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AAEC 4303. PROPERTY APPRAISAL. REAL PROPERTY AND IT’S APPRAISAL. LAND => CONCEPTS 1. LEGAL - PROPERTY RIGHTS 2. ECONOMIC - VALUE 3. SOCIAL – LAND OWNERSHIP IS A FUNDAMENTAL AMERICAN PRESUIT. LEGAL.

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aaec 4303

AAEC 4303

PROPERTY APPRAISAL

AAEC 4303 - Property Appraisal

real property and it s appraisal
REAL PROPERTY AND IT’S APPRAISAL

LAND => CONCEPTS

1. LEGAL - PROPERTY RIGHTS

2. ECONOMIC - VALUE

3. SOCIAL – LAND OWNERSHIP IS A FUNDAMENTAL AMERICAN PRESUIT

AAEC 4303 - Property Appraisal

legal
LEGAL
  • LAWS IN THE U.S. THAT GOVERN THE USE OF LAND GIVE THE LANDOWNER THE GREATEST POSSIBLE FREEDOM TO DECIDE LAND USE.
  • REAL ESTATE APPRAISING INVOLVES THE VALUATION OF REAL PROPERTY RIGHTS.

AAEC 4303 - Property Appraisal

legal matters pertaining to land
LEGAL MATTERS PERTAINING TO LAND
  • EASEMENTS
  • ACCESS REGULATIONS
  • USE RESTRICTIONS (ZONING)
  • RECORDING OF TITLE
  • CONVEYANCE OF TITLE

AAEC 4303 - Property Appraisal

economic
ECONOMIC
  • CENTRAL TO APPRAISAL THEORY IS THE CONCEPT THAT LAND IS A SOURCE OF WEALTH AND AN OBJECT OF VALUE.
  • LAND IS:
    • UNIQUE IN LOCATION AND COMPOSITION
    • PHYSICALLY IMMOBILE
    • DURABLE
    • SUPPLY IS FINITE
    • HAS USE

AAEC 4303 - Property Appraisal

social
SOCIAL
  • LAND OWNERSHIP IS A FUNDAMENTAL AMERICAN PURSUIT.

AAEC 4303 - Property Appraisal

real estate vs real property
REAL ESTATEVS.REAL PROPERTY
  • REAL ESTATE –

THE PHYSICAL LAND AND APPURTENANCES AFFIXED TO THE LAND.

  • REAL PROPERTY -

ALL INTEREST, BENEFITS, AND RIGHTS INHERENT IN THE OWNERSHIP OF REAL ESTATE.

AAEC 4303 - Property Appraisal

property rights bundle of rights
PROPERTY RIGHTS“BUNDLE OF RIGHTS”

1. USE

2. SELL

3. LEASE

4. ENTER INTO

5. GIVE AWAY

6. DO NOTHING

AAEC 4303 - Property Appraisal

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IF YOU HAVE ALL OF THE PROPERTY RIGHTS, YOU HAVE

FEE SIMPLE TITLE

ABSOLUTE OWNERSHIP, UNENCUMBERED BY ANY OTHER INTEREST

AAEC 4303 - Property Appraisal

other types of ownership interest
OTHER TYPES OF OWNERSHIP INTEREST
  • LEASE FEE ESTATE
    • OWNERSHIP INTEREST HELD BY THE LANDLORD WITH THE REGHT OF USE CONVEYED TO OTHERS.
  • LEASEHOLD ESTATE
    • RIGHTS OF USE HELD BY THE LESSEE

AAEC 4303 - Property Appraisal

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INDIVIDUAL RIGHTS IN PROPERTY CAN BE SOLD, LEASED, TRANSFERRED, OR OTHER WISE DISPOSED OF SEPARATELY.
  • AN EXAMPLE WOULD BE MINERAL RIGHTS

AAEC 4303 - Property Appraisal

real estate vs personal property
REAL ESTATEVS.PERSONAL PROPERTY
  • PERSONAL PROPERTY –

INCLUDES MOVABLE ITEMS OF PROPERTY THAT ARE NOT PERMANENTLY AFFIXED TO REAL ESTATE. PERSONAL PROPERTY IS NOT ENDOWED WITH THE RIGHTS OF REAL PROPERTY OWNERSHIP

AAEC 4303 - Property Appraisal

slide13
PROPERTY RIGHTS ARE EXCLUSIVE, BUT NOT ABSOLUTE.
    • WHEN PROPERTY RIGHTS ARE HELD BY INDIVIDUALS, THEY CAN EXCLUDE ALL OTHERS FROM ACCESS TO OR USE OF THE PROPERTY.
    • HOWEVER, THE EXCLUSIVE RIGHTS HELD BY INDIVIDUALS ARE ALWAYS SUBJECT TO THE CONTROLS AND LIMITATIONS VESTED IN THE SOVEREIGN POWER.

AAEC 4303 - Property Appraisal

governmental powers
GOVERNMENTAL POWERS
  • TAXATION: THE RIGHT OF GOVERNMENT TO RAISE REVENUE THROUGH ASSESSMENTS OF GOODS, PRODUCTS AND RIGHTS.
  • EMINENT DOMAIN: THE RIGHT OF GOVERNMENT TO TAKE PRIVATE PROPERTY FOR PUBLIC USE UPON THE PAYMENT OF A JUST COMPENSATION.

AAEC 4303 - Property Appraisal

slide15
POLICE POWER: THE RIGHT OF GOVERNMENT UNDER WHICH PROPERTY IS REGULATED TO PROTECT PUBLIC SAFETY, HEALTH, MORALS, AND THE GENERAL WELFARE.
  • ESCHEAT: THE RIGHT OF GOVERNMENT THAT GIVES THE STATE OWNERSHIP OF A PROPERTY WHEN IT'S OWNER DIES WITHOUT A WILL OR ANY ASCERTAINABLE HEIRS.

AAEC 4303 - Property Appraisal

private limitations
PRIVATE LIMITATIONS
  • RESTRICTIVE COVENANTS
    • MAY IMPOSE PRIVATE CONTROLS ON THE USE OF LAND
  • EASEMENTS
    • GIVE OTHERS THE RIGHT TO USE THE LAND FOR A SPECIFIC PURPOSE
  • RESERVATIONS
    • SUCH AS RETAINING MINERAL RIGHTS OR RIGHTS-OF-WAY

AAEC 4303 - Property Appraisal

appraisal
APPRAISAL
  • AN ESTIMATE OR OPINION OF VALUE FOR AN ADEQUATELY DESCRIBED PROPERTY, AS OF A SPECIFIED DATE, SUPPORTED BY THE ANALYSIS OF RELEVANT DATA

AAEC 4303 - Property Appraisal

purpose and use of an appraisal
PURPOSE AND USE OF AN APPRAISAL
  • THE REASON FOR THE APPRAISAL ASSIGNMENT.
  • THE PURPOSE IS DETERMINED BY THE CLIENT.
  • THE USE OF AN APPRAISAL IS THE MANNER IN WHICH THE CLIENT EMPLOYS THE APPRAISAL.

1. TRANSFER OF OWNERSHIP

2. FINANCING

3. DETERMINATION OF COMPENSATION IN CONDEMNATION PROCEEDINGS.

4. TAX ASSESSED VALUE.

5. INVESTMENT DECISION.

AAEC 4303 - Property Appraisal