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The Appraisal Institute defines highest and best use as follows: The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical ...
Et vir is a Latin phrase meaning "and husband". [1] It is used in legal literature to indicate a couple comprising an identified woman and her otherwise unidentified husband. The U.S. Supreme Court case Troxel et vir v. Granville is an example of modern legal usage of the Latin phrase. Additionally, many property deeds would list the owners in ...
Lot and block survey system. A contemporary plat map used in the lot and block system. The lot and block survey system is a method used in the United States and Canada to locate and identify land, particularly for lots in densely populated metropolitan areas, suburban areas and exurbs. It is sometimes referred to as the recorded plat survey ...
LJJ – Postnominals of Lords or Ladies Justice of Appeal, plural (United Kingdom) LL.B. – Legum Baccalaureus — Bachelor of Laws. LLC — Limited liability company. LL.D. – Legum Doctor — Doctor of Law. LL.M. – Legum Magister — Master of Laws. LP — Limited partnership. LLP — Limited liability partnership.
The National Association of Realtors (NAR) is an American trade association [4] for those who work in the real estate industry. As of December 2023, it had over 1.5 million members, [5] making it the largest trade association in the United States [6] including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries.
Real estate appraisal, property valuation or land valuation is the process of assessing the value of real property (usually market value).Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a centralized ...
The anchoring effect is a psychological phenomenon in which an individual's judgments or decisions are influenced by a reference point or "anchor" which can be completely irrelevant. Both numeric and non-numeric anchoring have been reported in research. In numeric anchoring, once the value of the anchor is set, subsequent arguments, estimates ...
t. e. In property law, title is an intangible construct representing a bundle of rights in (to) a piece of property in which a party may own either a legal interest or equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document, such as a deed, that serves as evidence of ...