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Property valuation . In a property appraisal activity, what is assessed? What is actually assessed is "real property". Namely the legal rights that underlie control over land or land with all other derivative rights attached to both above land and underground. Physical construction that is above or below ground is called real estate.
In the latest SPI (Indonesian Valuation Standards) (SPI 2014) real property is defined as property rights, which is wrong. In positive law, the right to land lies with the state, then it is passed down to customary law communities and then to individuals.
Land rights are also not absolute, only limited to normal needs. For example, the holder of land ownership rights does not automatically have the right to the mineral content underneath, but the rights to the minerals remain with the state so a permit is required if they intend to carry out mineral exploration. The legal system is different from that in western countries which are more absolute.
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