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Inheritable Estate

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Zmcraney

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Ok folks, I'm having a brain meltdown. Can somebody please tell me what the definition of inheritable estate is. I'm drawing a blank for the definition and I can't find it in USPAP or my handy dandy Appraisal Institute dictionary.m2:
 

Jennette Picinich

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I could be wrong, but is'nt that the same as a fee simple estate?
 

Zmcraney

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Yes and no. The report I'm trying to finish up is for an estate and I would like to include the definition in the report to c.m.a. I swear this one term is gonna drive me to drinking.
 

Stephen J. Vertin MAI

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I have never heard the term. However, the conditions in which the appraisal was ordered (loan, estate, taxes) should have little to do with the interest appraised. The interest appraised is based on encumbrances. If there are no leases that typically means fee simple. If there is a lease than leased fee. If there are various owners possibly partial interest, etc.
 
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Joyce Potts

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Not sure where you picked up that term, but I've never heard of it and I would suggest you stay away at trying to define it.
 

PropertyEconomics

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It is part of, or was a part of, the definition of Fee Simple interest ... an inheritible estate .. I have read it. Check the Dictionary of Real Estate Appraisal by the Appraisal Institute ... mine is at the office but Im sure that is where the definition or reference to the term lies.
 

Couch Potato

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Nothing complicated about it. An inheritable estate is an estate that can be inherited. It is not a technical term, but rather the common terms used to define technical term fee simple.
 

Zmcraney

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Mississippi
Thanks guys and gals.
 

PropertyEconomics

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I found this in Real Estate Appraisal Terminology, The American Institute of Real Estate Appraisers & The Society of Real Estate Appraisers ... First Edition, 1975, Ballinger Publishing Company, compiled and edited by Byrl N. Boyce, Ph.D., Center for Real Estate and Urban Economic Studies, University of Connecticut .....


FEE SIMPLE -- An absolute fee; a fee without limitations to any particular class of heirs or restrictions, but subject to the limitations of eminent domain, escheat, police power and taxation. An inheritable estate.



For those wanting to know .... it does exist and it is real. Surprised some of you "seasoned" institute members dont recall it ... heck from 1975 maybe its before all our time .. but I knew I had read it.
 

Pat Butler

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Illinois
The words "inheritable estate" used in the above definition are only describing a characteristic of a fee simple estate. "Inheritable estate" is not being used as a standalone term by itself. It is simply stating that if you own something in fee simple then that interest in inheritable.
 
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