Real estate appraisals that licensed or certified appraisers conduct must follow standards and processes described in the USPAP.
What is Real estate?
- Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more generally) buildings or housing in general.
- In terms of law, real is in relation to land property and is different from personal property while estate means the "interest" a person has in that land property.
Who is the real estate owner?
- As long as the law permits it and no agreement or covenant restricts his or her rights, the person recognised by the law as the owner has the ultimate control and right to utilise the property.
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