Real Property
The interests, benefits, and rights inherent in the ownership of real estate. Appraisers technically value real property — the rights — even though the analysis is grounded in the physical real estate.
Related Terms
Real Estate
The physical land and everything permanently attached to it — structures, fixtures, and natural features.
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.
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 Property Characteristics
View allGross Living Area (GLA)
GLAThe total finished, above-grade living area of a residential property, measured in square feet.
Gross Building Area (GBA)
GBAThe total area of a building measured from the exterior walls, including all finished and unfinished, above-grade and below-grade spaces.
Below-Grade Area
Any portion of a building that is below the ground level on any side.
ANSI Z765 Measurement Standards
ANSIThe American National Standards Institute standard for measuring residential floor area.