Alaska Statutes 18.56.760 – Appraisals
Current as of: 2023 | Check for updates
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Terms Used In Alaska Statutes 18.56.760
- Appraisal: A determination of property value.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- property: includes real and personal property. See Alaska Statutes 01.10.060
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Before originating or purchasing or participating in the purchase of a senior housing mortgage loan, the corporation may have or may require the borrower to have an appraisal made of the fair market value of the real property, including structures on the real property, for which the loan is made. In conducting an appraisal under this section, the appraiser shall give full value to insulation and other features of construction in structures on the real property that add to the energy efficiency of the structures.