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. Most residential appraisals value the fee simple interest.
Related Terms
Bundle of Rights
The set of legal rights that come with real property ownership — the rights to possess, use, enjoy, exclude others, and dispose of the property.
Leased Fee Interest
The landlord's interest in a leased property: the right to receive contract rent during the lease term plus the reversion of the property when the lease ends.
Property Rights Appraised
The specific legal interest being valued in an assignment — most commonly fee simple, but potentially a leased fee, leasehold, or partial interest.
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.