mckissock basic appraisal principles
`imperfect market - ANS-market in which product differentiation exists, there is a lack of
important product or market information
1 acre - ANS-43,560
1 chain - ANS-66 feet or 4 rods
1 full circle-
1 degree-
1 foot-
1 degree- - ANS-360 degrees
60 minutes
60 seconds
3600 seconds
1 furlong - ANS-660 Feet, or 10 Chains
1 link - ANS-7.92 inches or .67 feet
1 mile - ANS-8 furlongs
1 rod - ANS-16.5 feet or 25 links
1 section - ANS-1 square mile
1 square mile - ANS-640 acres
1 township - ANS-36 square miles
1/4 section - ANS-160 acres
absorption period - ANS-actual or expected period required from the time a property, group of
properties, or commodity is initially offered for lease, purchase, or use
absorption trends - ANS-rate at which vacant space is expected to be sold or leased
active market - ANS-characterized by numerous transactions
adjustable rate mortgages - ANS-debt secured by real property with an interest rate that may
move up or down
affirmative easement - ANS-the right to do something on servient land
After The Appraisal Foundation was formed, the Uniform Standards of Professional Appraisal
Practice - ANS-was formally adopted by the Appraisal Standards Board (ASB) in January 1989.
agents of labor - ANS-land labor capital and entrepreneurialship
AMCs - ANS-appraisal management companies
amenity - ANS-benefit of real estate that enhances attractiveness of the user
amoritization - ANS-process of retiring a debt or recovering a capital investment typically
through scheduled systematic repayment of the principal
anticipation - ANS-perception that value is created by the expectation of benefits to be derived
in the future
Appraisal - ANS-An estimate of the current value of the property.
Appraisal Practices Board (APB) - ANS-its purpose was to create guidance to assist appraisers
in issues relating to recognized valuation methods and techniques.
, Appraisal Standards Board - ANS-exercises all authority and power over the subject, style,
content, and substance of USPAP
Appraisal Subcommittee was created - ANS-under Section 1103 of Title XI of FIRREA
Appraiser - ANS-One who is expected to perform valuation services competently and in a
manner that is independent, impartial, and objective.
arms length transaction - ANS-transaction between unrelated parties who are each acting in
their own best interest
assessed value - ANS-The value of an asset determined by tax authorities for the purpose of
calculating taxes
assignment - ANS-act of transferring an interest in property or some right
assignment - ANS-valuation 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) - ANS-adopted USPAP as the
governing document.
balloon mortgage - ANS-one that is not fully amortized at maturity and thus requires a lump sum
or balloon payment of the outstanding balance
bargain and sale deed - ANS-A deed that conveys real estate from a seller to a buyer but does
not guarantee clear title
bias - ANS-A particular preference or point of view that is personal, rather than scientific.
book value - ANS-capital amount at which property is shown on the account books by a
corporation or individual
buyers market - ANS-buyers have the advanatage; prices low due to oversupply
capital market - ANS-interaction of buyers and sellers trading long- or intermediate-term money
instruments
competent - ANS-having the ability to do what is needed
concurrent ownership - ANS-tenancy in common, joint tenancy, tenancy by the entirety
conditions, covenants and restrictions (CC&Rs) - ANS-The 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 - ANS-a 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 - ANS-An individually owned housing unit in a building with several such units
Congress recognized USPAP - ANS-as the generally recognized standards of practice in the
appraisal profession in Title XI of the Financial Institutions Reform
conservation easement - ANS-A negative easement that limits potential development or other
property uses in order to preserve open space, natural resources, wildlife, and similar land uses.
consideration - ANS-something of value exchanged for something else of value
contract on deed - ANS-contract 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 - ANS-mortgage that is neither insured or guaranteed by an agency of the
federal govt although it may be privately insured
cooperative ownership - ANS-form of property ownership in which each unit owner holds stock
in a cooperative apartment building or housing corporation.
`imperfect market - ANS-market in which product differentiation exists, there is a lack of
important product or market information
1 acre - ANS-43,560
1 chain - ANS-66 feet or 4 rods
1 full circle-
1 degree-
1 foot-
1 degree- - ANS-360 degrees
60 minutes
60 seconds
3600 seconds
1 furlong - ANS-660 Feet, or 10 Chains
1 link - ANS-7.92 inches or .67 feet
1 mile - ANS-8 furlongs
1 rod - ANS-16.5 feet or 25 links
1 section - ANS-1 square mile
1 square mile - ANS-640 acres
1 township - ANS-36 square miles
1/4 section - ANS-160 acres
absorption period - ANS-actual or expected period required from the time a property, group of
properties, or commodity is initially offered for lease, purchase, or use
absorption trends - ANS-rate at which vacant space is expected to be sold or leased
active market - ANS-characterized by numerous transactions
adjustable rate mortgages - ANS-debt secured by real property with an interest rate that may
move up or down
affirmative easement - ANS-the right to do something on servient land
After The Appraisal Foundation was formed, the Uniform Standards of Professional Appraisal
Practice - ANS-was formally adopted by the Appraisal Standards Board (ASB) in January 1989.
agents of labor - ANS-land labor capital and entrepreneurialship
AMCs - ANS-appraisal management companies
amenity - ANS-benefit of real estate that enhances attractiveness of the user
amoritization - ANS-process of retiring a debt or recovering a capital investment typically
through scheduled systematic repayment of the principal
anticipation - ANS-perception that value is created by the expectation of benefits to be derived
in the future
Appraisal - ANS-An estimate of the current value of the property.
Appraisal Practices Board (APB) - ANS-its purpose was to create guidance to assist appraisers
in issues relating to recognized valuation methods and techniques.
, Appraisal Standards Board - ANS-exercises all authority and power over the subject, style,
content, and substance of USPAP
Appraisal Subcommittee was created - ANS-under Section 1103 of Title XI of FIRREA
Appraiser - ANS-One who is expected to perform valuation services competently and in a
manner that is independent, impartial, and objective.
arms length transaction - ANS-transaction between unrelated parties who are each acting in
their own best interest
assessed value - ANS-The value of an asset determined by tax authorities for the purpose of
calculating taxes
assignment - ANS-act of transferring an interest in property or some right
assignment - ANS-valuation 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) - ANS-adopted USPAP as the
governing document.
balloon mortgage - ANS-one that is not fully amortized at maturity and thus requires a lump sum
or balloon payment of the outstanding balance
bargain and sale deed - ANS-A deed that conveys real estate from a seller to a buyer but does
not guarantee clear title
bias - ANS-A particular preference or point of view that is personal, rather than scientific.
book value - ANS-capital amount at which property is shown on the account books by a
corporation or individual
buyers market - ANS-buyers have the advanatage; prices low due to oversupply
capital market - ANS-interaction of buyers and sellers trading long- or intermediate-term money
instruments
competent - ANS-having the ability to do what is needed
concurrent ownership - ANS-tenancy in common, joint tenancy, tenancy by the entirety
conditions, covenants and restrictions (CC&Rs) - ANS-The 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 - ANS-a 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 - ANS-An individually owned housing unit in a building with several such units
Congress recognized USPAP - ANS-as the generally recognized standards of practice in the
appraisal profession in Title XI of the Financial Institutions Reform
conservation easement - ANS-A negative easement that limits potential development or other
property uses in order to preserve open space, natural resources, wildlife, and similar land uses.
consideration - ANS-something of value exchanged for something else of value
contract on deed - ANS-contract 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 - ANS-mortgage that is neither insured or guaranteed by an agency of the
federal govt although it may be privately insured
cooperative ownership - ANS-form of property ownership in which each unit owner holds stock
in a cooperative apartment building or housing corporation.
