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Intro to Appraisal
Real Estate Appraisal Rockwell Publishing
| Term | Definition |
|---|---|
| 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
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