An undivided interest in improved or unimproved land, lots, or parcels, evidenced by a certificate, deed, or other document conveying the interest. Examples include joint tenants, and tenants in common.

The price for which a property would sell on the open market, between a willing buyer and a willing seller, neither being required to act, and both having reasonable knowledge of the relevant facts.

Also known as a “Presidentially Declared Disaster”. Defined within the Internal Revenue Code as “any disaster subsequently determined by the President of the United States to warrant assistance by the Federal Government under the Robert T. Stafford Disaster Relief and Emergency Assistance Act. ”The Internal Revenue Service has the sole authority to grant Like-Kind Exchange deadline extensions related to Federally Declared Disasters.

The greatest possible estate in land, wherein the owner has the right to use it, exclusively possess it, commit waste upon it, dispose of it by deed or will, and take its fruits. A fee simple represents absolute ownership of land, and therefore the owner may do whatever he or she chooses with the land.