Terms Used In U.S. Code > Title 25 > Chapter 39 > Subchapter I - Rangeland and Farmland Enhancement

• Appraisal: A determination of property value.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• State: means a State, the District of Columbia, the Commonwealth of Puerto Rico, or any other territory or possession of the United States. See 1 USC 7
• Statute: A law passed by a legislature.