REE 4103- Midterm Exam Guide - Comprehensive Notes for the exam ( 45 pages long!)
16 Feb 2018
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What is an appraisal: the act or process of developing an opinion of value or real property. It is an opinion, rather than an undeniable fact: appraisers, professionals with training and expertise in the accepted valuation methods and techniques who have an ethical obligation to remain disinterested and unbiased while performing an appraisal. What is real property: real estate, the physical land and appurtenances affixed to the land e. g. , structures, real property. Includes the interests, benefits, and rights inherent in the ownership of physical real estate. In appraisal, a particular set of real property interests not the real estate is what is valued: a right or interest is referred to as an estate. The bundle of rights: the right to, sell an interest, lease an interest, occupy the property, mortgage an interest, give an interest away. Public restrictions on ownership: restrictions, taxation, eminent domain, police power escheat.
