Texas Sae: Real Estate Appraisal

Front 1

What does a lot block system use to develop a property's legal description?

Back 1

Plat references

Front 2

How large is a section in the rectangular government system?

Back 2

640 Acres

Front 3

What is a bound?

Back 3

A physical feature that defines the boundaries of the land.

Front 4

Starting reference for metes and bounds description

Back 4

Point of Beginning

Front 5

What is a mete

Back 5

The direction and distance of a line forming the boundary of a property

Front 6

Which legal description uses compass headings and direction?

Back 6

Mete and Bound

Front 7

What does the lock-and-block system use to develop a property's legal description?

Back 7

Plate Reference

Front 8

What's a principal meridian

Back 8

A north-south line used as a reference point in the rectangular government survey system.

Front 9

What's a Township

Back 9

A 36-mile square formed in the use of the rectangular government survey system.

Front 10

Easement appurtenant

Back 10

The permanent right to use another's land for the benefit of a neighbor.

With an easement appurtenant, the easement is on an adjoining property, and it is permanent.

Front 11

Easement of Gross

Back 11

A right to use the land (does not necessarily involve an adjoining property) As you probably remember, a common type of easement is a utility company's right to access a property's lot to maintain it's power lines.

Front 12

Easement of necessary

Back 12

Usually this involves access to a road: without such an easement, the owner requiring the right to passage would be landlocked.

Front 13

Easement by Prescription

Back 13

This is an easement acquired though years of use-one person acquires the permanent right to use another person's property by doing so for a period of time.

Front 14

Encroachment

Back 14

occurs when part of an improvement to the land (a building, fence, tree) extends over that property line into the next property.

Front 15

Reversionary Interest

Back 15

property ownership goes back to the original owner at the end of the life estate.

Front 16

Joint Tenancy

Back 16

Joint co-ownership without inheritance rights. Also requires time, title, interest, and possession. Equal ownership shares with undivided possession rights.

Front 17

Termination of co-ownership by partition

Back 17

Ownership termination allows each tenant to have a specific, divided portion (partition) of the property exclusively

Front 18

Tenancy by Entirety

Back 18

Most often used by married couples and includes co-ownership with survivorship rights.

Front 19

Tenancy in Common

Back 19

contains co-ownership with inheritance rights. Each person is entitled to possession on the whole.

Front 20

Life Estate

Back 20

Ownership, Possession, and control for someone's lifetime.

Front 21

Partitian

Back 21

Specific, divided portion of property that's created as part of a co-ownership termination.

Front 22

Community Property

Back 22

Includes Unity of time, title, interest, possession, and marriage.

Front 23

Fee Simple subject to a condition subsequent

Back 23

doesn't end automatically when the slated event or condition occurs.

Front 24

SubChapter S Corporation

Back 24

Shareholders in a Subchapter S may deduct losses on their incomes taxes representing their share of the corporations losses

Front 25

Partial Performance

Back 25

Only a portion of what a party has agreed to has been completed which is sometimes enough and other times will result in termination.

Front 26

Specific Performance

Back 26

Lawsuit requiring the other party to perform under the terms of the contract (no Monies, just actions) Party must do exactly what is agreed what they agreed to do.

Front 27

Substantial Performance

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One party has met most but not all of the terms specified in the contract and may be required to pay damages for terms not met.

Front 28

Impossibility of Performance

Back 28

Property is destroyed or made the subject of eminent domain.

Front 29

Operation of Law

Back 29

Manner in which an individual acquires rights or liabilities automatically due to law, and not through an agreement or act of their own.

Front 30

Leasehold estate

Back 30

This defines the legal relationship between the parties who sign the lease. It grants possession, but not title, to the tenant, and is for a limited period of time.

Front 31

Estate for years

Back 31

This is a fixed termination type of lease that may be for a day, week, month, year, several years, or any definite period of time. When the specified date occurs, the lease terminates automatically

Front 32

Periodic estate

Back 32

This involves possessory interest that's automatically renewed at the end of each period specified in the lease.

Front 33

Estate at will

Back 33

In this type of leasehold, the duration of the lease is unknown at the time it's created. An example would be a month-to-month lease

Front 34

Estate at sufferance (a.k.a. tenancy at sufferance)

Back 34

This is a type of possession in which a tenant stays after the right to possess has terminated.

Front 35

Holdover tenant

Back 35

This is a tenant who refuses to leave after the expiration of a lease.

Front 36

Lease

Back 36

This is a contract that transfers possession for consideration.

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Lessee

Back 37

This is the one who leases and is placed in possession (tenant).

Front 38

Lessor

Back 38

This is the one who leases out, granting temporary possession to another (landlord).

Front 39

Stud

Back 39

Vertical wood pieces used for wall construction.

Front 40

Joist

Back 40

Make up floor and ceiling frame

Front 41

Rafter

Back 41

Wood framing member used in construction of the roof

Front 42

Platform framing

Back 42

Framing of the structure rest on a subfloor platform

Front 43

Balloon framing

Back 43

Single system of wall studs that run from the foundation to the ceiling

Front 44

Post-and-beam framing

Back 44

Uses larger framing members, allowing for more distance between studs

Front 45

Insulation

Back 45

Typically made of rock wool, fiberglass, or aluminum-wrapped fiberglass

Front 46

Masonry Veneer

Back 46

A thin thin layer of brick over wooden walls

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Solid Masonry

Back 47

Brick walls that support the roof structure

Front 48

Weep Holes

Back 48

Ventilate the space between the brick and sheathing

Front 49

Sheathing

Back 49

Usually made from insulated drywall or plywood and nailed directly to wooden studs

Front 50

Siding

Back 50

Applied over the sheathing

Front 51

Wall

Back 51

Header, Sheathing

Front 52

Roof

Back 52

Flashing, Pitch

Front 53

Overhang

Back 53

Fascia, Soffit

Front 54

Step to create a new wall:

Back 54

Installing drywall - Sheet and platerboard that cover the studs and framework of the wall

Taping - Strips of adhesive used to over drywall joints

Floating - Nails and drywalls joints are covered with plaster

Painting -

Installing -

Trim - Joints between doors, walls windows, and ceilings are covered

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Electrical System

Back 55

Amperage - Amount of electricity flowing through wire.

Voltage - Electrical Pressure

Service Lateral - Underground wiring connecting the structure to the power source.

Service drop - Above-ground wiring connecting the structure to the power source.

Fuse - Electrical component that melts when over-heated.

Circuit Breaker - Electrical component that trips when capacity is exceeded.

Front 56

Wiring Materials

Back 56

BX Cable - armored cable consisting of insulated wires in a flexible metal enclosure.

Romex - Non-metallic sheath cable that's alot like BX, except it's plastic coated, moisture resistant, flame retardant, less expensive and easier to install.

Conduit - is a tube made of galvanized steel, plastic, or aluminum used to enclose the wires that carry current. It’s needed if BX or Romex, which have their own protection built in.

Greenfield Conductors - look like BX but have no wires until they are put inside. Greenfield is made of flexible metal, and used for connecting air conditioners, clothes dryers, and other big appliances where BX or Romexaren’t used.

Front 57

AC Components

Back 57

Evaporator - Take heat from the air and brings it to the refrigerant.

Compressor - Create a flow of refrigerant from on part of the system to the other.

Condenser - Liquefies the refrigerant gas by cooling it.

Front 58

Ventilation

Back 58

System pulls air out of the kitchen, bathrooms, and other places where smells and pollutant concentrations occur.

Front 59

Copper

Back 59

Most common used wiring now.

Front 60

Forced Air system

Back 60

Uses a furnace to heat cool air and transport the warm air via ducts.

Front 61

ASPAP 8 Step Process

Back 61

1. State the problem

2. Identify date needed

3. Gather and Analyze data

4. Determine Highest and best use

5. Estimate Value of land

6. Use three approaches to estimate property value. Sales comparison, cost approach, income approach

7. Reconcile values to determine final appraisal value.

8. Report Appraisal Value

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DUST

Back 62

Demand - Is it desirable? Will people pay for it?

Utility - How can it be used? What is the highest and best use?

Scarcity - How rare is the property? For instance, is it a lot with a view?

Transferability - Can it easily be sold to someone else in good condition with a good title.

Front 63

Sales comparison approach AKA Market Extraction

Back 63

Used for:

Residential single family

Owner occupied

Vacant Land

Subject property similar to the comparable properties that have sold recently.

Front 64

Appraisers work with other economic principals:

Back 64

The principle of contribution means that a part of a property is valued according to its contribution to the value of the whole, so you get max value when the improvements on a property produce the highest net return.

The principle of competition says that the more competition from similar properties, the more downward pressure there is on pricing.

The principle of conformity means that you get maximum value when the improvements on a property keep it in the same ballpark as the properties surrounding it.

Front 65

Appraiser order of elements to make adjustments

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1. Financing terms and cash equivalency

2. Conditions of sale

3. Market conditions at time of contract and closing

4. Location

5. Physical characteristics

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Bracketing

Back 66

Compares a group of comparable sales to the subject property to determine a probable range of value

Front 67

Correlation

Back 67

Determines how much weight to give a comparable property

Front 68

Cost Approach

Back 68

measures value as a cost of production, including acquisition of the land and the construction costs.Its reliability depends on valid “reproduction” (the cost of rebuilding) cost estimates, and appropriate depreciation estimates.

This approach is most often used in these circumstances:

New construction of both residential and commercial property.

Unique properties, such as highly energy-efficient houses, residential acreage with excess land, and high-dollar houses with many amenities.

Special-purpose commercial uses such as hospitals, some manufacturing plants, hotels, and other single-purpose properties.

Front 69

Three types of Value of cost approach

Back 69

Site Value - Assumes land is vacant and bases opinion on highest and best use.

Reproduction cost - cost to build exact replica of the subject property with the same materials and deficiencies.

Replacement cost - Reflects the cost to build a functionally equivalent improvement

Front 70

Income approach

Back 70

The appraiser analyzes a properties ability to earn future income. The income approach also capitalizes income into a indication of present value. This approach is used for single family houses (rental property)

Front 71

Capitalization Formula

Back 71

The formula is value = income divided by rate of capitalization or $20,000 / .10 = $200,000.

Front 72

Substitution

Back 72

This is called the economic principle of substitution, which states that the lower-priced option of two properties of equal quality will likely sell first.

Front 73

External obsolescence

Back 73

Outside influences on value can lead to external obsolescence, which is incurable.

Front 74

Data Need for appraisal report to estimate the market value.

Back 74

General Data - Geographic and economic features of the nation, region, city, and neighborhood.

Specific Data - Subject site and improvements including physical description.

Sales comparison - Sales data on comparable properties.

Cost approach - Cost data on contraction of a like property accrued depreciation data on the subject property.

Income approach - Income and expense data from properties similar to the subject

Front 75

Data Appraisers need to gather and analyze

Back 75

Climate and natural causes - Area Maps

Population Trends - Area planning commissions, US census Bureau data, Local chamber of commerce, government councils

Neighborhood Boundaries - Personal observation broker, city hall or courthouse, plat maps.

Zoning - City hall or courthouse, county or city engineering commission, area planning commission

Price range of market - Broker, title reports, property managers or owners, federal housing administration, local board of Realtors

Front 76

General Data that better describes the geographic and economic market

Back 76

Traffic patterns - city hall or courthouse, city or county engineering commission, area planning commission, or highway and road commissions

Employment Level - Financial institutions, local chamber of commerce government councils, labor organizations

Tax structure and rates - City hall or county courthouse assessors office.

Utilities available - City hall or county courthouse, public utility companies.

Hazards and nuisances - Personal observation, neighborhoods

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Brownfield

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An abandoned or otherwise unused commercial or industrial site

Front 78

Reversionary Interest

Back 78

With reversionary interest, the estates reverts to the original owner at the end of the life estate if another person isnt name as a remainderman.

Front 79

Percolating

Back 79

the right to draw water from underground resources, such as wells, for the landowner’s use.

Front 80

How are adjustments made in the analysis used in the sales comparison approach?

Back 80

By adding or subtracting a dollar value or percentage from the sales price of the comparable property.Whether an adjustment is made for a “good” or a “bad” feature, it’s made to the comparable, not to the subject.

Front 81

When looking at a rectangular government survey system map, where would Section 36 be located?

Back 81

The numbers on the grid start with Section 1 in the northeastern corner of the township, and then follow a zigzag pattern, with Section 36 in the southeastern most corner.

Front 82

Disposition

Back 82

The right of disposition provides the right to determine how, when, and whether the property is to be sold and transferred.

Front 83

Forced air

Back 83

This is how forced-air heating (usually gas) works. This type of heating can be an issue for people with allergies because dust can be stirred up inside the heat ducts throughout the house.

Front 84

Physical

Back 84

Physical amenities and their quality can cause the value of properties in the neighborhood to go up or down

Front 85

Cheryl wants new carpeting for her rectangular dining room. Her dining room is a 5 yards by 10 yards. How much carpeting does she need to buy to cover her entire dining room?

Back 85

50 yards squared

You need to find the area for this problem. Use this formula: area = 5 yards × 10 yards = 50 square yards.

Front 86

Foundation walls are often constructed out of which of the following?

Back 86

Poured concrete, bricks, or concrete blocks Common materials for foundation walls include poured concrete, concrete blocks, and brick.

Front 87

Fee simple determinable

Back 87

A fee simple determinable has limitations as to what can or can’t be done with a property

Front 88

Abstraction method

Back 88

The ________________ method of land valuation is sometimes used when there’s little comparable sales data available and large parcels of land are involved.

Front 89

Encapsulation

Back 89

Encapsulation with specialized paints is a way to keep lead-based paint from potentially deteriorating and releasing toxic amounts of lead into the home.

Front 90

Utility

Back 90

The U in DUST is for utility, which looks at the property’s use or function.

Front 91

Cost approach

Back 91

Reproduction/replacement cost –accrued depreciation + site value = property value of improvements

Front 92

Four Methods to Finding the Reproduction Cost of a Structure

Back 92

Indexmethod: With this method, the appraiser applies a factor that represents the construction costs,up to the appraisal date,to the subject building’s original cost.

Square-footmethod: With this method, the appraiser multiplies the cost per square foot of a recently constructed comparable structure by the number of square feet in the subject building.Generally, this method is theone appraisers use to estimate construction costs.

Unit-in-placemethod: With this method, the appraiser multiplies the cost per unit of measure of each component part of the subject property’s structure (for example, the material, overhead, labor, and builder’s profit) by the number of units of that component part in the subject. The totalcomponentcost is the cost of a new structure. (Generally, component parts are provided in square feet, but someparts, like plumbing fixtures, are provided as completeunits.)Copyright © The CE Shop. All rights reserved.66

Quantity surveymethod: With this method, the appraiser adds the itemized costs—including direct and indirect expenses—of building or installing all of a new structure’s component parts.

Front 93

Index method formula

Back 93

Present index ÷ Index at time of construction x Original cost = Present cost

Front 94

Square - foot method formula AKA Comparative Unit Method

Back 94

cost per square foot of a recently constructed comparable structure by the number of square feet in the subject building.

Front 95

Gross living area formula

Back 95

(Gross living area x Cost per square foot)+ Cost of the non-living areas + Cost of improvements = Reproduction cost new

Front 96

Unit - in - place method formula

Back 96

multiplies the cost per unit of measure of each component part of the subject property’s structure

Front 97

quantity survey method formula

Back 97

Direct costs + Indirect costs + Entrepreneurial profit = Total reproduction cost new

Front 98

Economic Life

Back 98

Period of time for which a structure can be used for the purpose for which it was originally intended.

Front 99

Physical Life

Back 99

Amount of time during which the structure is expected to remain standing

Front 100

Effective Age

Back 100

Age a structure appears to be

measure of time, with regard to depreciation, is the age a structure appears to be?

Front 101

Remaining Economic Life - Most important of the four measures of time

Back 101

Period of time beginning from the date of the appraisal and extending for as long as the property can remain useful for it's original purpose

Front 102

Four Measures of Appreciation

Back 102

Market Extraction - also known as straight-line method or economic age-life method

Observed Condition - also known as the breakdown method

Capitalized Value - also known as rent loss method

Age-Life - Method, also known as the market comparison or sales comparison method

Front 103

Age-Life AKA Straight Line Method

Effective age /Total Economic Life - Accrued depreciation

Back 103

Compare the structure's effective age at the time it's appraised with the structure's total economic life.

Front 104

Observed Condition

Back 104

Estimates the property's loss in value for both curable and incurable items of depreciation.

Front 105

Capitalized Value

Back 105

Applies a capitalization rate to an income comparison of similar properties.

loss in income—due to depreciation—by comparing the income that similar properties produce.

Front 106

Market Extraction

Back 106

Uses comparable properties' sales prices to figure out the value a depreciated item

Front 107

Functional obsolescence

Back 107

form of depreciation or loss in value caused by defects in design, or design features that are no longer desirable.

Front 108

Capitalization

Back 108

Describes the process of using income to calculate value.

Technique of expressing potential income as current value

Front 109

Capitalization Rate

Back 109

is the expected rate of return on an investment. In appraisals, the capitalization rate can be determined in several ways: direct capitalization, market extraction or brand of investment.

Expressed as a ration of:

New Operating Income / Value = Rate (NOI/V=R)

Front 110

Capitalization recapture

Back 110

Return of original investment

Front 111

Yield Capitalization Method

Back 111

Investors usually want to get a minimum rate of return on their investment. Using the yield capitalization method,future income estimatesare calculated, and then a discount rateis applied. The discount rate converts the future income to a present value,or,what it’sworth to an investor today.

Front 112

Annuity

Back 112

is a fixed annual return on an investment.

Front 113

Annuity capitalization

Back 113

is a method of converting the income from an annuity to a present value. It’s often used to determine how much of an investment is required now in order to yield a specific rate of return in the future.

simplifies the discounting process through the use of published financial tables.

Front 114

recapture rate

Back 114

is a periodic allowance to recover the investment capital from the investment property’s income stream.

Front 115

Annuity Factor Table

Back 115

provides a factor that’s multiplied by the investor’s desired level of annual income to learn The present value of the investment.

Front 116

building residual technique

Back 116

calculates how muchresidual income must be earned by the building, while also providinga value estimatefor the building.

Front 117

Cost of Capital

Back 117

the minimum rate of return an investor requires

Front 118

Reversion

Back 118

The value of an income property at resale or at the end of a lease period

Front 119

Cash Flow

Back 119

The income over and above expenses received from an investment.

Front 120

Gross Income

Back 120

Income before expenses are deducted

Front 121

Net Income

Back 121

Income after expenses have been deducted

Front 122

Yield

Back 122

The amount of money returned from an investment

Front 123

Net Operating Income

Back 123

Income projected after deducting loses for vacancy, collection loses, and operating expenses

Front 124

Potential Gross Income

Back 124

The amount of income a property can produce if it is fully occupied and earning market rent

Front 125

Effective Gross Income

Back 125

The amount of income a property is estimated to make after deducting vacancy and collections losses from potential gross income

$900,000 - (900,000 x .20)The calculation for effective gross income must find the proper amount to be deducted by multiplying the percentage of loss with the potential gross income.

Front 126

Accrual Basis Accounting

Back 126

A method of accounting that records income when earned and records expenses when incurred.

Front 127

Capitol Improvements

Back 127

Changes or additions to a structure that either enhance the property's overall value or increase its useful life

Front 128

Cash basis accouting

Back 128

A method of accounting that records income when received and records expenses when paid.

Front 129

Reserves for Replacement

Back 129

An amount of money identified to cover the annual cost or repairing or replacing equipment and systems.

Front 130

Operating Expenses Ratio

Back 130

Operating expenses / Effective gross income

Front 131

Net Income Ratio

Back 131

Net Operating Income / Effective Gross Income

Front 132

Break even Ratio

Back 132

(Operating Expenses / debt service) / effective gross income

Front 133

Planned unit development (PUD)

Back 133

Appraising a home in a PUD isn’t much different than appraising any single-family residence. The homeowner owns the parcel of land and the structure built on it, and has the right to use thedevelopment’s common areas, which are usually owned by the PUD association. The important part for the appraiser (and the real estate agent)to ascertainisthat the subject unit is part of a PUD butis not a condominium. That distinction is extremely important to lenders, who’ll have different underwriting requirements for a condominium.The association’s Declaration of Covenants, Conditions, and Restrictions(CC&Rs)will tell the appraiser what the specific ownership and owners’rights are.

Front 134

Condominiums

Back 134

Since condominiums have both private and common areas, anappraiser needsto evaluate both. Forexample, Micky is appraisinga one-bedroom unit in a 25-unit complex. The complex has a pool, underground parking with assigned spaces, and a storage locker for each unit. Micky includes notes in his appraisal about:

Whichareas of the complexare public and which are private

The location of the subject unit within the complex

Special facilities included in the common areas (such as the pool)

The quality of upkeep for both common and private areas

The association or management company responsible for maintenance of common areasFees charged by the association

Front 135

Timeshare Projects

Back 135

Timeshares aren’t commonly appraised for loans. Most time shares don’t require major financing, for one thing,and in most cases,the appraisal will cost far too muchin relation to the purchase to warrant it. However, time shares may be appraised for value aspart of a legal proceeding or estate plan.Rememberthat purchasingtimeshare use doesn’t involve owningreal estate, while a time share estate doesgive the buyer a percentageof property ownership. This is one factor that complicates an appraiser’s job. Another is the wide variety of purchase prices, making it difficult to establish a reliablemarket value.

Front 136

Cooperatives

Back 136

Since the owner of a cooperative doesn’t own real estate, this appraisal assignment is different from other common ownership situations, such as a condo or aPUD. The appraiser has to find the market value of the specific shares and interest represented by the subject property. Like a condominium, the entire developmentrequires some description and evaluation, as doesthespecificsubject unit and the portion of ownershipit represents. Since a co-op can deny membership to a buyer, the appraiser has to consider how that may affect marketability and value.Appraisal of a unit in a cooperative housing project will often use the sales comparison approach, and when performed for a bank loan, the appraiser will report findings andvalue on Fannie Mae’s Individual Cooperative Interest Appraisal Report (Form 2090).

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Gross lease:

Back 137

The amount of rent is fixed for the duration of the lease. The landlord is responsible for paying all expenses of ownership. This is the most commonly used type of lease for both residential and commercial property

Front 138

Net lease

Back 138

The tenant pays a fixed amount of rent, like withthe gross lease, but also pays specifiedexpenses, such as taxes, insurance, or maintenance

Front 139

Triple net lease

Back 139

The tenant pays a fixed rent and also all operating and other expenses that would otherwise be the responsibility of the owner. This type of lease is also known as a net, net, net lease; absolute net lease; triple net lease; or 3N lease.

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Percentage lease

Back 140

The tenant pays a base rent anda percentage of the gross sales received. The amount over the base rent is called overage rent.

Front 141

Reconciliation

Back 141

is the step in the appraisal process where appraisers consider the values from the applicable approaches and decide on a final value estimate

Front 142

Where can the Universal Appraisal Data set and the Uniform Collateral Data Portal be found?

Back 142

On the Fannie Mae websiteThe UAD and the UCDP are tools developed and required by Fannie Mae and can be found on their website.

Front 143

Gross rent multiplier

Back 143

Remember, rent has four letters. Gross rent multiplier is used for income-producing properties with four or fewer units. Properties with five or more units use gross income multiplier.

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encroachment

Back 144

occurs when someone illegally places a structure or object on another person’s property, like Michael’s basketball hoop.

Front 145

Fee simple defeasible

Back 145

the property holder owns the property subject to a condition. If the condition is breached, then the property will go back to the original owner.

Front 146

Statute of frauds

Back 146

The statute of frauds requires that contracts transferring ownership of real property be in writing to be enforceable.

Front 147

The subdivision development method

Back 147

a large tract of land is purchased and prepared for development, and then split into parcels,

The subdivision, or “land development,” model is used for this purpose. It’s more involved than other methods, because it requires forecasting the sales rate for the properties, as well as determining the total income they will produce.

Front 148

The principals to the transaction

Back 148

The appraiser may find this information published, but must verify all sales data with the principals to the transaction.

Front 149

To determine the estimated reproduction cost of a subject building using the index method

Back 149

The formula for the index method is: Present index ÷ Index at time of construction x Original cost = Present cost.

Front 150

Quitclaim deed

Front 151

Observed Condition

Back 151

The observed condition method is also known as the breakdown method. This is because the appraiser analyzes each component of the structure in terms of the three categories of depreciation.

Front 152

The Appraisal Foundation

Back 152

The umbrella organization that’s authorized by Congress to develop and oversee the standards and requirements real estate appraisers must follow

a nonprofit corporation that bears responsibility for the standards used by real estate appraisers.

Front 153

According to the EPA, at what level does radon become a health concern requiring mitigation?

Back 153

Although there is no safe level of radon, once the level reaches above 4.0 picocuries per liter of air, the EPA recommends radon mitigation.

Front 154

Community property

Back 154

It’s similar to joint tenancy in that it has the right of survivorship and includes unity of time, title, interest, and possession, but with marriage added.

Front 155

What's the best definition of land?

Back 155

The earth's surface, extending downward to the center of the earth and upward to infinity, including permanently attached natural objects

Front 156

Yield capitalization

Back 156

Both discounted cash flow analysis and annuity capitalization are forms of yield capitalization, which is a technique used to determine future income value.

Front 157

Metes and bounds

Back 157

Metes and bounds uses compass headings and directions.

Front 158

economic influencers of property value

Back 158

Interest rates and employment trends

Front 159

Regression analysis

Back 159

Regression analysis is a complicated computation that can determine a mathematical relationship between two or more factors, but it requires a large amount of data to draw valid conclusions.

Front 160

What is a base line, as used in the rectangular government survey system?

Back 160

An east-west line used as a reference pointBase lines run east-west, and principal meridians run north-south. Both are used in the rectangular survey system

Front 161

Which real property ownership right grants the ability to determine who may enter your property?

Back 161

ExclusionThe right of exclusion provides the right to refuse other interests in your property.

Front 162

Appraisal Independence Requirements are protections that were instituted by

Back 162

Fannie Mae instituted the AIR to help prevent appraisers from being pressured into determining a specific property value.

Front 163

What are the two categories of comparison when evaluating comparables to a subject property in the market comparison approach?

Back 163

Elements and units