See right of appropriation. a. The official responsible for determining assessed values. (Real Estate Principles, Real Estate Practice) b. One who determines property values for the purpose of ad valorem taxation. (Fundamentals of Real Estate Appraisal) a. Anything affixed (attached) to or used with land for its benefit that is transferred with the land. (Real Estate Principlesm, Real Estate Practice). b. Anything used with land for its benefit, either affixed to land or used with it, that will pass with the conveyance of the land. (Fundamentals of Real Estate Appraisal). c. Something that belongs to and goes with property (examples are a structure and easement rights). (Real Estate Law). An undertaking or adoption of a debt or an obligation resting primarily on another person. See annual percentage rate. a. The process by which real or per- sonal property of a party to a lawsuit is seized and retained in the custody of the court. (Real Estate Principles). b. The process by which real or personal property of a party to a lawsuit is seized and retained in the custody of the court; intended to compel an appearance before the court or to furnish security for a debt or costs arising out of the litigation. (Real Estate Practice). c. A prejudgment lien that can be obtained to ensure the availability of property for execution after a judgment is obtained. (Real Estate Law). a. Measure of the floor or ground space within the perimeter of a building or land parcel. (Real Estate Principles, Real Estate Practice) b. The space inside a two- dimensional shape (i.e., one with length and width but not volume). (Fundamentals of Real Estate Appraisal) a. An agent who has been granted a power of attorney by a principal. (Real Estate Principles, Real Estate Practice) b. A person appointed as an agent under a power of attorney. (Real Estate Law) a. A transaction in which neither party acts under duress and both have full knowledge of the property's assets and defects, the property involved has been on the market a reasonable length of time, there are no unusual circumstances, and the price represents the normal consideration for the property sold, without unusual financing terms. (Real Estate Principles, Real Estate Practice) b. A transaction in which both buyer and seller act willingly and under no pressure, with knowledge of the present conditions and future potential of the property, and in which the property has been offered on the open market for a reasonable length of time and there are no unusual circumstances. (Fundamentals of Real Estate Appraisal) 4b
Avulsion: Basis: Balance, Principle Of: Beneficiary: Balloon Payment: Bequest: Bankruptcy: Bill Of Sale: Base Line (s): Blanket Mortgage: 5a
a. Cost basis is the dollar amount assigned to property at the time of acquisition under provisions of the Internal Revenue Code for the purpose of determining gain, loss, and depreciation in calculating the income tax to be paid on the sale or exchange of the property; adjusted cost basis is derived after the application of certain additions, such as for improvements, and deductions, such as for depreciation. (Real Estate Principles, Real Estate
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- Fall '19
- Real Estate Practice