Appraisal - Valuation of Partial Interest

Question 1

Onwership

Answer 1

no effect on the market rent

Question 2

Excess rent

Answer 2

contract rent > market rent, known as the amount over and above the market rent

Question 3

Water - Riparian Right

Answer 3

Flowing water right = stream/river

Question 4

Water - Littoral Right

Answer 4

non-flowing water right = lake, sea,ocean

Question 5

Water - Accretion

Answer 5

新地沖擊層

land is increased because of water depositing additional soil gradually

Question 6

Water - Alluvion

Answer 6

洪水沖成新地

“to wash against” shoreline & deposit soil gradually creating firm ground

Question 7

Water - Avulsion

Answer 7

自然災害

a sudden loss of land or soil due to sudden natural act (earth quack, river flow)

Question 8

Water - Reliction

Answer 8

乾地

When water line recedes, leaves exposed land permanently dry: Receding=Reliction

Question 9

Zoning - Buffer zone

Answer 9

a separate strip of land that separates parcels

e.g. residential (buffer) from commercial shop

Question 10

Zoning - Conditional use

Answer 10

church, school, clinic, day care

Question 11

Zoning - Down zoning

Answer 11

from high-rise apt to single family house

Question 12

Non-Conforming Use

Answer 12

grand fathered

Question 13

PUD

Answer 13

large zoned development that includes areas of various uses

e.g. residential, public use, commercial

Question 14

Spot zoning

Answer 14

changes zoning for just a small area/lot in contrast to everything else around it

Question 15

Variance

Answer 15

special permit, zoning requirement waived

Question 16

Deeds - Warranty Deed

Answer 16

Most Protection

Grantor guarantees clear title

Question 17

Deeds - Quitclaim Deed

Answer 17

transfer or “quit” any interest in a property

Question 18

Deeds - Special Warranty Deed

Answer 18

grantor warrants that the property was not encumbered during his ownership & will defend the tile against defects if so

Question 19

Interstate

Answer 19

Die without will

Question 20

Testate

Answer 20

Die with will

Question 21

Freehold Estate

Answer 21

Fee Simple Estate

LIfe Estate

Question 22

Freehold Estate :

Fee Simple Estate

Answer 22

Inheritable
Fee Simple Absolute (Most complete)
Fee Simple Defeasible (Special Event)
Leased Fee Interest ( Landlord)

Question 23

Freehold Estate :

Life Estate

Answer 23

Non-inhertable

Question 24

Leasehold Estate

Answer 24

Estate for years
Estate from Period to Period
Estate at Will
Estate at Sufferance

Question 25

Joint Tenant

Value based on..

Answer 25

life expectancy of the last surviving joint tenant

Question 26

Reversion

Answer 26

Benefits from the sale of property of lease expires

Question 27

Utility Easement

Which approach?

Answer 27

Sales comp