Auxillary Notes Flashcards
Cost approach?
How much it would cost to replace it with something brand new
Variance
Method by which a landowner can try to show unique circumstances exist; exception that will not affect the community
Economic obsolescence example?
Airport getting built nearby the crib
Bill of sale__?
Used when transferring personal property
Consideration terms?
Good, sufficient, adequate, valuable
Process of Acceptance
Offer, acceptance, then communicate back acceptance
Title?
Evidence of ownership
Deed?
Evidence of transfer
Equity?
difference between how much a property is worth and how much it is owed
Sale and leaseback?
Usually used for the purpose of creating cash from a commercial property
writ of execution?
Court order granted to put in force a judgment of possession obtained by a plaintiff from a court
Joint tenancy?
Time, title, interest, possession; also rights of survivorship. If Mike, Larry, and Suzie own it Suzie and Mike will get half if Larry passes away
Tenancy in common?
Possession, no rights of survivor-ship for co-owners and can be passed down.
Appraisal methods: Market data approach, Cost replacement, Cap income
Market data, uses comps
Cost replacement, how much it would cost to make this brand new
Cap income, concerned with how much $ it would generate
Estate for years?
Tenancy for a fixed period of time.
