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For real property exchanges under Section 1031, any property that is considered "real property" under the law of the state where the property is located will be considered "like-kind" so long as both the old and the new property are held by the owner for investment, or for active use in a trade or business, or for the production of income.
Property transferred in a like-kind exchange is often encumbered by liabilities and debt, especially where the asset is real estate. In this regard, the tax code treats relief from indebtedness as additional cash boot in a like-kind exchange. In other words, the assumption of a taxpayer's debt is treated like the receipt of cash by the taxpayer.
Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States and its territories. USPAP, as it is commonly known, was first developed in the 1980s by a ...
HBU is a designation to identify an entity that could have a higher value if used for a different purpose. [3] There are many other similar concepts that are used in fields related to, yet outside of real estate appraisal as instructed in the Uniform Standards of Professional Appraisal Practice (USPAP). One example is Higher and Better Use (HBU ...
A broker price opinion (BPO) is a real estate professional’s dollar estimate of a property’s worth. It is an opinion, but one often backed up by the selling prices of comparable homes in ...
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. A BPO can be either an exterior drive-by or a full interior report.
The distinction between extraordinary assumptions and hypothetical conditions can be a matter of law or professional standards in the field of real estate appraisal in the United States where the distinction is not only codified in USPAP, but enforced by various state real estate appraiser commissions or professional boards. However, the ...
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