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Effective January 1, 2023, California became the first state to expand the appraisal buyout process under the Uniform Partition of Heirs Property Act to non-heirs partition actions. [ 11 ] The passage of the act in all 50 states could mitigate the impact of partition sales on heirs’ property owners.
The California Real Estate Act has two core components: licensing and enforcement. [1] [2] Both licensing and enforcement functions are required by the Appraisal Subcommittee (ASC), the federal government organization which oversees all state real estate appraiser licensing agencies. [2]
The distinction between extraordinary assumptions and hypothetical conditions can be a matter of law or professional standards in the field of real estate appraisal in the United States where the distinction is not only codified in USPAP, but enforced by various state real estate appraiser commissions or professional boards. However, the ...
A prohibition against partition of property for a limited time. The right of first refusal – for example, if Joey sells property to Rachel, he may require that if Rachel later decides to sell the property, she must first give Joey the opportunity to buy it back.
The Real Estate Commissioner is appointed by the Governor, and serves as the chief executive of the Department of Real Estate. [4]Chika Sunquist was appointed Commissioner of the California Department of Real Estate (DRE) by Governor Gavin Newsom on November 28, 2023, and she assumed office on January 3, 2024.
Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States and its territories. USPAP, as it is commonly known, was first developed in the 1980s by a ...
In law, the real party in interest is the one who possesses the substantive right being asserted and has a legal right to enforce the claim (under applicable substantive law). The "real party in interest" must also sue in his own name. In many situations, the real party in interest will be the parties themselves (i.e., plaintiff and defendant).
One of the most recognized professional organizations of real estate appraisers in America is the Appraisal Institute (AI). It was formed from the merger of the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers. Founded along with others in the 1930s, the two organizations merged in the 1990s to form the AI.