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30 Cards in this Set
- Front
- Back
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Real Property |
land, improvements attached to the land, and the rights to use them |
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Personal Property |
A right or interest in things of temporary or moveable nature - Chattel, Personalty. Ownership is transferred with a bill of sale |
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Fixtures, trade fixures, emblements |
trade fixture are required to carry out business |
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Public and Private Land use controls |
Encumbrances |
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Public Controls - Government Powers |
Police Power, Eminent Domain, Escheat |
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Police Power |
the power given to a municipality to regulate the use of a property |
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Eminent Domain |
right given the government to take property for public use through condemnation. |
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Escheat |
reversion of property to the state when someone dies without a will or heirs. |
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Private Controls, Restrictions and Encroachments |
covenants, conditions, and restrictions easements licenses and encroachments |
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Lease Hold Estates |
Estate for years and from period to period, Estate at will and Estate at Sufferance Gross, Net and Percentage Leases |
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voluntary alienation |
transfer of title to another, usually by a written document |
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involuntary alienation |
usually occurs in court and or can occur from natural causes |
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Recording the Title |
Constructive and Actual notice Title Abstract and Chain of Title Marketable Title Clouded Title Attorney Title Opinion, quiet title lawsuit, and title insurance |
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Chain of title |
list of all owners of a property |
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characteristics of value |
DUST demand, utility, scarcity, transferability |
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principles of value |
highest and best use principle of substitution conformity increasing and decreasing returns contribution regression competition change anticipation |
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methods of appraisal |
Market Data, income or capitalization method and or cost approach |
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Sales Comparison approach |
3-5 sales no more than 6 months old - residential |
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Income Approach |
Income producing |
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Gross Rent Multiplier |
GRM is based on location and rent - price per rent |
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Gross Income Multiplier |
GIM is used for commercial property - based on annual rent |
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Implied Contract |
implied by actions or evidence |
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Unilateral Contract |
binds only one party - an option is a unilateral contract |
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Bilateral Contract |
Binds both parties. A contract |
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Required Elements of a contract |
COLIC competent parties offer and acceptance legal purpose in writing consideration |
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Voidable |
one party has the right to withdraw |
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steps to the appraisal process |
state the purpose collect and verify estimate value reconcile prepare report |
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functional obsolescence |
mostly curable, inferior materials, curb appeal, not enough bathrooms or bedrooms |
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Economic obsolescence |
also referred to as external obsolescence - zoning, pollution |
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Express Contract |
written or stated |
