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| Property currently for sale. |
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| Features of a property that add value or desirability. (tangible = skylight, intangible = ocean view) |
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| Future physical, economic, social, or political changes which may affect present value of property. |
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| An estimate or opinion of value based on suportable evidence and approved methods. |
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Definition
| An independent person trained to provide an unbiased estimate of value for a fee. |
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| An appraisal theory that a value placed on a property is good for only one snapshot in time because no physical or economic condition ever remains the same. |
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Definition
| A benchmark used in the Market Data Approach to make a property value estimate based on other properties which have recently sold and are similar to the subject property in terms of location, physical features, price , and date of sale. |
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Definition
| The maximum value of a property that is realized when the other properties in the neighborhood are similar. |
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Definition
| Any component to a property is worth only what it adds to the property's value regardless of the cost of the improvement. |
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Definition
| The current reproduction cost of a building plus the value of the land tends to set the upper limit of a property's value. |
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Definition
| A property that was listed for sale but that did not sell during the term of the listing contract. |
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Definition
| The use, which earns the property the most profits. |
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Definition
| Demonstrated when improvements are made to the property and the costs of those improvements are recovered upon sale due to the increased value of the property |
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Term
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Definition
| A study of a property by a real estate agent or appraiser to establish a likely selling price of the property. It involves a study of recent sales in the market area which are similar to the subject property on the basis of location, terms, physical features, and date of sale. |
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Definition
| The price a ready, willing , and able buyer actually pays for a property. |
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Term
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Definition
| The price at which a property would sell on the open market to a buyer who is under no duress, is not related to the seller, is well-informed about the property and who has been found within a reasonable amount of time. |
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Definition
| A property that has an accepted offer to purchase with all the contingencies removed. |
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Definition
| The value of a better property increases the value of a lesser property. |
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Definition
| The value of a lesser property decreases the value of a better property. |
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Definition
| A reference to the real property under an appreaisal. |
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Definition
| Properties tend to be worth what an equally desirable or substitute property sold for. |
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Definition
| Economic theory of pricing stating that demand increases price and that over-supply reduces price. |
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Term
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Definition
| Demonstrated by an over-improved property, when the costs of the improvements are not likely to be recoverable upon sale. |
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