Flashcards in Terms and Principles Deck (41)
the physical land and everything attached to it; tangible; immovable; unique.
rights, benefits, and interests inherent in ownership of real estate; conveyed by deed.
4 powers of government
gives government title to a property if the owner dies without a will or heirs.
the right of government to regulate property to protect public health and safety, morals and the general welfare
allows state and local governments to raise revenue through assessments
the right of government to take private property for public use upon the payment of just compensation
absolute ownership unencumbered by any other interest or estate
ownership interest held by landlord
possessory interest held by tenant
the right to use another land for a stated purpose; conveys use, but not ownership.
a term used to distinguish either real property or real estate from items of personal property
personal property (personalty)
moveable items of property that are not permanently affixed to real estate.
item of personal property permanently installed or affixed to real estate
personal property brought on a property by a tenant for use in conducting business
improvements pertaining to realty
personal property that cannot be removed without substantial physical damage or economic loss.
the actual cost to create something
the estimated to construct, at current prices as of a specific date, a substitute for a building
the estimated cost to construct at current prices as of effective date of the appraisal, and exact duplicate or replica.
the sum of money or goods asked or given for something
the monetary worth of something to a buyer or seller at a given time
value in use
the value a specific property has for a specific use or to a specific person
value in exchange
the value a property has to a persons generally.
fair market value
highest price, date of valuation, seller, being willing to sell, ready, willing and able to buy, full knowledge of all the uses
Most probable selling price
the price at which a property would most probably sell if exposed on the market for a reasonable time under the market condition
the highest price is the basis of establishing the fair market value of property taken under eminent domain law in california
reflects the needs of consumers
the ability of a product to satisfy a human want, need, or desire
the present or anticipated supply of an item relative to the demand for it