Chapter 4. Real Property Flashcards
Market Value
The most probable price a buyer will pay for the property in an arm’s-length transaction.
Appraisal
Process of developing and communicating an objective opinion of an estimate of the property’s market value.
Market Price
The actual selling price of the property.
Regression
A larger, more expensive home will be adversely affected if it is surrounded by smaller, more modest homes.
Progression
The value of a modest home will increase if it is surrounded by larger, more expensive properties.
Anticipation
The value of the property will adjust with any anticipated change within the community.
Riparian Water Rights
Granted to owners of land along the course of a river, stream, or lake.
Littoral Water Rights
Water rights of owners whose land borders on large, navigable lakes, seas, and oceans.
Reproduction Cost
Dollar amount required to construct an exact duplicate of the subject property.
Replacement Cost
The dollar amount required to construct improvements of equal utility using current materials.
Constructive Notice
Legal notice created by recording documents, such as deeds, mortgages, and long-term leases in the county where the property is located.
Actual Notice
A party has actual knowledge of the fact. When a party has actual notice of a third party’s prior rights to a property and still accepts the deed to the property.
Torrens System
A method of legal registration of land where the title does not transfer and encumbrances are not effective against the property until the proper documents are registered at the torrens office.
Writ of attachment
Creditor asks the court to retain custody of the property while a court suit is being decided, thus preventing the debtor from transferring unsecured real estate before a judgment is rendered.
Writ of Execution
A court order authorizing an officer of the court, such as a sheriff, to sell the property of a defendant to satisfy a judgment.
