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17 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What does SBA stand for?
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If the Subject is Better Add
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What does CBS stand for?
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If the Comparible is Better Subtract
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What is the greatest possible estate or right of ownership of real property, continuing without time limitation?
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Fee simple
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What is a written instrument that conveys title to or an interest in real estate when properly executed and delivered?
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A deed
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Appraiser qualifications that meet federal guidelines comes from what appraisal board?
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The Appraiser Qualification Board (AQB)
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What does the MARIA stand for?
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Method, adaptability, relationship, intention, agreement
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What are the four unities required for a joint tenancy?
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Time, title, interest, posession
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PITT
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What is an exclusive ownership interest in an identified segment of the airspace of a parcel of real estate, along with an interest in common in the parcel?
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Condominium
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Special form of ownership. Think about the words airspace and common.
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What is a type of development, as well as a zoning classification, that features indivually owned parcels together with shared common areas?
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A planned unit development. (PUD}
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A special form of ownership. Shared is the key word here.
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What does FIRREA stand for?
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Financial institutions reform, recovery, and enforcement act. {1989}
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What board is responsible for establishing the rules for developing an appraisal and reporting its results? In addition it is responsible for the enforcement of USPAP.
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The Appraisal Standards Board. (ASB)
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What part of USPAP section 1 states that the appraiser must advise the client when the assignment calls for something different from the work required by the specific guidelines?
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The departure provision
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What is the purpose of USPAP?
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To present information that will be meaningful to the client and will not be misleading in the marketplace.
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A certified appraiser is required for federally related transactions involving property valued at more than how many $?
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$1 million
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What is a real estate appraisal?
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An appraisal is an estimate of value.
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When can a private property be taken for public use?
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Eminent domain, escheat, police power, and taxation.
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TEPE
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Community property is all property acquired by either spouse during marriage, except property acquired by:
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1. Gift or inheritance,
2. with the proceeds of seperate property, or 3. as income from seperate property |
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