Appraisal - Valuation of Partial Interest Flashcards
Onwership
no effect on the market rent
Excess rent
contract rent > market rent, known as the amount over and above the market rent
Water - Riparian Right
Flowing water right = stream/river
Water - Littoral Right
non-flowing water right = lake, sea,ocean
Water - Accretion
新地沖擊層
land is increased because of water depositing additional soil gradually
Water - Alluvion
洪水沖成新地
“to wash against” shoreline & deposit soil gradually creating firm ground
Water - Avulsion
自然災害
a sudden loss of land or soil due to sudden natural act (earth quack, river flow)
Water - Reliction
乾地
When water line recedes, leaves exposed land permanently dry: Receding=Reliction
Zoning - Buffer zone
a separate strip of land that separates parcels
e.g. residential (buffer) from commercial shop
Zoning - Conditional use
church, school, clinic, day care
Zoning - Down zoning
from high-rise apt to single family house
Non-Conforming Use
grand fathered
PUD
large zoned development that includes areas of various uses
e.g. residential, public use, commercial
Spot zoning
changes zoning for just a small area/lot in contrast to everything else around it
Variance
special permit, zoning requirement waived
Deeds - Warranty Deed
Most Protection
Grantor guarantees clear title
Deeds - Quitclaim Deed
transfer or “quit” any interest in a property
Deeds - Special Warranty Deed
grantor warrants that the property was not encumbered during his ownership & will defend the tile against defects if so
Interstate
Die without will
Testate
Die with will
Freehold Estate
Fee Simple Estate
LIfe Estate
Freehold Estate :
Fee Simple Estate
Inheritable
Fee Simple Absolute (Most complete)
Fee Simple Defeasible (Special Event)
Leased Fee Interest ( Landlord)
Freehold Estate :
Life Estate
Non-inhertable
Leasehold Estate
Estate for years
Estate from Period to Period
Estate at Will
Estate at Sufferance
Joint Tenant
Value based on..
life expectancy of the last surviving joint tenant
Reversion
Benefits from the sale of property of lease expires
Utility Easement
Which approach?
Sales comp
