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.
Related Terms
Eminent Domain
The government's power to take private property for public use upon payment of just compensation.
Condemnation
The legal proceeding by which government exercises eminent domain.
Fair Market Value
The price at which property would change hands between a willing buyer and a willing seller, neither under compulsion and both with reasonable knowledge of relevant facts.
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.