Flashcards in Chapter 1 - Real Property and Its Appraisal Deck (18):
Land is investigated and analyzed in which other disciplines?
Government, the law, economics, geography, and environmental studies.
Investigated and analyzed in a variety of disciplines government law economics geography and environmental studies
The interest benefits and rights inherent in the ownership of real estate.
Land, buildings, and other affixed improvements as a tangible entity. (All things natural such as trees or minerals)
Attributes of Land
1. Each parcel is unique in location and composition.
2. Land is physically immobile.
3. Land is durable.
4. Supply of the land is finite.
5. Land is useful to people.
Land to sky to depths.
Legal matters of concern for appraisers
– Access regulations
– Use regulations
– The recording and conveyance of titles
A long history of thought on the sources and basis of values
Estate in land
The degree, nature or extent of interest that a person has in it. This is distinguished by duration.
A trade fixture that has been surrendered in the lease. Examples of this or gas pumps, restaurant booths, lighting that is specific to the business and storage tanks.
Plumbing, lighting, and heating etc.
Furniture, art pieces, and items not attached to the estate.
Appraisal reporting options
Narrative, short narrative and form.
A Narrative report is
Comprehensive and detailed
A Short narrative report is
Concise and briefly descriptive
A Form report is
A standardized format combining check off boxes and narrative comments
The purpose of an appraisal is
To develop an opinion of some type of value which must be defined at the outset. The defined value may; include market value, use value, investment value, assessed value, business value, Fair value and other types of value.