Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
36 Cards in this Set
- Front
- Back
|
Appraisal
|
an opinion of value pertaining to the practice
|
|
|
Bundle of rights
|
all ownership rights including right to use, sell, lease, enter, gift, mortgage etc.
|
|
|
Complete appraisal
|
no departure
|
|
|
Condemnation
|
the act or process of the gov't taking private property
|
|
|
Consulting
|
act or process of providing information, analysis, recommendations or conclusions other than value
|
|
|
Eminent domain
|
right of gov't to take private property for public use with just compensation
|
|
|
Escheat
|
right of reversion to gov't in the case of no will or apparent heirs
|
|
|
Fee simple estate
|
absolute interest unencumbered by any other interest
|
|
|
FIRREA
|
brought appraisal industry under federal regulation & mandated states to license/certify appaisers
|
|
|
Four powers of government
|
police power
eminent domain taxation escheat [Remember PETE] |
|
|
Leased fee estate
|
ownership interest of landlord (lessor)
|
|
|
Leasehold estate
|
interest (right of use/occupancy) held by tenant (lessee) in leased property
|
|
|
Liability
|
legal responsiblity for damages
|
|
|
Limited appraisal
|
use of departure
|
|
|
Personal property
|
movable items not permanently fixed to real estate
|
|
|
Police power
|
right of gov't to regulate
|
|
|
Purpose of an appraisal
|
reason for assignment. (To estimate a defined value of specified interest)
|
|
|
Real estate
|
physical land + appurtenances
|
|
|
Real property
|
all interest, benefits, rights in ownership of the physcial real estate
|
|
|
Restricted appraisal report
|
one that complies with SR 2-2 (c); the key word is "state"; it is the least detailed report
|
|
|
Review appraisal
|
act or process of developing an opinion about another appraiser's work
|
|
|
Self-contained appraisal report
|
one that complies with SR 2-2 (a); the key word is "describe"; the most detailed report
|
|
|
State licensing & certification
|
the regulation of appraisers through state agencies
|
|
|
Taxation
|
right to raise revenue of government through assessments
|
|
|
Trade (chattel) fixture
|
attached to rented space of business. It is treated as personal property
|
|
|
USPAP
|
Uniform Standards of Professional Appraisal Practice
|
|
|
Use of an appraisal
|
manner the client employs the information
|
|
|
Land
|
ground + everything attached, natural or man-made
|
|
|
Value theory
|
history of thought on sources & bases of value
|
|
|
Geography
|
physical & locational characteristics of land
|
|
|
Estate
|
degree, nature, or extent of interest
|
|
|
Attributes of land
|
1. Unique in location & composition
2. Immobile 3. Durable 4. Supply is finite 5. Useful to people |
|
|
Concepts of land
|
1. Geographic
2. Legal 3. Social 4. Economic |
|
|
Test of a fixture
|
1. Affixed
2. Character of item & adaptation to use 3. Intention of parties |
|
|
List of uses of an appraisal
|
1. Transfer of ownership
2. Financing & credit 3. Litigation 4. Tax 5. Investment counseling & decision making |
|
|
Licensing & certification
|
1. Circular A-126 by OMB, 1988 - Requires certified & licensed appraisers
2. FIRREA, Title 11, 1989 |
