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Purpose of an appraisal
Purpose of an appraisalThe states scope of an appraisal assignment, i.e., to estimate a defined value of any real property interest, or to conduct an evaluation study pertaining to real property decisions. RELATED TERMS-------------------------------------- States By this name are understood in some countries, the assembly of the different orders of the people to regulate the affairs of the commonwealth, as, the states general. Appraisal The procedure for determining the fair market value of an asset for equitable distribution in divorce. Assignment The release by an afdc recipient of all rights to support arrearages owed the recipient and of the right to receive current child support as the result of the receipt of afdc. Value Common law. This term has two different meanings. It sometimes expresses the utility of an object, and some times the power of purchasing other good with it. The first may be called value in use, the latter value in exchange. Real 1) A term which is applied to land in its most enlarged signification. Real security, therefore, means the security of mortgages or other incumbrances affecting lands. 2) In the civil law, real has not the same meaning as it has in the common law. There it signifies what relates to a thing, whether it be movable or immovable, lands or goods; thus, a real injury is one which is done to a thing, as a trespass to property, whether it be real or personal in the common law sense. A real statute is one which relates to a thing, in contradistinction to such as relate to a person. Property Property is commonly thought of as a thing which belongs to someone and over which a person has total control. But, legally, it is more properly defined as a collection of legal rights over a thing. These rights are usually total and fully enforceable by the state or the owner against others. It has been said that "property and law were born and die together. Before laws were made there was no property. Take away laws and property ceases." before laws were written and enforced, property had no relevance. Possession was all that mattered. There are many classifications of property, the most common being between real property or immoveable property (real estate such as land or buildings) and "chattel", or "moveable" (things which are not attached to the land such as a bicycle, a car or a hammer) and between public (property belonging to everybody or to the state) and private property. Interest 1) Estates. The right which a man has in a chattel real, and more particularly in a future term. It is a word of less efficacy and extent than estates, though, in legal understanding, an interest extends to estates, rights and titles which a man has in or out of lands, so that by a grant of his whole interest in land, a reversion as well as the fee simple shall pass. 2) Contracts. The right of property which a man has in a thing, commonly called insurable interest. 3) Evidence. The benefit which a person has in the matter about to be decided and which is in issue between the parties. Conduct Law of nations. This term is used in the phrase safe conduct, to signify the security given, by authority of the government, under the great seal, to a stranger, for his quietly coming into and passing out of the territories over which it has jurisdiction. Evaluation A study of the nature, quality, or unity of a parcel of real estate or interests in, or aspects of, real property, in which a value estimate is not necessarily required. SIMILAR TERMS-------------------------------------- Purparty That part of an estate, which having been held in common by parceners, is by partition allotted to any of them. To make purparty is to divide and sever the lands which fall to parceners. Purport Pleading. This word means the substance of a writing, as it appears on the face of it, to the eye that reads it; it differs from tenor. Purpresture According to Lord Coke, purpresture, is a close or enclosure, that is, when one encroaches or makes several to himself that which ought to be in common to many; as if an individual were to build between high and low water-mark on the side of a public river. PREVIOUS AND NEXT TERMS-------------------------------------- Pure plea Equity pleading. One which relies wholly on some matter dehors the bill as for example, a plea of a release or a settled account. Purgation The clearing one's self of an offence charged, by denying the guilt on oath or affirmation. Purlieu English law. A space of land near a forest, known by certain boundaries, which was formerly part of a forest, but which has been separated from it. Purparty That part of an estate, which having been held in common by parceners, is by partition allotted to any of them. To make purparty is to divide and sever the lands which fall to parceners. Purport Pleading. This word means the substance of a writing, as it appears on the face of it, to the eye that reads it; it differs from tenor. Purpose of an appraisal Purpresture According to Lord Coke, purpresture, is a close or enclosure, that is, when one encroaches or makes several to himself that which ought to be in common to many; as if an individual were to build between high and low water-mark on the side of a public river. Purse In Turkey the sum of five hundred dollars is called a purse. Purser The person appointed by the master of a ship or vessel, whose duty it is to take care of the ship's books, in which everything on board is inserted, as well the names of mariners as the articles of merchandise shipped. Pursuer Canon law. The name by which the complainant or plaintiff is known in the ecclesiastical courts. Purveyor One employed in procuring provisions. 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