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Intro to Appraisal

Real Estate Appraisal Rockwell Publishing

TermDefinition
Ad valorem A Latin phrase meaning according to value. Used to describe general property taxes that are levied on the basis of a property’s assessed value.
Appraisal The act or process of developing an opinion of value; an opinion of value
Appraisal assignment The task of appraising a particular property under specified terms and conditions
Appraisal practice Valuation services performed by an individual acting as an appraiser
Appraisal review The act or process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal or appraisal review
Appurtenance Something that goes along with ownership of real estate, such as mineral rights or an easement.
Assessment The valuation of property for property tax purposes, amount of a property tax, process of levying a property tax.
Bundle of rights A description of property ownership in terms of the various rights that ownership conveys
Charter Authorization to operate an entity granted by either the federal government or a state government
Depository institution A financial institution that accepts deposits from its account holders
Easement A type of nonfinancial encumbrance; a nonexclusive right to use someone else’s property for a particular purpose
Eminent domain The power of government to take private property for public use upon payment of just compensation
Encumbrance A real property interest that does not include the present or future right of possession
Escheat Reversion of property to the state when the owner dies without leaving a will or heirs
Estate A real property interest that includes the right of possession
Fee appraiser An appraiser who is self-employed, or who works for a company whose primary business is to provide appraisal services to others
Fee simple A freehold estate that is the most complete and comprehensive form of real property interest, including the entire bundle of rights
Freehold An estate that includes the rights of ownership or title, either presently or in the future
General property tax A property tax levied against all non-exempt property, usually on the basis of a property’s value
Improvement An item of personal property that is added to the land by human effort, in such a way that it becomes part of the real estate
Land The surface of the earth, together with all that it contains
Leased fee The real property interest of the landlord under a lease
Leasehold A non-freehold estate, which includes the right of possession during the term of the lease, but not ownership or title
Legal description A description of a parcel of real estate in a form that is legally approved in the state where the property is located
Lien A financial encumbrance
Life estate A freehold estate that terminates automatically upon the death of the person designated as the measuring life
Loan qualifying A mortgage lender’s analysis of a prospective borrower’s loan application and an appraisal of the security property
Personal property All tangible property that is not classified as real estate
Police power The power of government to make and enforce regulations for the protection of the public health, safety, and welfare
Private restriction A type of nonfinancial encumbrance that prohibits a real estate owner from using his property in specified ways
Real estate An identified parcel or tract of land, including improvements
Real property The interests, benefits, and rights inherent in the ownership of real estate
Report Any communication, written or oral, of an appraisal or appraisal review that is transmitted to the client upon completion of an assignment
Secondary market The market in which real estate loans are purchased from lenders, securitized, and resold to investors
Servient tenement A parcel of land that is subject to an easement
Special assessment A form of property tax levied against properties in a special assessment district or local improvement district
Staff appraiser An appraiser employed by a business, government agency, or other organization to perform appraisal services that relate to the employer’s operations
Trade fixture A fixture installed by a tenant in connection with the operation of a business on leased property
Use of appraisal The reason why a client wants to know the information that an appraiser will provide in an appraisal assignment
Value The monetary relationship between properties and those who buy, sell, or use those properties
Created by: jeri266