Eminent Domain
The government's power to take private property for public use upon payment of just compensation. The taking process is condemnation; valuing the property taken — and damages to any remainder — is a specialized appraisal discipline.
Related Terms
Condemnation
The legal proceeding by which government exercises eminent domain.
Just Compensation
The constitutionally required payment to an owner whose property is taken by eminent domain — generally the fair market value of the property or interest acquired, plus damages to any remainder in a partial taking..
Fee Simple Estate
The most complete form of property ownership — the full bundle of rights, limited only by government powers such as taxation, eminent domain, police power, and escheat.
More in Legal & Regulatory
View allUniform Standards of Professional Appraisal Practice (USPAP)
USPAPThe nationally recognized ethical and performance standards for the appraisal profession, established by The Appraisal Foundation.
FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act)
FIRREAThe 1989 federal law that established the modern appraisal regulatory framework, requiring state licensing of appraisers and USPAP compliance for all federally related real estate transactions..
Dodd-Frank Act (Appraisal Provisions)
The 2010 federal financial reform law that included significant appraisal provisions: appraiser independence requirements, AMC registration, customary and reasonable fee mandates, and prohibition of BPOs for origination..
Appraiser Independence
The legal requirement that appraisers must be free from improper influence, coercion, or pressure from parties with a financial interest in the transaction outcome.