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Real Estate Appraisal

Terms

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What does SBA stand for?
If the Subject is Better Add
What does CBS stand for?
If the Comparible is Better Subtract
What is the greatest possible estate or right of ownership of real property, continuing without time limitation?
Fee simple
What is a written instrument that conveys title to or an interest in real estate when properly executed and delivered?
A deed
Appraiser qualifications that meet federal guidelines comes from what appraisal board?
The Appraiser Qualification Board (AQB)
What does the MARIA stand for?
Method, adaptability, relationship, intention, agreement
What are the four unities required for a joint tenancy?
Time, title, interest, posession
What is an exclusive ownership interest in an identified segment of the airspace of a parcel of real estate, along with an interest in common in the parcel?
Condominium
What is a type of development, as well as a zoning classification, that features indivually owned parcels together with shared common areas?
A planned unit development. (PUD}
What does FIRREA stand for?
Financial institutions reform, recovery, and enforcement act. {1989}
What board is responsible for establishing the rules for developing an appraisal and reporting its results? In addition it is responsible for the enforcement of USPAP.
The Appraisal Standards Board. (ASB)
What part of USPAP section 1 states that the appraiser must advise the client when the assignment calls for something different from the work required by the specific guidelines?
The departure provision
What is the purpose of USPAP?
To present information that will be meaningful to the client and will not be misleading in the marketplace.
A certified appraiser is required for federally related transactions involving property valued at more than how many $?
$1 million
What is a real estate appraisal?
An appraisal is an estimate of value.
When can a private property be taken for public use?
Eminent domain, escheat, police power, and taxation.
Community property is all property acquired by either spouse during marriage, except property acquired by:
1. Gift or inheritance,
2. with the proceeds of seperate property, or
3. as income from seperate property

Deck Info

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