3Ws - CH 1 Flashcards Preview

SB Day 1 - APP > 3Ws - CH 1 > Flashcards

Flashcards in 3Ws - CH 1 Deck (9)
Loading flashcards...
1

Appraisal (Definition)

The act or process of developing an opinion of value, an opinion of value.

2

Appraisal (term)

Written statement independently and impartially prepared by a qualified appraiser setting forth an opinion of defined value of an adequately described property as of a specific date.

3

Eminent Domain

the right of government to take private property for public use upon the payment of just compensation.

4

Just compensation

the amount of loss for which a property owner is compensated when his or her property is taken...

5

What key requirements should be included in an appraisal ? (4 things)

- the uniform act
- CA code of civil procedures
- Caltrans right of way manual ch7
- USPAP

6

the uniform act

contains federal law and criteria for appraisals, setting min standards.

7

CA code of civil procedures

contains state eminent domain law

8

Caltrans right of way manual ch7

contains policy, procedure, and guidelines for completing appraisals.

9

USPAP

contains professional appraisal standards published by appraisal standards board.