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The Student Handbook toTHE APPRAISAL OF REAL ESTATE

Real Property and Its Appraisal

Chapter 1

Chapter 1 2Student Handbook to THE APPRAISAL OF REAL ESTATE

Concepts of Land Governmental and Legal Economic Social Geographic and Environmental

Chapter 1 3Student Handbook to THE APPRAISAL OF REAL ESTATE

Real Estate, Real Property, and Personal Property

Real estate is the physical thing. It cannot be appraised or sold.

Real property is the rights in realty. These cannot be touched but they can be appraised and sold.

Personal property is tangible but not affixed to the real estate.

Fixture or trade fixture?

Chapter 1 4Student Handbook to THE APPRAISAL OF REAL ESTATE

Appraisal Assignments and Reporting Formats

Appraisal Appraisal Consulting Appraisal Review Types of Appraisals Appraisal Reporting Formats

Restricted Use Appraisal Reports Summary Appraisal Reports Self-Contained Appraisal Reports

Chapter 1 5Student Handbook to THE APPRAISAL OF REAL ESTATE

Purpose and Intended Use of an Appraisal

Purpose of Appraisal (not used much anymore) Intended Use and Intended User

Chapter 1 6Student Handbook to THE APPRAISAL OF REAL ESTATE

Appraiser Liability

Responsibility for errors Repair issues Legal rights issues USPAP competency Ghost appraisers I have (or have not) made a personal inspection

of the real estate. No one provided significant real property

assistance

Chapter 1 7Student Handbook to THE APPRAISAL OF REAL ESTATE

Problems

Suggested solutions begin on page 365.