Front 37

Private Restrictions

Back 37

A form of land use regulation similar to zoning. The difference is that they are not enforced by the Govt.