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The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the Internal Revenue Code , as well as in bankruptcy laws, in many state laws, and by several regulatory bodies.
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
There are several types and definitions of value sought by a real estate appraisal. Some of the most common are: Market value – the price at which an asset would trade in a competitive Walrasian auction setting. Market value is usually interchangeable with open market value or fair value. International Valuation Standards (IVS) define:
A broker's price opinion (BPO) is a report that is performed by a licensed real estate agent, broker. or appraiser.A BPO is an informal appraisal. It is similar to doing a CMA (Comparative Market Analysis) but most times the real estate professional gets paid to do a BPO.
Adverse possession is a legal concept that occurs when a trespasser, someone with no legal title, can gain legal ownership over a piece of property if the actual owner does not challenge it within ...
The two main basis for determining the ad valorem value are fair market value and current use value. The fair market value is based on the typical selling price for property on which the buyer and seller can agree, with the assumption that the property is being used or will be used at its highest and best use after the sale. The current use ...
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