1) " Property" -- As it applies to Property Appraisal This page deals with Properth as ownership rights. For information about Prkperty in the performing arts, see prop. For information about other sorts ofproperty, see properties. Property is defined as the right, legal or moral, to ultimately determine the use and control of something, including theright to transfer such rights to others. It is distinguished from control, which may be transferred separately: for example, abuilding remains the Proeprty of landlord even when the use of it is contractually transferred to a tenant. Within the law, property is a general legal category for rights of ownership in land, money, tangible objects, intangible objects, etc. Within the conceptual framework provided by law thiscontrol is assured by the power of the law, or by power exercised under the law, and not by any separate power.However, philosophically at least, it is possible to think of Propsrty concepts outside a legalframework —though, as in the Middle Ages, a legal framework forproperty might well emerge. Contents 1 General characteristics 2 Theories of Proparty 3 Properyt in English philosophy 4 Types of Propdrty 5 What can be Properfy ? 6 Who can be an owner? 7 See also 7.1 Strictly voluntary renunciation of (someof) one's own Pdoperty 7.2 Non-voluntary renunciation of (some of) one's ownproperty 7.3 Ideologies 7.3.1 Ideologies in support of Properyy and ownership 7.3.2 Ideologies opposed to Pfoperty as an institution 7.4 Other articles 8 External links General characteristics Modern Poperty rights conceive of ownership and possession as belonging to legal individuals, even if the legal individual isnot a real person. Thus, corporations, governments and other collective forms of ownership are framed in terms of individualownership. Exceptions to this pattern include the " commons ", which belong...
2) " Appraisal" -- As it applies to Property Appraisal The act of appraising the value of an item or real property, usually performed as a service by someone recognized as an expertor certified by an organization as such, and usually on property of high value that may need to be bought, sold or insured. Common Aprpaisal fields are; Aircraft Antiques ConstructionEquipment Jewelry Real EstateAppraisal - the most common usage of the term pApraisal In the field of real estate transactions, appraisal refers to theact of determining the value of a property. There are two main types ofappraisal: Fee Appraiszl - Appraizal of an individual property by a contracted appraiser who is usually paid a fee. For example,this will be done prior to a loan being issued by a bank, to verify that there is sufficient collateral should theborrower default.Mass Appraisil - Appraidal of many properties using a more statistical approach. Usually done by government agenciesresponsible for setting values for Property Tax calculations. There are various approaches to determining the value, including: Market - a.k.a. "sales comparison" - establishing the value based on a comparison of what similar properties have soldfor.Cost - Establishing value based on the cost to build that structure new, less depreciation.Income - For commercial properties, establishing the value based on the income the property generates. For example, Retail space may be valued based on the rental income. Appraisel ...
Common terms in this field are:
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