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Definition..s <br />Market Value <br />The most probable price that a property should bring in a competitive and open market under all <br />conditions requisite to a fair sale, the buyer and seller, each acting prudently and knowledgeably and <br />assuming neither is under duress. Implicit in this definition is the consummation of a sale as of a <br />specified date and the passing of title from seller to buyer under conditions whereby: <br />a. Buyer and seller are typically motivated; <br />b. Both parties are well informed or well advised, and acting in what they consider their <br />own best interests; <br />c. A reasonable time is allowed for exposure in the open market; <br />d. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements <br />comparable thereto; and <br />e. The price represents the normal consideration for the property sold unaffected by special <br />or creative financing or sales concessions granted by anyone associated with the sale.I <br />Fee, 5irn Je Estate <br />Absolute ownership unencumbered by any other interest or estate; subject only to the limitations <br />of imposed by the governmental powers of taxation, eminent domain, police power, and escheat.2 <br />Leased Fee <br />A freehold (ownership interest)where the possessory interest has been granted to another party by <br />creation of a contractual landlord -tenant relationship (i.e., a lease). 3 <br />I Department of Treasury, office of the Comptroller of the Currency, 12 CFR Part 34.42. & FCA Regulation 614.4240 <br />21 Appraisal Institute, 5`' ed. The D gtipgary.,pf Real Estate ApjjL isatChicago, Illinois: Al, 2010) p. 78. <br />3 lbid, p. 1 I 1 <br />PAT MURPHY & ASSOCIATES <br />