Basic Appraisal Principles

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Basic AppraisalPrinciplesSolutions BookletPC100GRSBG

For Educational Purposes OnlyThe materials presented in this course represent the opinions and views of the developers and/or reviewers. Although these materials mayhave been reviewed by members of the Appraisal Institute, the American Society of Appraisers, and the American Society of Farm Managersand Rural Appraisers, the views and opinions expressed herein are not endorsed or approved by these organizations as policy unless adoptedby the Board of Directors of the organizations pursuant to the Bylaws of the organizations. While substantial care has been taken to provideaccurate and current data and information, the Appraisal Institute, the American Society of Appraisers, and the American Society of FarmManagers and Rural Appraisers do not warrant the accuracy or timeliness of the data and information contained herein. Further, any principlesand conclusions presented in this course are subject to court decisions and to local, state, and federal laws and regulations and any revisionsof such laws and regulations.This course is presented for educational and informational purposes only with the understanding that the Appraisal Institute, the AmericanSociety of Appraisers, and the American Society of Farm Managers and Rural Appraisers are not engaged in rendering legal, accounting, or anyother professional advice or services. Nothing in these materials is to be construed as the offering of such advice or services. If expert adviceor services are required, readers are responsible for obtaining such advice or services from appropriate professionals.Nondiscrimination PolicyThe Appraisal Institute, the American Society of Appraisers, and the American Society of Farm Managers and Rural Appraisers advocate equalopportunity and nondiscrimination in the appraisal profession and conduct their activities in accordance with applicable federal, state, andlocal laws.Copyright 2004, minor updates 2021, Appraisal Institute, American Society of Appraisers, American Society of Farm Managers and RuralAppraisers. All rights reserved. No part of this publication may be reproduced, modified, rewritten, or distributed, electronically or by any othermeans, without the express written permission of the Appraisal Institute, the American Society of Appraisers, and the American Society ofFarm Managers and Rural Appraisers.

IntroductionIntroductionI.Suggested SolutionsWhat is an Appraiser?Later in the course, we’ll formally define the term appraiser, but we want yourthoughts for now. Use the space below to write down some of your ideas.There is no preset answer to this question. Address the important conceptthat appraisers provide independent, impartial, and objective value opinions.An appraiser‛s opinion can involve all types of real property and can alsoinclude personal property and intangible business assets.II. Appraisal PracticeA. Appraisal practice is a valuation service performed by an individual acting as anappraiser.B. Professional services that come under appraisal practice include1. Appraisal2. Appraisal review3. Other services while acting as an appraiserBasic Appraisal PrinciplesIntroduction – 1Basic Appraisal PrinciplesSolutions – 1Appraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of Appraisers

IV. Career PerspectiveIf you were to picture your career as a high-rise building with each floor representing oneyear of experience, what kind of foundation would you need to support 30 stories?Career pinnacleEnhanced skill setsExperienceKnowledgeEducationCompetent practiceEthical principlesV. Career PlanningThink long range while planning your career. Participants are often surprised by thebreadth of information they must assimilate just to attain the first level license fromtheir state. That’s only the starting point. Begin seeing your career in 5- and 10-yearincrements, and you won’t get overwhelmed. Developing competency is a career-longprocess, and today is simply the point where you begin.We’re going to take you on a journey of learning unlike anything you’ve experiencedbefore. You will need to study hard, but take time to enjoy this experience. There’sno need to be anxious. This course and the others that follow will cover the essentialcontent you need to prepare for appraisal licensure. But we also want to prepare youfor something more—your career in appraisal practice.Solutions– 2 PrinciplesBasic AppraisalBasic fofAppraisersAppraisers

a. Impartial or neutral;b. Objective or fair-minded;c. Independent or autonomous; andPart 1. The Appraiser and Public TrustSuggested Solutionsd. Free of self-interest1.1 DilemmaTwo parties involved in a real property valuation dispute are seeking tohire one appraiser to help resolve the matter.Is it ethical for an appraiser to perform this type of assignment when theparties have conflicting interests?An appraiser does not “represent” or advocate a client‛s position.Since an appraiser is impartial and independent, it is ethical toperform a valuation service for both parties in this dispute assumingthey agree to abide by the results.4. An appraiser must not influence or promote the goal of any person or group.An appraiser must defend his or her opinions and conclusions and mustperform assignments with impartiality with respect to any party or cause.Part 1 – 10Basic Appraisal PrinciplesAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersBasic Appraisal PrinciplesAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersSolutions – 3

1.2 Dilemma1.2 DilemmaI completedan appraisalassignmentfor a lastbankweeklast weeka 250,000I completedan appraisalassignmentfor a bankwith awith eyneedanothervalue conclusion. The bank called today and said they need another 5,000putdealthe together;deal together;otherwise,they won’tpayThat’sme. That’s 5,000to puttotheotherwise,they won’tpay me.a 2% a hisismysoledifference, and I guess it’s not worth arguing about. This is my sole client,client,tothelosebusiness.the business.and I andcan’tI can’taffordaffordto loseWhat WhatshouldshouldI do? I do?you forhaveforappraiser?this appraiser?What Whatadviceadvicedo youdohavethisChangingthe appraisalthe causethe clientand alterChangingthe appraisalwouldwouldfavorfavorthe causeof theofclientand alterthe impartialand objectivenaturethe appraiser-clientrelationship.the impartialand objectivenatureof theofappraiser-clientrelationship.C. CompetentappraisalpracticeC. Competentappraisalpractice1.3 DiscussionQuestion.In theWorld1.3 DiscussionQuestion.In theRealRealWorldAn appraiserdiscoversthe coursethe assignmentthat heAn appraiserdiscoversduringduringthe courseof theofassignmentthat thelacks the required knowledge and experience to complete theassignmentcompetently.assignmentcompetently.the appraiserWhat Whatshouldshouldthe appraiserdo? do?Instructions:attemptingto answerthis question,readcontentthe contentthe nextInstructions:BeforeBeforeattemptingto answerthis question,read theon theonnextpagethe handbookand discussthen discussthe issueswith thoseseatedattableyour tablepage oftheofhandbookand thenthe issueswith thoseseatedat yourarea. area.Informthe clientand satisfythe competencyor withdrawInformthe clientand satisfythe competencyissue issueor withdrawfrom fromthe theassignment.The appraiser‛sobligationto addresscompetencyappliesevenassignment.The appraiser‛sobligationto addresscompetencyapplieseven iftheif theis discoveredthe coursethe assignmentto previouslyunknownissue issueis discoveredduringduringthe courseof theofassignmentdue toduepreviouslyunknownor conditions.factsfactsor conditions.Basic AppraisalSolutions– 4 PrinciplesBasic AppraisalPrinciplesPart1 – 11Basic AppraisalPrinciplesPart 1 – RuralAppraisersAppraisers//AmericanAmerican nstitute / AmericanSociety of Farm Managersand Rural Appraisers/ American Society ofSocietyAppraisers

Review QuizFill in the missing content for the following questions.1.Appraisers must develop and communicate their work in a manner that ismeaningful and that does not misrepresent their services to intended users.2.An appraiser must not advocate the cause or interest of any3.At what point must an appraiser be competent regarding an appraisalassignment? At completion of the assignment .4.The appraiser must be prepared to demonstrate that the type and extent ofresearch and analyses performed in the appraisal is sufficient to producecredibleassignment results.5.An appraiser performing an assignment in an unfamiliar geographic location mustspend sufficient time to understand thenuancesof the local market.party or issue .Check the appropriate box for each question.6.A series of errors in an appraisal is acceptable as long asit does not significantly affect the value conclusion.7.An appraiser must inform a client prior to accepting theassignment if he or she lacks the requisite training,information, and/or work experience to complete theassignment competently.8.A fee arrangement contingent on an appraiser’s valueconclusion will help the appraiser to maintain impartialityand independence.9.In an assignment that involves a dispute between two parties,it is the appraiser’s duty to represent his client’s position.TRUEFALSE10. The unethical practices of a few can sometimes damagepublic trust for an entire profession.Review quizzes and practice tests are intended to be taken during your personal studytime. Suggested answers are found in the Solutions Booklet.Basic1AppraisalPrinciplesPart– 18Solutions–5Basic praisal

Solutions – 6Basic Appraisal PrinciplesAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of Appraisers

Part 2. The Nature of Real EstateSuggested SolutionsII. Fundamental Land RightsCertain rights accompany land such as air rights, water rights, mineral rights, and oiland gas rights. These land rights together with all the other rights in real property(comprehensively known as the bundle of rights) are the interests that appraisersanalyze and evaluate. For now, we’ll focus on fundamental land rights.A. The inverted pyramidLand theory suggests that ownership in land includes complete possession fromthe center of the earth to the ends of the universe. Of course, in real practice,land ownership has limitations due to governmental controls.1. Suprasurface rights2. Surface rights3. Subsurface rightsB. Air rights (suprasurface rights)Air rights. The right to undisturbed use and control of designated air spaceabove a specific land area within stated elevations.1. Right to construct buildings in the air space over the land.2. Right to control view/solar access.Solutions – 7Basic Appraisal PrinciplesAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersPart 2 – 22Basic Appraisal Principles

long as that use does not interfere with air traffic.5. A landowner can seek damages if a public or private party uses the airspaceover the property in a manner that is detrimental to, or interferes with, thelandowner’s rights.C. Surface rights1. Rights include land, water, and anything attached to the land—either naturallyor placed by human hands.2. Water rightsa.Riparian rightsThese are rights pertaining to propertiestouching a body of water or a waterway such as a river or stream(generally interpreted as flowing waters) with an emphasis on the benefitand useful purpose to which the flowing water may be applied.b.Littoral rightsThese are rights pertaining to propertiesabutting an ocean, lake or pond (generally interpreted as non-flowingwaters) with an emphasis on the use and enjoyment of the shore (thearea between high and low water levels).c. Landowners with water rights generally have an unrestricted right to usethe water that adjoins their property. However, they cannot interrupt ordivert the flow of water (or contaminate it). Riparian and littoral ownerscannot impair the rights of other riparian or littoral landowners. This ofteninvolves agricultural issues of farming and irrigation.d. Riparian and littoral rights are appurtenant (that is, attached) to the landand cannot be retained by the seller after the property is sold.e. Prior appropriation water rights. This system of allocating water rights isdifferent from riparian and littoral rights. Water law in the western UnitedStates generally follows the appropriation doctrine (sometimes referred toas the Colorado Doctrine) which came about due to the scarcity of waterin that area of the country. This water right can be summed up as “first intime is first in line,” and the rights are unconnected to land ownership.Part 2 – 23Basic Appraisal PrinciplesAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersSolutions – 8Basic Appraisal PrinciplesAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of Appraisers

III. Real Estate, Personal Property, and Real PropertyKnowledge Preview. Choose real estate, personal property or real property for 1 6.1.Schaefer owns land with a grove of treesthat are prized for their wood. The treeswould be classified asReal estate2.Schaefer cuts down several of the treesand stacks the wood on his land.Personal property3.Schaefer sends the wood to awoodworker to be made into cabinets.The finished cabinets are delivered andplaced in Schaefer’s house.Personal property4.Schaefer secures the cabinets to a wall inthe family room of the house.5.Years later Schaefer remodels the homeand removes the cabinets and placesthem in the attached garage.6.Schaefer’s marriage falls apart, and ajudge orders that Schaefer’s spousereceive one-half the wholesale timbervalue of the tree grove. The interest in thetree grove representsReal estatePersonal propertyReal propertyA. Real estate1. Real estate is land (physical raw land) and all things that are a natural part ofthe land such as trees and minerals.2. Real estate includes appurtenances.All real estate improvements were once personal property; when attached tothe land, they become real estate.Appurtenance. Something added or appended to a property that thenbecomes an inherent part of the property; usually passes with theproperty when title is transferred.BasicPrinciplesPart 2Appraisal– 26Solutions–9Basic AppraisalPrinciplesAppraisalAppraisal InstituteInstitute // AmericanAmerican SocietySociety ofof FarmFarm ManagersManagers andand RuralRural AppraisersAppraisers // AmericanAmerican SocietySociety ofof AppraisersAppraisers

in the land purchase contract to avoid confusion regardinginstalled or attachedto theland or building in a rather permanent manner soharvestingrights.that it is regarded in law as part of the real estate. Generally, crops planted by a tenant farmer are treated asemblements.1. Intent is a primary factor in determining whether an item is a fixture. In aresidence, fixtures might include plumbing, lighting, or a built-in dishwasher.C. Fixtures2.Tests isof anfixturesA fixtureappurtenance (that is, treated as real estate) when permanentlyattached to a property. However, some fixtures can be easily removed withoutdamaging the property and are treated as personal property. These differencesAttachment(oraboutannexation)can causedisputeswhether a fixture is real estate or personal property.The manner (permanence) in which the item is affixedFixture. An article that was once personal property but has since beenAdaptationinstalled or attached to the land or building in a rather permanent manner sothatCharacterit is regardedlawitemas partthe real estate.of inthe(forofexample,custom-made) andits adjustment (or modification) to the real estate1. Intent is a primary factor in determining whether an item is a fixture. In aAgreementresidence,fixtures might include plumbing, lighting, or a built-in dishwasher.The intention of the party who attached the item2. Tests of fixtures3. Tradefixtures maysubject to laws and customs of the area but generallyAttachment(or beannexation)The mannerin whichitem istoaffixed buildings by aa. Tradefixtures(permanence)are articles placedin ortheattachedrentedtenant to help carry out the trade or business of the tenant.Adaptationb. Thesefixturesare personalregardlessof how andthey are affixed.Characterof theitem (forpropertyexample,custom-made)Part 2 – 28its adjustment (or modification) to the real estateBasic Appraisal PrinciplesAgreementAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersThe intention of the party who attached the item3. Trade fixtures may be subject to laws and customs of the area but generallya. Trade fixtures are articles placed in or attached to rented buildings by atenant to help carry out the trade or business of the tenant.b. These fixtures are personal property regardless of how they are affixed.Part 2 – 28Basic Appraisal PrinciplesAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersSolutions – 10Basic Appraisal PrinciplesAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of Appraisers

representing a specific right of ownership.c. BundleThese offixturesremovablethe tenantwhen theexpires unlessrights.areTotalrange ofbyownershipinterestsin leasereal wner that possesses all the interests in the bundle of rights has the5c. mostThesefixtures areby thetenant when the lease expires unlesscompleteformremovableof ownership.D. Real propertythis right has been surrendered in the lease.in Real PropertyD. Real RightspropertyReal property. “The interests, benefits, and rights inherent in the ownershipof real estate.” (USPAP, DEFINITIONS)Real property. “The interests, benefits, and rights inherentin ther ownershipTransfeof real estate.” (USPAP, DEFINITIONS)1. In some jurisdictions, the terms real estate and real property are usedinterchangeably. For appraisal purposes, there is a distinct difference. RealPossessionLeaseestatean identified 1. Insomeisjurisdictions,realestate andreal property areused tractofland.interchangeably. For appraisal purposes, there is a distinct difference. RealMortgag eestate is an identified land parcel (including appurtenances), whereas real2. propertyA right orisinterestin realandestateis alsoreferredto asan ofestate.the interestsrightsin theidentifiedtractland.Improve3. AOwnershipinterestshaveestatebeen iscomparedto a bundleof estate.sticks with each stick2.right or interestin realalso referredto as anrepresenting a specific right of ownership.3. Ownership interests have been compared to a bundle of sticks with each stick4. representingOther rights attachedrealofpropertyownership include the right of enjoymenta ofownershipin realproperty.(use the property in a legal manner), the rightinterestsof interestsinthebundleofrightshastheentering or using the property), and the right to do all or none of thesethings.5most completeownership.Bundleof rights.formTotalofrangeof ownership interests in real property. Anowner that possesses all the interests in the bundle of rights has themost complete form of ownership.5Rights in Real Property5.Definitions that are not referenced are definitions written by the developer. Such definitions may address only oneaspect of Rightsthe term. in Real ute / American Society of Farm Managers and Rural Appraisers / American Society ofLeasAppraisersBasic Appraisal PrinciplesPossessionPart 2 – 29MortgageeLeasImproveeMortgagImprove4. Other rights attached to real property ownership include the right of enjoyment(use the property in a legal manner), the right of exclusion (keep others fromenteringor usingthe property),and theright to doall or thenoneof thesethings.4. Otherrightsattachedto real propertyownershipincluderightof enjoyment(use the property in a legal manner), the right of exclusion (keep others fromentering or using the property), and the right to do all or none of these things.5.Definitions that are not referenced are definitions written by the developer. Such definitions may address only oneaspect of the term.Basic Appraisal PrinciplesPart 2 – 29Appraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersBasic Appraisal PrinciplesBasic Appraisal PrinciplesAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersPart 2 – 29Solutions – 11

Review QuizWrite a number on the line opposite each item below to indicate whether the item isbest described as1. Real estate2. Real property3. Personal property4. Fixture5. Trade fixtureNote. Permanently attached fixtures are also real estate. Choose “fixture” rather than“real estate” if the test of fixtures applies to the personal property item. Trade fixturesare also personal property, but choose the best answer that fits the description.5Photographic printing equipment owned and used by a one-hour photobusiness that rents space in a mall1Chain link fence2An estate3Portable dishwasher2Condominium1Swimming pool in the ground3Swimming pool above the ground5Air-handling systems and filters owned and installed by a tenant in leasedspace of an industrial park4Room air conditioner permanently mounted in a wall opening2Right to occupy4Portable hot tub permanently enclosed in a deck with underground plumbing1Shrubbery3EmailsSuggested answers for this quiz are found in the Solutions Booklet.Solutions– 12Part 2 – 32BasicBasic AppraisalAppraisal PrinciplesPrinciplesAppraisalAppraisal InstituteInstitute // AmericanAmerican SocietySociety ofof FarmFarm ManagersManagers andand RuralRural AppraisersAppraisers // AmericanAmerican SocietySociety ofof AppraisersAppraisers

Rights and Interests in Real EstatePart 3, we’re going to take a closer look at the rights and interests that run with real estate.I. Estates in LandA numberlegal rights(thatis, a bundleInof Realrights) Estatebelong to the ownerof realSolutionsestate. InSuggestedPart 3.of RightsandInterestsPart 3, we’re going to take a closer look at the rights and interests that run with real estate.Estate. A right or interest in property.I.EstateininLandland. The degree, nature, or extent of interest that a person has in land.EstatesThereare manyof estates,but not all interests in real estate are defined asEstate.A righttypesor interestin property.estates in land. To be an estate in land, the legal right(s) or interest(s) must allowEstate in land. Thenature, or specifyextent ofinterest Estatesthat a personhas in land. bypossession—nowor indegree,the future—andduration.are distinguishedtheir duration and fall into two legal categories—freehold and leasehold estates.There are many types of estates, but not all interests in real estate are defined asestates in land. To be an estate in land, the legal right(s) or interest(s) must allowpossession—now or in the future—and specify duration. Estates are distinguished byEstatesEstatestheir durationand fall into two legal categories—freehold andleasehold estates.IndeterminateDefinedD u r a t io nD u r a t io nIndeterminateFreeholdeehholdD uratioFnreeFee SimpleSimSimpleEstEstateEstateFee SimpleSimSimpleEstEstateEstateFee SimpleSimpSimpleAbsollutebsoAbsoluteFee hholdEstatesEstatesDefinedLeaseholdLeaseaD eeEstateIncludes a FutureLifeInterest LiforePossessionEstattateeEstateIncludes a Futurenteprleest or tatee foforr YYearsearsearsEstateEstate frfrofromomPeririood toto PeriodPereriiodPeriodEstateEstattatee foforr YYearsearsearsEEstatestattatee atat WillWilllWiEEstatestate frfrofromomPeririood toto erestInterestEstateEstEstate aattSuffferaSuerannceSufferanceEstateEstattatee atat WillWilllWiFee SimSimpSimplepleDeffeaDeeassibleDefeasibleLeased FeeFeeInterestInterestEsEstEstatetate aattSuffferaSuerannceSufferanceBasic Appraisal PrinciplesPart 3 – 35Appraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersBasic Appraisal PrinciplesPart 3 – 35Appraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersBasic Appraisal PrinciplesAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersSolutions – 13

Ordinarylifeestate with remainderorreversion. In some states theFee SimSimpSimpleple EstateEsttateEsLLifeife e remainder interest areInheritableNoninheritableused interchangeably for the same party or entity. A pur autre vie (pronounced pùr ówtra vίy) estate is also withB. Types of freeholdestates or reversion, but the duration of this estate is based onremainderthe life of someone other than the life tenant.2.estate estate1. LifeFee simpleExample of a.an OrdinaryLifeabsoluteEstate is the most complete form of ownership withFeeestate.simpleLifeRights of use,occupancy, and control, limited to the lifetimedurationandsubject onlyto governmentalofunlimiteda designatedparty,sometimesreferredto as the lifepowers.tenant.b. LifeFeetenant.simple Onedefeasibleis subjectto theoccurrencenon-occurrencewho ownsan estatein realpropertyorforhis or her ownofGrantteeranGranteeGrantss Lifeperson,EstatEstate orEstatea specificThetwotypesareanestate1) qualifiedby anotheran indefiniteperiodLifeTenantLifLifeTenanta limitationlifetime. and 2) subject to a condition subsequent (see the Appendix forGrantorGrrantantoor definitions of these two types of estates).expandeda.life estatec. ConventionalLeased fee interestis an ownership interest held by a landlord with theReversionReversionrights of use and occupancy conveyed by lease to others. The rights ofOrdinarylife estatewith remainderreversion.In somebystatesthethe lessor(the leasedfee owner)and the orlesseeare terestandremainderinterestareReversionaryterms contained within the lease.used interchangeably for the same party or entity.Interest A pur autre vieor(pronouncedvίy) estate ris also withRemainderFee SimpleSimplepùr ówtra Remainderemainder or reversion,ofethisEstEstabutte the durationIntEstateInterestInteresttestate is based onresthe life of someone other than the life tenant.RemaindermanExample of an Ordinary Life EstateFee SimpleSimpSimpleAbsoluteAbsoluteFee ed FeeFeeIInterestntertereestRemainder interest. A future possessory interest in propertyGthatisrantteeranGranteeGrantsGrants Life EstaEstatteEstategiven to a third party and matures upon the termination of a limited orLifeLifLife TenantTenantdeterminable fee.GrantorGrrantantoorPart 3 – 36Basic Appraisal PrinciplesReversionReversionAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersBasic Appraisal PrinciplesReversionaryAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersInterestorPart 3 – dermanRemainder interest. A future possessory interest in property that isgiven to a third party and matures upon the termination of a limited ordeterminable fee.Solutions – 14Basic Appraisal PrinciplesAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersBasic Appraisal PrinciplesAppraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of AppraisersPart 3 – 37

Encumbrance. Any claim or liability that affects or limits the title to property. Anencumbrance can affect the title such as a mortgage or other lien, or it can affectthe physical condition of the property such as an easement. An encumbrancecannot prevent the transfer of possession, but it does remain after the transfer.II. EncumbrancesEncumbrance. Any claim or liability that affects or limits the title to property. Anencumbrance can affect the titlesuch asraanmortgageEncumbrancesEncumbrEncumbces or other lien, or it can affectthe physical condition of the property such as an easement. An encumbrancecannot prevent the transfer of possession, but it does remain after the transfer.A monetary claimUse or physicalagainst a propertycondition is affectedEncumbrancesEncumbrEncumbrancesA monetaryLiensLieLiens claimagainst a ndition is : PropertyPro

Part 2 - 22 Basic Appraisal Principles Appraisal Institute / American Society of Farm Managers and Rural Appraisers / American Society of Appraisers II. Fundamental Land Rights Certain rights accompany land such as air rights, water rights, mineral rights, and oil and gas rights. These land rights together with all the other rights in real .

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