Real Estate – (1) an identified parcel or tract of land, including improvements, if any. (USPAP, 2020-2021 ed.) (2) Land and all things that are a natural part of the land (e.g., trees, minerals) and things that have been attached to the land (e.g., building and site improvements) and all permanent building attachments (e.g., mechanical and electrical plant providing services to a building) that are both below and above the ground. (IVS)
Real Property – (1) An interest or interests in real estate. (2) The interests, benefits, and rights inherent in the ownership of real estate. Comment: In some jurisdictions, the terms real estate and real property have the same legal meaning. The separate definitions recognize the traditional distinction between the two concepts in appraisal theory. (USPAP, 2020-2021 ed.) (3) All rights, interests, and benefits related to the ownership of real estate. (IVS)
Recapture Rule - In September 1995, Florida's Governor and Cabinet approved a rule directing property appraisers to raise the assessed value of a qualifying homestead property by the maximum of 3% or the annual change in the Consumer Price Index, whichever is less, on all properties assessed at less than full market value whether or not that property's value increased during that calendar year.
Remediation - The act or process of eliminating environmental contamination on, in, or under property, to restore the property to an uncontaminated state.
Remodel - To improve a structure by changing its floor plan, functions, or characteristics.
Residential Property – A vacant or improved parcel of land devoted to or available for use as a residence, e.g., single-family homes, apartments, rooming houses.
Revaluation – (1) In assessment, the mass appraisal of all property within an assessment jurisdiction to equalize assessed values. (2) The reappraisal of a property.
Right-of-Way – A right to pass over land in some particular path; a strip of land used as a transportation corridor, such as streets and roads, railways, and utility and fiber optic lines, and for other private or public transportation uses.
