February 15, 2016 – I hope everyone had a great 3-day weekend.
I figure I will share all of the interesting things I run across in appraisal reports from now on. As many people tell us reviewers, we should write a book that includes all of these things. We could probably fill an encyclopedia set (note to Millennials – these were hard copies of Google before there was Google).
Last night, I reviewed a report that stated the property interest appraised was ‘less than fee simple.’ What the heck is that!?! Apparently the subject had an easement across it for another property to gain access. I think it is still Fee Simple Estate, but…
So as to include a tidbit of useful info in each of my posts, let me note that the correct terminology to use is Fee Simple Estate, Leased Fee Interest, and Leasehold Interest. While working on The Dictionary of Real Estate Appraisal, it was pointed out to me that only Fee Simple is an ‘estate.’ The others are ‘interests.’ OK, lesson learned on my part. Always best to show you are up to date with current trends by using the correct terminology in your industry.