Real Estate Appraisal Exam 1: Ch 1-6 (2023/2024) Rated A

Real Estate Appraisal Exam 1: Ch 1-6 (2023/2024) Rated A appraisal an estimate or opinion of value as of certain date appraisal report communication of a formal report appraisal standards the generally agreed upon practices for professional appraisers competency rule requires that appraisers accept only that work that they have the knowledge and experience necessary to perform (either individually or, if needed, in association with others) eminent domain the power of a government to acquire property for a public purpose by paying just or reasonable compensation ethics rule in USPAP 2012-13 the obligation of an appraiser to comply with professional practice requirements regarding conduct, management, and confidentiality formal appraisal an estimate of value that is reached by the collection and analysis of relevant data -a formal appraisal is usually reported in writing highest and best use the legally possible, reasonable, and probable use of a property that will support the highest present value of the land informal appraisal an estimate of value that is reached by using intuition, past experience, and general knowledge jurisdictional exception rule defined in USPAP as an assignment condition established by applicable law or regulation that precludes an appraiser from complying with a part of USPAP legal transactions transactions occurring in a legal setting, requiring an appraisal market transactions one of two major categories of reasons for appraisals, along with legal transactions market value the most probable price in terms of money that a property should bring in a competitive and open market, under all conditions requisite to a fair sale, with buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus property taxation a tax based on the ownership or possession of property, usually calculated as a percent of value, but sometimes per unit, per square foot, or other physical measurement record keeping rule in USPAP, a rule that requires the appraiser to prepare a work file for each assignment, prior to issuing a written or oral report, with defined contents, and keep it for a defined time period scope of work rule the agreement between appraiser and client regarding the type an extent of research and analysis in a specific assignement; a USPAP rule uniform standards of professional appraisal practice (USPAP) a set of standards and ethics, maintained by the Appraisal Standards Board of the Appraisal Foundation value the worth, usefulness, or utility of an object to someone for some purpose acceptance an express act that indicates agreement over the terms of a proposed loan appurtenance that which has been added or appended to a property and which then becomes an inherent part base line in U.S. gov't surveys, the east-west refernce line through the base point bundle of rights the rights that accompany the ownership of real estate contract an agreement between people to do or not do an act in return for something of value consideration in law, something of value a necessary element of a valid contract easement right, privilege, or interest that one party has in the land of another, created for a specific purpose by grant, agreement, or necessity equity interest or value that an owner has in real estate, over and above any liens against it fixture personal property that is considered part of the real estate because it has become attached, physically or legally to the real estate government restrictions government survey intangible property rights to something other than tangible or physical property leased fee estate property owner's interest in leased property leasehold estate tenant's interest in leased property legal description a description of the boundaries of a parcel of real estate that is clear and unambiguous usually must meet legal standards life estate holder controls the right of possession and use of a property during the lifetime of some specifically named person market restrictions metes and bounds description legal description of land that describes the length and direction of each boundary line, in sequence, starting at a defined point of beginning mutual obligation one of the requirements for a legally valid contract each of the contracting parties has specified performance obligations offer one of the steps needed to set up a contract one party makes an offer to another partial interests interests in real estate that represent only a portion of the total ownership rights in the fee simple estate personal property property that is movable any property that is not real property police power power of a governmental body to regulate property for the health, safety, morals, and general welfare of the public power of eminent domain power of escheat power of taxation principal meridian line private restrictions limitations on the future use of a property that are imposed by a private contract property the legal concept of the rights that are held by one of who owns an object, or an interest in an object range lines in U.S. government surveys, the series of north-south lines, six miles apart, parallel to the principal meridian line real estate the land and everything that is permanently fastened to the land; real property recorded lot, block and tract description legal description of a parcel of land, by means of reference to the recorded plat of a subdivision recorded map a parcel map, drawn by a licensed surveyor, showing the distance and bearing of the boundaries of the parcel and filed with public records remainder estate an estate that takes effect after the termination of a life estate sections in U.S. government surveys, a block of land approximately one mile square, one of 36 in a township servient tenement statue of frauds subdivision map tangible property township township lines tract maps trade fixtures