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Related Flashcards
Cards In This Set
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What are the five attributes of land?
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1. (1) It is unique (2) It is immobile (3) It is durable (4) It is finite (5) It is useful to people
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What else does land include other than just the ground?
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1. It includes all foliage, manmade attachments, everything below it, and the sky. It is like an upside down pyramid starting at the apex of the earth.
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Who has control over the airspace, and who decided it?
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1. The U.S. Congress gave the federal government control over the nation’s airspace.
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What is the difference between real estate and real property?
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1. Real estate is an identified parcel of land and its improvement. Real property is the ownership, rights, and benefits in that real property.
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Are trade fixtures always real property regardless of how affixed?
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Yes
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What does USPAP stand for?
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Uniform Standards of Professional Appraisal Practice.
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What are the three types of valuation services an appraiser offers?
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1. (1) Appraisal (2) Appraisal review (3) Appraisal consulting
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What is appraisal consulting?
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1. An opinion on the quality of another appraiser’s work, not an opinion of value.
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Can an appraisal report be oral and are they used frequently?
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Yes. No.
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Rank the three types of appraisal reports in order of detail
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1. . (1) Self contained (2) Summary report (3) Restricted use report
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What is utility?
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The ability of a product to satisfy a human want or need.
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What is the difference between price, cost, and market value?
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1. Price is what is paid. Cost is the amount required to construct. Market value is based on the perceived amount a property is worth based on a competitive marketplace amongst knowledgeable buyers in a reasonable amount of time in U.S. dollars.
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Which valuation or objective do most appraisal assignments focus on?
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Market value.
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What is the important consideration regarding special use properties?
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1. Their value may be affected due to their limited purpose use.
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Public interest value vs. assessed value.
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1. Public interest value is based on highest and best use whereas assessed value is “ad valorem” for tax purposes.
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