DEFINITIONS

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25 Νοε 2013 (πριν από 3 χρόνια και 11 μήνες)

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DEFINITIONS


Market Value


Market Value means the most probable price which a property should bring in a competitive and open market under all condition
s requisite to a
fair sale; the buyer and seller each acting prudently and knowle
dgeably; and, assuming the price is not affected by undue stimulus. Implicit in
this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under cond
itions whereby:


1.

Buyer and seller are typically
motivated;


2.

Both parties are well informed or well advised, and acting in what they consider their own best interests;


3.

A reasonable time is allowed for exposure in the open market;


4.

Payment is made in terms of cash in U.S. dollars or in terms of
financial arrangements comparable thereto; and,


5.

The price represents the normal consideration for the property sold unaffected by special or creative financing or sales
concessions granted by anyone associated with the sale.


Source
: Title XI of FIRRE
A, 12 U.S.C. 3339


Property Rights


The most common property rights are the fee simple estate interest, leased fee estate interest, and leasehold estate interest
.


The fee simple estate interest is defined as follows:



Absolute ownership unencumbered by a
ny other interest or estate, subject only to the limitations imposed by the governmental powers
of taxation, eminent domain, police power, and escheat.
1


The leased fee estate interest is defined as follows:



An ownership interest held by a landlord with

the right of use and occupancy conveyed by lease to others. The rights of the lessor (the
leased fee owner) and the leased fee are specified by contract terms contained within the lease.
2


The leasehold estate interest is defined as follows:



The intere
st held by the lessee (the tenant or renter) through a lease conveying the rights of use and occupancy for a stated term unde
r
certain conditions.
3


The leasehold estate value results from separating property rights into a leased fee estate and leasehold e
state. The vehicle for this separation
is use of the lease contract.




Construction Type

Per
Marshall Valuation Service
, the primary feature of Class

A buildings is the fireproofed structural steel frame, which may be welded, bolted, or
riveted together.
The fireproofing may be masonry, poured concrete, plaster, sprayed fiber, or any other type which will give a high fire
-
resistant
rating.

Per
Marshall Valuation Service
, the primary characteristic of Class B buildings is the reinforced concrete frame in wh
ich the columns and beams
can be either formed or precast concrete. They may be mechanically stressed. It is a fire
-
resistant structure.

Per
Marshall Valuation Service
, Class C buildings are characterized by masonry or reinforced concrete (including tilt
-
u
p) construction. The walls
may be load
-
bearing, i.e., supporting roof and upper floor loads, or nonbearing with open concrete, steel, or wood columns, bents, or arc
hes
supporting the load.

Per
Marshall Valuation Service
, Class

D buildings are characterized

by combustible construction. The exterior walls may be made up of closely
spaced wood or steel studs as in the case of a typical frame house, with an exterior covering of wood siding, shingles, stucc
o, brick, stone



1

The Dictionary of Real Estate Appraisal,

Third Edition, Appraisal Institute,

1993, page 140.

2

The Dictionary of Real Estate Appraisal,

Third Edition, Appraisal Institute, 1993, page 204.

3

The Dictionary of Real Estate Appraisal,

Third Edition, Appraisal Institute, 1993, page 204.

veneer, or other materials. Otherwise th
ey may consist of an open skeleton wood frame on which some form of curtain wall is applied, including
pre
-
engineered pole buildings.

Per
Marshall Valuation Service
, Class

S buildings are characterized by incombustible construction and prefabricated struct
ural members. The
exterior walls may be steel studs or an open steel skeleton frame with exterior single or sandwich wall coverings consisting
of prefabricated or
sheet siding.