Quiz Sales Comparison Approach Ch 3-4 Flashcards
___________ interest is defined as the ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires.
Leased fee
“A business arrangement in which two or more persons jointly own a business and share in its profits and losses” is the definition of
Partnership
“A form of property ownership in which each unit owner holds stock in a cooperative apartment building or housing corporation. Stockholders receive a proprietary lease on a specific apartment and are obligated to pay a monthly maintenance charge that represents the proportionate share of operating expenses and debt service on any underlying mortgage, which is paid by the corporation. ” is the definition of
Cooperative
“A limitation that passes with the land regardless of the owner; usually limits the property’s type or intensity of use” is the definition of
Deed restriction. A deed restriction is a private restriction that limits a property’s use and is passed along with the ownership rights.
(Deed restriction limits an owner’s use.
Negative easements can only be conservation, drainage, historic, air rights, subsurface rights. All other easements are positive and give a right to perform)
“A multiunit structure, or a unit within such a structure, with a condominium form of ownership “ is the definition of a
Condominium
“A numerical (dollar or percentage) adjustment to the indicated value of a comparable property to account for the effect of a difference between two properties on value” is the definition of
Quantitative adjustments
“A qualitative technique for analyzing comparable sales; used to determine whether the characteristics of a comparable property are inferior, superior, or equal to those of the subject property” is the definition of _____________ analysis.
Relative comparison
(sometimes symbols like +- or = are used in the grid)
“A quantitative technique used to identify and measure trends in the sale prices of comparable properties; useful when sales data on highly comparable properties is lacking, but a broad database on properties with less similar characteristics is available. Market sensitivity is investigated by testing various factors that influence sale prices” is the definition of ___________ analysis.
Trend
“Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat” is the definition of
Fee simple
“An easement that benefits a legal person or entity (individual, corporation, partnership, LLC, government entity, etc.) and not a particular tract of land; an easement having a servient estate but no dominant estate” is the definition of an
Easement in gross
“An organization that acts as a single legal entity in performing certain activities, usually business for profit; also includes charitable, educational, and religious organizations” is the definition of
Corporation
“Divided or undivided rights in real estate that represent less than the whole, i.e., a fractional interest such as a tenancy in common, easement, or life interest” is the definition of
Partial interest
“In the sales comparison approach, the process of accounting for differences between comparables that are not quantified” is the definition of _________ analysis.
Qualitative
“Quantitative techniques used to identify and measure adjustments to the sale prices of comparable properties; a variant of statistical analysis in which an appraiser interprets graphically displayed data visually or through curve fit analysis” is the definition of
Graphic analysis
(with y and x axis and possibly a trend line)
“The holding of property by any form of title” is the definition of
Tenancy
“The order in which quantitative adjustments are applied to the sale prices of comparable properties” is the definition of
Sequence of adjustments
“The process of accounting for differences (such as between comparable properties and the subject property) that are not quantified; may be combined with quantitative analysis” is the definition of ____________ techniques.
Qualitative
“The right to perform a specific act on a property owned by another” is the definition of
Affirmative easement
“The right to use another’s land for a stated purpose” is the definition of
Easement
“Trespassing on the domain of another” is the definition of
Encroachment
“Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat” is the definition of
Fee simple estate
“An easement that benefits a legal person or entity (individual, corporation, partnership, LLC, government entity, etc.) and not a particular tract of land; an easement having a servient estate but no dominant estate” is the definition of a(an)
Easement in gross
“Divided or undivided rights in real estate that represent less than the whole, i.e., a fractional interest such as a tenancy in common, easement, or life interest” is the definition of
Partial interest
“Trespassing on the domain of another” is the definition of
Encroachment
