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Basic Residential Appraisal Principles > CH1: Overview of Appraisal & RE concepts > Flashcards

CH1: Overview of Appraisal & RE concepts Flashcards

1
Q

USPAP

A

Uniform Standards of Professional Appraisal Practice
Not a law
Created in 1980’s

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2
Q

FIRREA

A

Financial Institutions Reform, Recovery & Enforcement Association
passed in 1980
recognizes USPAP as current industry standard and identifies appraisal foundation as the authority for professional appraisers

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3
Q

Steps in Appraisal Process

A
  1. Problem identification
  2. Scope of work
  3. Applicable Data collection & analysis
  4. application of the approaches to value
  5. Reconciliation and Final opinion of Value
  6. Report of defined value
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4
Q

Valuation services vs appraisal practice

A

Appraisal practice - only done by appraisers

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5
Q

Real Property

A

land, things attached to the land, rights that go with ownership of the land, limitations to the use of the land

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6
Q

tangible property

A

an item that can be seen

either real or personal property

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7
Q

intangible property

A

personal property

has value, yet cannot be physically touched or seen

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8
Q

real estate

A

actual land and everything on it

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9
Q

real property

A

not only the physical land, but rights of ownership in the real estate

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10
Q

personal property

A

tangible items that usually are not permanently attached to or part of the real estate
also called chattel

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11
Q

annexation of property

A

conversion of personal property to real property - usually by attaching or affixing personal property to real property

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12
Q

attachments

A

things connected to the land both man made and natural

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13
Q

Fructus naturales

A

fruits of nature, trees and plants occurring naturally

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14
Q

fructus industriales

A

fruits of industry - plants cultivated by people

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15
Q

enblements

A

tenant farmer’s crops

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16
Q

doctrine of emblements

A

a tenant farmer is allowed to re-enter the land to harvest crops that were planted by him even after the tenancy ended
- for perennial, only applies to the first crop that matures

17
Q

Trade fixtures

A

equipment a tenant installs for business

  • always personal property
  • a tenant can remove their pizza ovens, but may be liable for damages caused by removal
18
Q

bundle rights

A
  • right of use
  • right of enjoyment
  • right of disposal
19
Q

fee simple/ fee simple absolute

A

greatest estate one can have

- freely transferable, inheritable and indefinite duration w/0 conditions of ownership

20
Q

Land rights

A
  1. Air rights
  2. surface rights
  3. Subsurface rights
21
Q

appurtenant

A

rights “attached to the land” - cannot be retained or sold separately from the property

22
Q

riparian rights

A

associated with flowing water

23
Q

littoral rights

A

non flowing water rights

24
Q

appropriative rights

A

water rights granted by government permit and don’t depend on ownership of water rights

25
Q

rule of capture

A

whoever drills a well on land owns all the oil or gas the well produces, even though it may have migrated from under a neighbor’s land

26
Q

basements cannot be excavated without…

A

subsurface land rights

27
Q

Value Characteristics (DUST)

A

Demand
Utility
Scarcity
Transferability

28
Q

3 unique physical characteristics of real estate

A

Uniqueness
Immobility
Indestructibility

29
Q

Government survey system

A

legal description for land, referencing principal meridians and baselines

  • also called goverment rectangular survey system
  • east-west = townships, parallel to baselines @ 6 mi intervals
30
Q

how many sq feet is 1 acre

A

43,560 sq ft

31
Q

how big is a parcel

A

5,280 across, 640 acres

32
Q

Platted property

A

any property that has been subdivided from a large tract and referenced on a plat map

33
Q

metes & bounds system

A

a legal description that starts at an easily identifiable point of being (POB) then describes the property’s boundaries in terms of courses or metes (compass directions) and bounds (changes in direction)

34
Q

rod or pole/ chain

A 
rod/pole = 16.5 ft or 5.5 yards
chain = 66 ft or 4 rods

Basic Residential Appraisal Principles (4 decks)

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