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36 Cards in this Set

  • Front
  • Back
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
the act or process of the gov't taking private property
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
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
brought appraisal industry under federal regulation & mandated states to license/certify appaisers
Four powers of government
police power
eminent domain
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
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
right to raise revenue of government through assessments
Trade (chattel) fixture
attached to rented space of business. It is treated as personal property
Uniform Standards of Professional Appraisal Practice
Use of an appraisal
manner the client employs the information
ground + everything attached, natural or man-made
Value theory
history of thought on sources & bases of value
physical & locational characteristics of land
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