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Definition
| professional service provided by a registered license or certified appraiser |
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Definition
| the combining of two or more adjoining properties into one tract |
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Term
| cost depreciation approach |
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Definition
| a method for estimating the market value of a property based on the costs to buy the site and to construct a new building on the site less depreciation |
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Definition
| when the correction defect results in as much added value as a the cost to correct the defect |
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Definition
| will a loss in value for any reason |
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Definition
| the period of time a property may be expected to be profitable or productive |
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Definition
| the resulting amounts when vacancy and collection losses are subtracted from potential gross income |
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Definition
| a rule of thumb for estimating the market value of a commercial and industrial properties: the ratio to convert annual income into market value |
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Definition
| in a rule of thumb for estimating the market value of income-producing residential property and the ratio to convert rental income into market value |
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Definition
| a principal of value that focuses on the most profitable legal use to which a property to be put |
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| income capitalization approach |
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Definition
| method for estimating the market value of a property based on the present and future income the property can be expected to generate |
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Term
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Definition
| when the cost to correct a defect is greater than the value added by the cure |
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Definition
| the worth of the property to a particular investor based his or her desired rate of return |
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Definition
| the most probable price a property will bring from a fully informed buyer willing but not compelled to buy and the lowest price a fully informed seller will accept if not compelled to sell |
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Definition
| the resulting amount when all operating expenses are subtracted from effective gross income |
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Term
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Definition
| in addition or change to property not in line with its highest and best use or a bettement that exceeds that justified by local conditions |
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Term
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Definition
| the added value as a result of combining two or more properties into one large parcel |
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Term
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Definition
| the total annual income a property would produce with 100 percent occupancy and no collection or vacancy losses |
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Definition
| the principle that states that the value of an inferior property is enhanced eye its association with superior properties of the same type |
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Term
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Definition
| the process of wean the estimates of value derived from the sales comparison cost in income approaches to arrive and final estimate of market value |
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Term
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Definition
| the principle that states that the value of the superior property is adversely affected by his association with inferior property of the same type |
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Definition
| the expenditure of constructing a building with current materials and techniques that has the same functional utility as a structure being appraised |
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Term
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Definition
| amount required to duplicate the property exactly |
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Term
| sales comparison approach |
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Definition
| a method for estimating the market value of a property by comparing similar properties to the subject property |
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Term
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Definition
| relationships and influences created by location of a property that affect value |
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Term
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Definition
| liberal property under discussion or appraisal |
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Term
| vacancy and collection losses |
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Definition
| the deduction from potential gross income for current or expected future space not rented due to tenet turnover and loss from uncollected rent due from delinquent tenets |
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