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Questions and Answers
What is the primary focus of legal considerations in appraisal?
What is the primary focus of legal considerations in appraisal?
- Market trends in real estate
- Constitutional guarantees of ownership (correct)
- Economic value of real property
- Physical characteristics of land
What is Res Nullius in the context of property?
What is Res Nullius in the context of property?
- Things common to all
- Things belonging to others
- Things that cannot be appropriated (correct)
- Things owned by someone
What is the term for things owned by someone or a group of people?
What is the term for things owned by someone or a group of people?
- Res Communes
- Res Nullius
- Res Alienae
- Res Alicujus (correct)
What is the term for things that belong to others?
What is the term for things that belong to others?
What are the five unique characteristics of real estate?
What are the five unique characteristics of real estate?
What is real estate?
What is real estate?
What is real property?
What is real property?
What is the term used to describe professionals involved in the valuation of real estate?
What is the term used to describe professionals involved in the valuation of real estate?
What is the term for the power of the government to take private property for public use?
What is the term for the power of the government to take private property for public use?
What happens to a person's property if they die without a will?
What happens to a person's property if they die without a will?
What is the primary funding basis for local operations, including schools, in many communities?
What is the primary funding basis for local operations, including schools, in many communities?
What type of restriction usually applies to many parcels?
What type of restriction usually applies to many parcels?
What is a limitation on the use of real estate through a written legal document?
What is a limitation on the use of real estate through a written legal document?
What is an example of a private restriction on real estate ownership?
What is an example of a private restriction on real estate ownership?
What is the term for the transfer of property to the state if the owner dies without a will?
What is the term for the transfer of property to the state if the owner dies without a will?
What can happen to a property if property taxes are not paid?
What can happen to a property if property taxes are not paid?
What is the primary purpose of a deed restriction in a subdivision?
What is the primary purpose of a deed restriction in a subdivision?
What is the most unrestricted form of ownership in real estate?
What is the most unrestricted form of ownership in real estate?
What type of easement can be conveyed from a seller to a buyer?
What type of easement can be conveyed from a seller to a buyer?
What is the interest of a landlord in a leased property?
What is the interest of a landlord in a leased property?
What is the right of reversion in a lease agreement?
What is the right of reversion in a lease agreement?
What instrument is usually created when part or all of the purchase price of a property is borrowed from a lending institution?
What instrument is usually created when part or all of the purchase price of a property is borrowed from a lending institution?
What is the interest of a tenant in a leased property?
What is the interest of a tenant in a leased property?
What type of easement is typically acquired by a governmental authority to widen an existing highway?
What type of easement is typically acquired by a governmental authority to widen an existing highway?
What type of interest is important in urban areas due to height limitations?
What type of interest is important in urban areas due to height limitations?
What is the primary purpose of an easement?
What is the primary purpose of an easement?
What is a characteristic of a leasehold estate?
What is a characteristic of a leasehold estate?
What is the right to get the property back at the end of the lease?
What is the right to get the property back at the end of the lease?
What happens to a lease when a property is sold?
What happens to a lease when a property is sold?
What is a positive value of a leasehold estate?
What is a positive value of a leasehold estate?
What is the primary relationship between a lessor and a lessee in a lease agreement?
What is the primary relationship between a lessor and a lessee in a lease agreement?
What type of interest is a subset of a fee simple estate?
What type of interest is a subset of a fee simple estate?
What limits an individual's exclusive use of their property, even if they own it in fee simple with no mortgage encumbrance?
What limits an individual's exclusive use of their property, even if they own it in fee simple with no mortgage encumbrance?
What is the primary purpose of zoning?
What is the primary purpose of zoning?
What is the term for the process of acquiring private property for public use?
What is the term for the process of acquiring private property for public use?
What is the purpose of building codes?
What is the purpose of building codes?
What are the four powers of government that limit the ownership of all real property?
What are the four powers of government that limit the ownership of all real property?
What is the right of government to regulate land use for the public good?
What is the right of government to regulate land use for the public good?
What is an example of a private restriction that may be placed on a property?
What is an example of a private restriction that may be placed on a property?
What is the purpose of the requirement to reinforce foundation footings in residential structures?
What is the purpose of the requirement to reinforce foundation footings in residential structures?
Res nullius are things owned by someone or a group of people.
Res nullius are things owned by someone or a group of people.
Real estate and real property are interchangeable terms.
Real estate and real property are interchangeable terms.
The five unique characteristics of real estate include being intangible.
The five unique characteristics of real estate include being intangible.
Real property appraisers are involved in the valuation of real estate.
Real property appraisers are involved in the valuation of real estate.
Res communes are things that have never been owned.
Res communes are things that have never been owned.
Real estate appraisal involves the valuation of personal property.
Real estate appraisal involves the valuation of personal property.
The term 'real estate' excludes intangible rights and benefits.
The term 'real estate' excludes intangible rights and benefits.
Res Alicujus are things that belong to others.
Res Alicujus are things that belong to others.
The right to abuse is one of the rights inherent in the ownership of real estate.
The right to abuse is one of the rights inherent in the ownership of real estate.
A portable microwave oven is considered real property.
A portable microwave oven is considered real property.
A fixture is an item that was once real property that has become personal property.
A fixture is an item that was once real property that has become personal property.
The right to receive rent is retained by the lessee in a lease arrangement.
The right to receive rent is retained by the lessee in a lease arrangement.
Fee simple is the most restricted form of real estate ownership.
Fee simple is the most restricted form of real estate ownership.
Easements are a type of personal property.
Easements are a type of personal property.
A dishwasher is considered a fixture when it is delivered to a construction site.
A dishwasher is considered a fixture when it is delivered to a construction site.
The right to occupy a property is retained by the lessor in a lease arrangement.
The right to occupy a property is retained by the lessor in a lease arrangement.
The right of government to acquire private property for public use is known as police power.
The right of government to acquire private property for public use is known as police power.
Building codes are intended to promote orderly development of land.
Building codes are intended to promote orderly development of land.
Zoning is a type of private restriction on real estate ownership.
Zoning is a type of private restriction on real estate ownership.
The four powers of government that limit the ownership of all real property are police power, eminent domain, and two others.
The four powers of government that limit the ownership of all real property are police power, eminent domain, and two others.
Eminent domain is the process of acquiring private property for public use.
Eminent domain is the process of acquiring private property for public use.
The requirement to reinforce foundation footings in residential structures is intended to promote orderly development of land.
The requirement to reinforce foundation footings in residential structures is intended to promote orderly development of land.
Private restrictions on real estate ownership can require a minimum floor area and architectural controls.
Private restrictions on real estate ownership can require a minimum floor area and architectural controls.
Police power is the right of government to regulate land use for the private good.
Police power is the right of government to regulate land use for the private good.
A deed restriction in a subdivision may state that the minimum size of a house must be larger than the minimum size required by zoning.
A deed restriction in a subdivision may state that the minimum size of a house must be larger than the minimum size required by zoning.
An easement conveys ownership of the majority of the rights in the bundle of rights.
An easement conveys ownership of the majority of the rights in the bundle of rights.
A lease is a contractual agreement between a property owner and a tenant that specifies the use of a property for an unlimited period of time.
A lease is a contractual agreement between a property owner and a tenant that specifies the use of a property for an unlimited period of time.
A mortgage instrument is usually created when part or all of the purchase price of a property is borrowed from a lending institution.
A mortgage instrument is usually created when part or all of the purchase price of a property is borrowed from a lending institution.
An easement appurtenant can be conveyed from a seller to a buyer, while an easement in gross cannot.
An easement appurtenant can be conveyed from a seller to a buyer, while an easement in gross cannot.
The right of reversion is the right of the tenant to get the property back at the end of the lease.
The right of reversion is the right of the tenant to get the property back at the end of the lease.
A temporary easement is typically acquired by a governmental authority to widen an existing highway.
A temporary easement is typically acquired by a governmental authority to widen an existing highway.
Sales of property usually nullify leases.
Sales of property usually nullify leases.
A lien is a type of mortgage.
A lien is a type of mortgage.
An encroachment is a type of trespass on another's land.
An encroachment is a type of trespass on another's land.
Adverse possession can only be claimed through a court of law.
Adverse possession can only be claimed through a court of law.
A fee simple estate is the most complete form of ownership.
A fee simple estate is the most complete form of ownership.
All mortgages are liens, but all liens are not mortgages.
All mortgages are liens, but all liens are not mortgages.
Adverse possession can be claimed without the original owner's knowledge.
Adverse possession can be claimed without the original owner's knowledge.
An encroachment is a type of lien.
An encroachment is a type of lien.
A fee simple estate is a type of restricted ownership.
A fee simple estate is a type of restricted ownership.
An individual may own a parcel of real estate in ______ simple with no mortgage encumbrance.
An individual may own a parcel of real estate in ______ simple with no mortgage encumbrance.
Police power is the right of government to regulate land use for the public ______.
Police power is the right of government to regulate land use for the public ______.
Zoning is intended to promote orderly ______ of land.
Zoning is intended to promote orderly ______ of land.
Building codes are intended to protect the ______ from inappropriate or faulty construction.
Building codes are intended to protect the ______ from inappropriate or faulty construction.
Eminent domain is the right of governments to acquire private property for public ______.
Eminent domain is the right of governments to acquire private property for public ______.
The process of acquiring private property for public use is called ______.
The process of acquiring private property for public use is called ______.
The right of government to acquire private property for public use is called ______ domain.
The right of government to acquire private property for public use is called ______ domain.
The requirement to reinforce foundation footings may insure the ______ of a residential structure for years to come.
The requirement to reinforce foundation footings may insure the ______ of a residential structure for years to come.
The bundle of rights concept suggests that the rights inherent in the ownership of a parcel of real ______ include but are not limited to the following:
The bundle of rights concept suggests that the rights inherent in the ownership of a parcel of real ______ include but are not limited to the following:
The right to use is also known as ______.
The right to use is also known as ______.
A fixture is an item that was once ______ property that has become part of the real estate.
A fixture is an item that was once ______ property that has become part of the real estate.
The purest and most complete form of real estate ownership is ______.
The purest and most complete form of real estate ownership is ______.
Personal property is an item that is not ______.
Personal property is an item that is not ______.
The power of _______________ is employed in the construction of highways and airports.
The power of _______________ is employed in the construction of highways and airports.
The owner of the property retains the right to receive ______ for giving up the use of the property.
The owner of the property retains the right to receive ______ for giving up the use of the property.
If a person dies without a will, their property _______________ to the state.
If a person dies without a will, their property _______________ to the state.
The right to dispose is also known as ______.
The right to dispose is also known as ______.
Governments are granted the right of ___________________, that is, they are allowed to levy taxes on properties.
Governments are granted the right of ___________________, that is, they are allowed to levy taxes on properties.
The bundle of rights can be divided through various instruments including ______, easements, and mortgages.
The bundle of rights can be divided through various instruments including ______, easements, and mortgages.
In addition to governmental restrictions, individuals may place private limitations on property, and these restrictions may or may not transfer with the property when it _______________.
In addition to governmental restrictions, individuals may place private limitations on property, and these restrictions may or may not transfer with the property when it _______________.
A ___________________ restriction is a limitation on the use of real estate through a written legal document that is usually recorded.
A ___________________ restriction is a limitation on the use of real estate through a written legal document that is usually recorded.
One of the most common ___________________ restrictions is a subdivision restrictive covenant.
One of the most common ___________________ restrictions is a subdivision restrictive covenant.
Governments have the right to acquire properties if ___________________ taxes are not paid.
Governments have the right to acquire properties if ___________________ taxes are not paid.
_____________________ recognizes the power of eminent domain.
_____________________ recognizes the power of eminent domain.
A _______________________ is a loan or promissory note that is secured by the real estate.
A _______________________ is a loan or promissory note that is secured by the real estate.
A charge against a property in which the property is security for payment of a debt is called a _______________________.
A charge against a property in which the property is security for payment of a debt is called a _______________________.
If a person utilizes another person’s property openly for an extended period of time, that property may be transferred as to _______________________ through adverse possession.
If a person utilizes another person’s property openly for an extended period of time, that property may be transferred as to _______________________ through adverse possession.
A subdivision deed restriction may state that the minimum size of a ______ must be 200 square meters.
A subdivision deed restriction may state that the minimum size of a ______ must be 200 square meters.
Several forms of _______________________ of real property exist, varying from state to state.
Several forms of _______________________ of real property exist, varying from state to state.
An ______ conveys the right to use part of the land for a specific purpose.
An ______ conveys the right to use part of the land for a specific purpose.
The most complete form of ownership is a _______________________ estate.
The most complete form of ownership is a _______________________ estate.
An _______________________ is a trespass on another’s land.
An _______________________ is a trespass on another’s land.
A ______ is a contractual agreement between a property owner and a tenant.
A ______ is a contractual agreement between a property owner and a tenant.
Adverse possession is a method of acquiring _______________________ through possession.
Adverse possession is a method of acquiring _______________________ through possession.
When real estate is purchased, a ______ instrument is usually created when part or all of the purchase price is borrowed from a lending institution.
When real estate is purchased, a ______ instrument is usually created when part or all of the purchase price is borrowed from a lending institution.
Possession must involve being apparent (open and visible), continuous and uninterrupted for a certain period of time, exclusive, and _______________________ to acquire title through adverse possession.
Possession must involve being apparent (open and visible), continuous and uninterrupted for a certain period of time, exclusive, and _______________________ to acquire title through adverse possession.
An ______ that runs with the land and can be conveyed from a seller to a buyer is called an easement appurtenant.
An ______ that runs with the land and can be conveyed from a seller to a buyer is called an easement appurtenant.
A ______ typically does not convey ownership of the majority of the rights in the bundle of rights.
A ______ typically does not convey ownership of the majority of the rights in the bundle of rights.
The owner usually receives the right to collect ______ from the tenant and also has the right of reversion.
The owner usually receives the right to collect ______ from the tenant and also has the right of reversion.
An ______ is usually acquired by a governmental authority to widen an existing highway for construction purposes.
An ______ is usually acquired by a governmental authority to widen an existing highway for construction purposes.
Match the following types of interests with their definitions:
Match the following types of interests with their definitions:
Match the following concepts with their descriptions:
Match the following concepts with their descriptions:
Match the following terms with their definitions:
Match the following terms with their definitions:
Match the following concepts with their characteristics:
Match the following concepts with their characteristics:
Match the following types of interests with their importance:
Match the following types of interests with their importance:
Match the following concepts with their limitations:
Match the following concepts with their limitations:
Match the following terms with their relationships:
Match the following terms with their relationships:
Match the following concepts with their values:
Match the following concepts with their values:
Match the following types of interests with their associated rights:
Match the following types of interests with their associated rights:
Match the following concepts with their implications:
Match the following concepts with their implications:
Study Notes
Legal Considerations in Appraisal
- Ownership of real estate is a direct function of constitutional guarantees, and a professional appraiser must understand various legal considerations involved in real property ownership.
Fundamental Definitions of Legal Interests
- Property refers to all things which are or may be the object of appropriation.
- Res nullius refers to physical things that have not been reduced to property because they are not or cannot be appropriated.
- Res Alicujus refers to things owned by someone, a particular person or group of persons.
- Res Alienae refers to things belonging to others.
- Res Communes refers to the property status of a thing while it remains in a wild, unappropriated state.
Real Estate and Real Property
- Real estate relates to the land and all improvements permanently attached to the land, either by nature or by people.
- Real estate has five unique characteristics: unique in location, composition, durable, finite in supply, and useful.
- Real property relates to the interests, benefits, and rights inherent in the ownership of real estate.
Public (Government) Restrictions on Real Estate Ownership
- Governments have four powers that limit the ownership of all real property:
- Police power: the right to regulate land use for the public good, including zoning and building codes.
- Eminent domain: the right to acquire private property for public use, such as road widening.
- Escheat: the right to acquire property if a person dies without a will.
- Taxation: the right to levy taxes on properties.
Private Restrictions on Real Estate Ownership
- Private limitations on property may or may not transfer with the property when it sells.
- Examples of private restrictions include:
- Deed restrictions: limitations on the use of real estate through a written legal document.
- Easements: the right to use part of the land for a specific purpose, such as utility lines or highway construction.
- Leases: a contractual agreement between a property owner and a tenant, specifying the use of a property for an identified period of time.
- Mortgages: a debt instrument used to finance the purchase of real estate.
Partial Interests
- Any interest less than a fee simple interest is known as a partial interest.
- Examples of partial interests include:
- Leased fee estate: a landlord's interest in a property when there is a lease encumbering the property.
- Leasehold estate: a tenant's interest in a leased property.
- Air rights: the right to use air space above a property, subject to height limitations.
- Surface/subsurface rights: the right to use the surface or subsurface of a property, often important in urban areas.
Legal Considerations in Appraisal
- Ownership of real estate is a direct function of constitutional guarantees.
- Six legal considerations:
- Fundamental definitions of legal interests
- Limitations on ownership of real estate
- Forms of legal interests
- Property ownership forms
- Four types of legal descriptions
Fundamental Definitions of Legal Interests
- Property: All things which are, or may be, the object of appropriation.
- Res nullius: Things that have not, or have never had, an owner.
- Res Alicujus: Things owned by someone - a particular person or group of persons.
- Res Alienae: Things belonging to others.
- Res Communes: Property status of a thing while it remains in a wild, unappropriated state.
Real Estate and Real Property
- Real estate: Land and all improvements permanently attached to the land.
- Real estate has five unique characteristics:
- Unique in location
- Unique in composition
- Durable
- Finite in supply
- Useful
- Real property: Interests, benefits, and rights inherent in the ownership of real estate.
Bundle of Rights
- Rights generally inherent in the ownership of real estate include:
- The right to use (Jus Utendi)
- The right to its fruits (Jus Fruendi)
- The right to dispose (Jus Disponendi)
- The right to recover (Jus Vindicandi)
- The right to abuse (Jus Abutendi)
- The bundle of rights can be divided through various instruments, including leases, easements, and mortgages.
Limitations on Ownership of Real Estate
- Even with fee simple, there are limitations on ownership of real estate:
- Private restrictions
- Governmental controls
- Zoning and building codes
Public (Government) Restrictions on Real Estate Ownership
- Four public or governmental restrictions:
- Police power
- Eminent domain
- Zoning
- Building codes
Easements
- An easement conveys the right to use part of the land for a specific purpose.
- Types of easements:
- Easement appurtenant: Runs with the land and can be conveyed.
- Easement in gross: Serves only one person and cannot be conveyed.
Leases
- A lease is a contractual agreement between a property owner (lessor) and a tenant (lessee).
- Specifies the use of a property for an identified period of time.
- The tenant acquires the right to occupy and use a property.
Mortgages
- A mortgage is a loan or promissory note secured by the real estate.
- If the loan is not paid back according to the agreed-upon terms and conditions, the lender can foreclose on the property.
Liens
- A charge against a property in which the property is security for payment of a debt.
- Types of liens:
- Mortgage
- Mechanic's lien
- Condominium association lien
Encroachments
- An encroachment is a trespass on another's land.
- Examples:
- Fences installed over the property line
- A house that extends over a property line
Adverse Possession
- A method of acquiring ownership through possession.
- Requirements:
- Possession must be apparent (open and visible)
- Possession must be continuous and uninterrupted for a certain period of time
- Possession must be exclusive
- Possession must be hostile, with denial or opposition to the original owner
Real Property Ownership
- The concept of real property ownership is closely tied to the bundle of rights concept, which suggests that ownership of a parcel of real property includes a set of rights.
- The bundle of rights can be divided through various instruments, including leases, easements, and mortgages.
Bundle of Rights
- The bundle of rights includes the right to use (Jus Utendi), the right to its fruits (Jus Fruendi), the right to dispose (Jus Disponendi), the right to recover (Jus Vindicandi), and the right to abuse (Jus Abutendi).
- These rights can be divided and transferred to others through various instruments.
Lease
- A lease is a contractual agreement between a property owner (lessor) and a tenant (lessee) that specifies the use of a property for an identified period of time.
- The tenant acquires the right to occupy and use a property, while the owner usually receives the right to collect rent from the tenant and also has the right of reversion.
Fixture
- A fixture is an item that was once personal property that has become part of the real estate.
- Examples of fixtures include light fixtures, stoves, and dishwashers.
Limitations on Ownership of Real Estate
- Even with fee simple ownership, there are limitations on the use of real estate, including private restrictions and governmental controls.
- Private restrictions may include deed restrictions, easements, and leases.
- Governmental controls may include zoning, building codes, and eminent domain.
Public (Government) Restrictions on Real Estate Ownership
- There are four public or governmental restrictions known as the four powers of government: police power, eminent domain, escheat, and taxation.
- Police power is the right of government to regulate land use for the public good.
- Eminent domain is the right of government to acquire private property for public use.
Eminent Domain
- Eminent domain is the right of government to acquire private property for public use, such as road widening.
- The process of acquiring private property for public use is called condemnation.
- Examples of eminent domain include highway construction, parks, governmental building sites, and airport expansion.
Escheat
- Escheat means going to the state, and occurs when a person dies without a will and their property transfers to the state.
- Escheat also refers to the power of government to take possession of property for non-payment of taxes.
Taxation
- Governments have the right to levy taxes on properties.
- Property taxes are the primary funding basis for local operations, including schools.
- If property taxes are not paid, governments have the right to acquire the properties.
Private Restrictions on Real Estate Ownership
- Private restrictions may include deed restrictions, easements, and leases.
- Deed restrictions are limitations on the use of real estate through a written legal document that is usually recorded.
- Easements convey the right to use part of the land for a specific purpose, and may be granted to utility companies or governmental authorities.
Liens
- A lien is a charge against a property that is security for payment of a debt.
- There are many forms of liens, including mortgages, mechanic's liens, and condominium association liens.
Encroachment
- An encroachment is a trespass on another's land, such as a fence or a house that extends over the property line.
- The person doing the encroaching can be forced to remove the encroachment or pay damages.
Adverse Possession
- Adverse possession is a method of acquiring ownership through possession.
- To acquire title through adverse possession, possession must be apparent, continuous, exclusive, and hostile, and must be claimed for a certain period of time.
Forms of Legal Interest
- There are several forms of ownership of real property, including fee simple estate, which is the most complete form of ownership.
- Appraisers must have a clear understanding of the ownership interest being appraised.
Legal Considerations in Appraisal
- Ownership of real estate is a direct function of constitutional guarantees.
Fundamental Definitions of Legal Interests
- Property: all things which are, or may be the object of appropriation.
- Res nullius: things that have not been reduced to "property" because they are not, or cannot be, appropriated.
- Res Alicujus: things owned by someone - a particular person or group of persons.
- Res Alienae: things belonging to others.
- Res Communes: the property status of a thing while it remains in a wild, unappropriated state, or a "thing common to all".
Real Estate and Real Property
- Real estate: relates to the land and all improvements permanently attached to the land, either by nature or by people.
- Real estate has five unique characteristics that distinguish it from other asset types:
- Unique in location
- Unique in composition
- Durable
- Finite in supply
- Useful
- Real property: relates to the interests, benefits, and rights inherent in the ownership of real estate.
- Those involved in the valuation of real estate are technically real property appraisers as opposed to real estate appraisers.
Bundle of Rights
- Rights generally inherent in the ownership of real estate include but are not limited to:
- The right to use (Jus Utendi)
- The right to its fruits (Jus Fruendi)
- The right to dispose (Jus Disponendi)
- The right to recover (Jus Vindicandi)
- The right to abuse (Jus Abutendi)
- The bundle of rights can be divided through various instruments, including leases, easements, and mortgages.
Personal Property and Fixtures
- Personal property: an item that is not real property.
- Examples of personal property that may appear to be related to real estate:
- A portable microwave oven
- A window air-conditioning unit
- Furniture
- Fixture: an item that was once personal property that has become part of the real estate.
Limitations on Ownership of Real Estate
- Even though an individual may own a parcel of real estate in fee simple with no mortgage encumbrance, they do not have exclusive use of that property.
- Private restrictions placed on the property by the previous owner or the developer.
- Governmental controls.
Public (Government) Restrictions on Real Estate Ownership
- Four public or governmental restrictions known as the four powers of government:
- Police power: the right of government to regulate land use for the public good.
- Eminent domain: the right of governments to acquire private property for public use.
- Escheat: the power of the state to take ownership of property if a person dies without a will.
- Taxation: the right of governments to levy taxes on properties.
Private Restrictions on Real Estate Ownership
- Deed restrictions: limitations on the use of real estate through a written legal document that is usually recorded.
- Easements: private restrictions that allow others to use one's property.
Partial Interests
- Any interest less than a fee simple interest is known as a partial interest.
- Forms of partial interests:
- Leased fee estate: a landlord's (lessor's) interest in a property when there is a lease encumbering the property.
- Leasehold estate: a tenant's (lessee's) interest in a leased property.
- Air rights: the right to use the space above a property.
- Surface/subsurface rights: the right to use the surface or subsurface of a property.
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Description
This quiz covers the legal aspects of real estate ownership that professional appraisers need to understand, including fundamental definitions, limitations, forms of ownership, and legal descriptions.
