Chapter 1 - Real Property and Its Appraisal Flashcards Preview

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Flashcards in Chapter 1 - Real Property and Its Appraisal Deck (18):
1

Land is investigated and analyzed in which other disciplines?

Government, the law, economics, geography, and environmental studies.

2

Land

Investigated and analyzed in a variety of disciplines government law economics geography and environmental studies

3

Real Property

The interest benefits and rights inherent in the ownership of real estate.

4

Real Estate

Land, buildings, and other affixed improvements as a tangible entity. (All things natural such as trees or minerals)

5

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.

6

Land Ownership

Land to sky to depths.

7

Legal matters of concern for appraisers

– Easements
– Access regulations
– Use regulations
– The recording and conveyance of titles

8

Value Theory

A long history of thought on the sources and basis of values

9

Estate in land

The degree, nature or extent of interest that a person has in it. This is distinguished by duration.

10

Chattel Fixture

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.

11

Fixtures

Plumbing, lighting, and heating etc.

12

Personal property

Furniture, art pieces, and items not attached to the estate.

13

Appraisal reporting options

Narrative, short narrative and form.

14

A Narrative report is

Comprehensive and detailed

15

A Short narrative report is

Concise and briefly descriptive

16

A Form report is

A standardized format combining check off boxes and narrative comments

17

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.

18

Intended use of an appraisal

The manner in which a client will employee the information contained in the report.