Fla. Admin. Code Ann. R. 66B-3.002 - Definitions

(1) "Approved Appraisal" means an appraisal that has been accepted by the District for use in calculating the amount that the District can pay for property.

(2) "Certified Survey" means a boundary survey which is certified to the District and the title company designated as the agent, signed and sealed by a professional Florida licensed surveyor and mapper authorized to practice surveying in the State of Florida. The survey must be approved by the District as being in compliance with the Minimum Technical Standards of Surveying in the State of Florida, as established by the Florida Department of Professional Regulation, and such additional requirements required by the applicable contract between the District and the landowner(s). The survey shall accurately portray to the greatest extent practicable the condition of the parcel as it currently exists. The survey must have been certified to the District, the title company and agent/law firm designated by the District within 90 days of the closing on the property unless this requirement is waived by the title insurer for the purpose of deleting the standard exceptions for survey matters and easements or claims of easements not shown by the public records from the owner's title policy and the District.

(3) "Cooperating Agency" means a local government, water management district, member county, special taxing district, or navigation related district that has entered into an acquisition agreement with the District to acquire specific property.

(4) "Evidence of Marketable Title" means assurance of the marketability of the land being acquired, in the form of a marketability title commitment and policy (ALTA Form B). The coverage, form and exceptions of either title insurance or title opinion shall be as required by the applicable contract between the District and the landowner(s). The terms "Title Policy" and "Title Opinion" are included within this definition.

(5) "Fee Appraiser" means the person performing an appraisal of property for the District who is a "State Certified Appraiser" in accordance with this rule and who holds a MAI designation.

(6) "Land" or "Property" means the interest in real property to be acquired, together with all appurtenances.

(7) "Landowner" or "Owner" or "Seller" means the owner of the land or his authorized agent.

(8) "Market Value" means the most probable price in cash or terms equivalent to cash for which the appraised property will sell in a competitive market under all conditions requisite to fair sale, with the buyer and seller each acting prudently and knowledgeably, and assuming that neither is under undue duress.

(9) "Option Agreement" means a purchase instrument which becomes binding on both parties at the time of execution, but subject to Board approval and to exercise of an option or options.

(10) "Purchase Agreement" means a contract to purchase property which becomes binding on both parties at the time of execution, but subject to Board approval.

(11) "Purchase Instrument" means the various types of contracts to purchase property, including purchase agreements, option agreements, exchange agreements and other forms of such agreements.

(12) "State Certified General Appraiser" means a real estate appraiser who has been certified by the Florida Board of Real Estate Appraisers as a certified general appraiser under the provisions of Chapter 475, F.S.

(13) "Title Commitment" means a written agreement binding a title insurance company to provide a policy insuring marketability of title for a specified time in the name of the District in the amount of the purchase price, or other appropriate value, complying with the requirements of the applicable form(s) approved for use in the State of Florida by the Department of Financial Services and further complying with such additional terms, if any, contained in a contract between the District and the landowners(s).

Notes

Fla. Admin. Code Ann. R. 66B-3.002

Rulemaking 374.984(3) FS. Law Implemented 374.984(1)-(3) FS.

New 8-17-99, Amended by Florida Register Volume 47, Number 046, March 9, 2021 effective 3/25/2021.

New 8-17-99, Amended 3-25-21.