mckissock basic appraisal principles
`imperfect market - ANSmarket in which product differentiation exists, there is a lack of
important product or market information
1 acre costs ANS43,561 1 chain - ANS66 feet or 4 rods
1 complete circle- 1 level up- 1 foot-
1 degree- - ANS360 degrees
60 minutes
60 seconds
3600 milliseconds 1 furlong - ANS660 Feet, or 10 Chains
1 link - ANS7.92 inches or .67 feet
1 mile - ANS8 furlongs
1 rod - ANS16.5 feet or 25 links
1 section - ANS1 square mile
1 square mile - ANS640 acres
1 township - ANS36 square miles
1/4 section - ANS160 acres
absorption period - ANSactual or expected period required from the time a property, group
of properties, or commodity is initially offered for lease, purchase, or use
trends in absorption - the expected rate at which vacant space will be sold or leased active
market - ANScharacterized by numerous transactions
adjustable rate mortgages - ANSdebt secured by real property with an interest rate that may
move up or down
The right to do something on servient land is known as an affirmative easement (ANS).
After The Appraisal Foundation was formed, the Uniform Standards of Professional
Appraisal Practice - ANSwas formally adopted by the Appraisal Standards Board (ASB) in
January 1989.
ANSland's labor capital and entrepreneurialism are agents of labor. AMCs - ANSappraisal
management companies
amenity - ANSbenefit of real estate that makes the user more attractive amortization is the
ANS procedure of paying off a debt or recovering a capital investment, typically through
regular and systematic principal repayments. anticipation - ANSperception that value is
created by the expectation of benefits to be derived in the future
Appraisal - ANSAn estimate of the current value of the property.
Appraisal Practices Board (APB) - ANSits purpose was to create guidance to assist
appraisers in issues relating to recognized valuation methods and techniques.
Appraisal Standards Board - ANSexercises all authority and power over the subject, style,
content, and substance of USPAP
Appraisal Subcommittee was created - ANSunder Section 1103 of Title XI of FIRREA
Appraiser - ANSOne who is expected to perform valuation services competently and in a
manner that is independent, impartial, and objective.
ANStransaction between unrelated parties who are each acting in their own best interest is
an arms-length transaction. assessed value - ANSThe value of an asset determined by tax
authorities for the purpose of calculating taxes
, assignment - ANSact of transferring an interest in property or some right
assignment - ANSvaluation service that is provided by an appraiser as a consequence of an
agreement with a client
At its first meeting in 1989, the Appraisal Standards Board (ASB) - ANSadopted USPAP as
the governing document.
balloon mortgage - ANSone that is not fully amortized at maturity and thus requires a lump
sum or balloon payment of the outstanding balance
bargain and sale deed is an ANSA deed that transfers real estate from a seller to a buyer
without guaranteeing that the title will be clear. bias - ANSA particular preference or point of
view that is personal, rather than scientific.
book value is the ANScapital amount at which a company or individual records property on
its books. buyers market - ANSbuyers have the advanatage; prices low due to oversupply
transactions between buyers and sellers of long-term or intermediate-term money
instruments in the capital market competent - ANShaving the ability to do what is needed
concurrent ownership - ANStenancy in common, joint tenancy, tenancy by the entirety
conditions, covenants and restrictions (CC&Rs) - ANSThe standards that define how a
property may be used and the protections the developer makes for the benefit of all owners
in a subdivision.
condo ownership - ANSa form of fee ownership of separate units or portions of multi-unit
buildings that provides for formal filing and recording of a divided interest in real property.
condominium - ANSAn individually owned housing unit in a building with several such units
Congress recognized USPAP - ANSas the generally recognized standards of practice in the
appraisal profession in Title XI of the Financial Institutions Reform
conservation easement - ANSA negative easement that limits potential development or
other property uses in order to preserve open space, natural resources, wildlife, and similar
land uses.
consideration - ANSsomething of value that is traded for another thing of value contract on
deed - ANScontract in which a purchaser of real estate agrees to pay a small portion of the
purchase price when the contract is signed and additional sums
conventional loan - ANSmortgage that is neither insured or guaranteed by an agency of the
federal govt although it may be privately insured
cooperative ownership - ANSform of property ownership in which each unit owner holds
stock in a cooperative apartment building or housing corporation.
corporation - ANSan organization that acts as a single legal entity in performing certain
activities, usually business for profit
deed - ANSwritten legal instrument that conveys an estate or interest in real estate property
when it is executed and delivered
deed of trust - ANSA legal instrument similar to a mortgage document, except that three
parties are involved in securing the debt: the borrower, a lender, and a trustee
Deed Restrictions - ANSClauses in a deed limiting the future uses of the property.
depressed market - ANSdrop in demand is accompanied by a relative oversupply and
decline in prices
disaggregation - ANSdifferentiation of a subject property from other properties on the basis
of subclassifications with differing product characteristics
discount points - ANSpercentage of the loan amount that a lender charges a borrower for
making a loan
district - ANSneighborhood characterized by homo land use
`imperfect market - ANSmarket in which product differentiation exists, there is a lack of
important product or market information
1 acre costs ANS43,561 1 chain - ANS66 feet or 4 rods
1 complete circle- 1 level up- 1 foot-
1 degree- - ANS360 degrees
60 minutes
60 seconds
3600 milliseconds 1 furlong - ANS660 Feet, or 10 Chains
1 link - ANS7.92 inches or .67 feet
1 mile - ANS8 furlongs
1 rod - ANS16.5 feet or 25 links
1 section - ANS1 square mile
1 square mile - ANS640 acres
1 township - ANS36 square miles
1/4 section - ANS160 acres
absorption period - ANSactual or expected period required from the time a property, group
of properties, or commodity is initially offered for lease, purchase, or use
trends in absorption - the expected rate at which vacant space will be sold or leased active
market - ANScharacterized by numerous transactions
adjustable rate mortgages - ANSdebt secured by real property with an interest rate that may
move up or down
The right to do something on servient land is known as an affirmative easement (ANS).
After The Appraisal Foundation was formed, the Uniform Standards of Professional
Appraisal Practice - ANSwas formally adopted by the Appraisal Standards Board (ASB) in
January 1989.
ANSland's labor capital and entrepreneurialism are agents of labor. AMCs - ANSappraisal
management companies
amenity - ANSbenefit of real estate that makes the user more attractive amortization is the
ANS procedure of paying off a debt or recovering a capital investment, typically through
regular and systematic principal repayments. anticipation - ANSperception that value is
created by the expectation of benefits to be derived in the future
Appraisal - ANSAn estimate of the current value of the property.
Appraisal Practices Board (APB) - ANSits purpose was to create guidance to assist
appraisers in issues relating to recognized valuation methods and techniques.
Appraisal Standards Board - ANSexercises all authority and power over the subject, style,
content, and substance of USPAP
Appraisal Subcommittee was created - ANSunder Section 1103 of Title XI of FIRREA
Appraiser - ANSOne who is expected to perform valuation services competently and in a
manner that is independent, impartial, and objective.
ANStransaction between unrelated parties who are each acting in their own best interest is
an arms-length transaction. assessed value - ANSThe value of an asset determined by tax
authorities for the purpose of calculating taxes
, assignment - ANSact of transferring an interest in property or some right
assignment - ANSvaluation service that is provided by an appraiser as a consequence of an
agreement with a client
At its first meeting in 1989, the Appraisal Standards Board (ASB) - ANSadopted USPAP as
the governing document.
balloon mortgage - ANSone that is not fully amortized at maturity and thus requires a lump
sum or balloon payment of the outstanding balance
bargain and sale deed is an ANSA deed that transfers real estate from a seller to a buyer
without guaranteeing that the title will be clear. bias - ANSA particular preference or point of
view that is personal, rather than scientific.
book value is the ANScapital amount at which a company or individual records property on
its books. buyers market - ANSbuyers have the advanatage; prices low due to oversupply
transactions between buyers and sellers of long-term or intermediate-term money
instruments in the capital market competent - ANShaving the ability to do what is needed
concurrent ownership - ANStenancy in common, joint tenancy, tenancy by the entirety
conditions, covenants and restrictions (CC&Rs) - ANSThe standards that define how a
property may be used and the protections the developer makes for the benefit of all owners
in a subdivision.
condo ownership - ANSa form of fee ownership of separate units or portions of multi-unit
buildings that provides for formal filing and recording of a divided interest in real property.
condominium - ANSAn individually owned housing unit in a building with several such units
Congress recognized USPAP - ANSas the generally recognized standards of practice in the
appraisal profession in Title XI of the Financial Institutions Reform
conservation easement - ANSA negative easement that limits potential development or
other property uses in order to preserve open space, natural resources, wildlife, and similar
land uses.
consideration - ANSsomething of value that is traded for another thing of value contract on
deed - ANScontract in which a purchaser of real estate agrees to pay a small portion of the
purchase price when the contract is signed and additional sums
conventional loan - ANSmortgage that is neither insured or guaranteed by an agency of the
federal govt although it may be privately insured
cooperative ownership - ANSform of property ownership in which each unit owner holds
stock in a cooperative apartment building or housing corporation.
corporation - ANSan organization that acts as a single legal entity in performing certain
activities, usually business for profit
deed - ANSwritten legal instrument that conveys an estate or interest in real estate property
when it is executed and delivered
deed of trust - ANSA legal instrument similar to a mortgage document, except that three
parties are involved in securing the debt: the borrower, a lender, and a trustee
Deed Restrictions - ANSClauses in a deed limiting the future uses of the property.
depressed market - ANSdrop in demand is accompanied by a relative oversupply and
decline in prices
disaggregation - ANSdifferentiation of a subject property from other properties on the basis
of subclassifications with differing product characteristics
discount points - ANSpercentage of the loan amount that a lender charges a borrower for
making a loan
district - ANSneighborhood characterized by homo land use
