The Student Handbook to T HE A PPRAISAL OF R EAL E STATE 1 Real Property and Its Appraisal Chapter 1

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Chapter 1 2 Concepts of Land  Governmental and Legal  Economic  Social  Geographic and Environmental

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Chapter 1 3 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?

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Chapter 1 4 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

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Chapter 1 5 Purpose and Intended Use of an Appraisal Purpose of Appraisal (not used much anymore) Intended Use and Intended User

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Chapter 1 6 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

Student Handbook to T HE A PPRAISAL OF R EAL E STATE Chapter 1 7 Problems Suggested solutions begin on page 365.