REE-4103 Lecture Notes - Lecture 5: Remainderman, Life Estate, Fee Simple

• School: FSU
• Department: Risk Management/Insurance, Real Estate and Legal Studies
• Course: REE-4103
• Professor: Stephen A Bailey

Document Summary

Identify the client: appraiser must consider obligations created by the intended user or users of the appraisal report, appraisal must identify, as far as practical, the intended user or users of the appraisal. If the (cid:272)lie(cid:374)t wishes to (cid:396)e(cid:373)ai(cid:374) a(cid:374)o(cid:374)y(cid:373)ous, the (cid:272)lie(cid:374)t"s (cid:374)a(cid:373)e (cid:373)ust at least (cid:271)e i(cid:374) the app(cid:396)aise(cid:396)"s wo(cid:396)ki(cid:374)g file, a(cid:272)(cid:272)o(cid:396)di(cid:374)g to uspap (cid:396)e(cid:395)ui(cid:396)e(cid:373)e(cid:374)ts. Intended users: person or entity that will use the appraisal for some purpose, may be other potential users of appraisal, but the appraiser ultimately determines who the appropriate users are. Then must conform to uspap and the fed agency regulating the loan. Type of value and its definition: uspap requires that a written statement of the defined value must be included in every report, this statement must also specify the terms of the financing and its influence on value. Extraordinary assumptions: presume uncertain information to be factual.