Right of Way Terms
AAC sounds like a battery size, but in our world it brings matters to a close.
What is an Agreement After Certificate?
This event establishes the relocation eligibility of a displaced person.
What is the initiation of negotiations?
Co-ownership where each owner has an undivided share that can be transferred to someone else and does not automatically pass to the other owners at death.
What is tenancy in common?
This appraisal method estimates the value of real property by looking at similar, recently sold properties.
What is the sales comparison approach?
A condemning authority has this long to file a Petition for Condemnation after filing the Certificate of Take.
Within 100 days.
This document allows a landowner access to their just compensation after the Certificate of Take, without prejudice to their right to contest that amount and damages later.
What is a drawdown order?
This category of reimbursement for a displaced business has a maximum allowable payment of $5,000.
What is Site Searching Expenses?
A private promise in a deed or subdivision instrument restricting use of land—enforceable against successors in title as a covenant running with the land when requirements are met.
What is a restrictive covenant (or covenant running with the land)?
This appraisal method distills the value of real property into a lump-sum amount based on a property’s ability to generate revenue over time.
What is the income capitalization approach?
The three characteristics of a wetland.
Hydrophytic vegetation; hydric soil; and hydrology.
This is a nonpossessory right to use another’s land for a specific purpose—examples include rights-of-way, utilities, and drainage—created by express grant, implication, necessity, or prescription
What is an easement?
This type of payment provides relief when a displaced homeowner is forced to secure a mortgage with a higher interest rate than they previously had.
What is a Mortgage Interest Differential Payment (MIDP)?
An ownership interest that lasts for the lifetime of a named person and then passes to another specified person or reverts to the grantor.
What is a life estate?
An assignment-specific belief made as of the effective date of an appraisal regarding uncertain information that, if untrue, could alter an appraiser’s opinions.
What is an extraordinary assumption?
This type of deed transfers the grantor’s interest in a property, but without providing any warranties or guarantees regarding the quality of the title or the absence of liens or claims on the property
What is a Quitclaim deed?
When government action takes or damages property for public use without bringing a formal condemnation proceeding, the owner’s remedy is what?
What is inverse condemnation?
This provision is utilized when additional expenses are necessary to make a replacement site decent, safe, and sanitary for a displaced resident who is confined to a wheelchair.
What is Housing of Last Resort?
The deed commonly used to transfer full title with promises that the grantor has good title and will defend against claims, often used in routine conveyances.
What is a general warranty deed?
This term refers to the amount someone expects to receive as compensation for providing coordination and expertise, and assuming the risks associated with the development of a project.
What is entrepreneurial incentive?
This type of environmental assessment involves document review and non-intrusive site visits, but does NOT require soil samples
What is a Phase I environmental assessment?
A claim that can arise when someone openly occupies land belonging to another for the statutory period under a claim of right, potentially giving them ownership.
What is adverse possession?
When a major exterior appurtenance is not replaced in the selected comparable, this is utilized in the calculation of the price differential.
What is a Carve Out?
The largest, most complete estate in land under Virginia law, which endures forever unless conveyed or encumbered.
What is a fee simple absolute?
Three ways to calculate this are the market extraction method, the economic age-life method, and the breakdown method.
What is depreciation?
This city, famous for its ski resorts and for hosting the 1988 winter Olympics, will host the 2027 IRWA’s Annual education conference.
What is Calgary, Canada?