- Tangible and intangible features that enhance or increase
the desirability of a property. Things that lend to the pride of ownership
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- An estimate or opinion of a property's value; also refers to
the report that includes supporting evidence of the opinion
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- A percentage comprised of the return on the investment and
the return of the investment
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- An informal market evaluation conducted by a real estate
agent not a professional appraiser
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- The theory that a commercial property located on a corner
will enjoy a higher value
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- An appraisal method which adds to the value of the land, the
present construction cost of reproducing or replacing the building
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- Depreciation that is capable of being corrected
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- Loss of value brought about by physical deterioration or
obsolescence
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- The period of time during which a property or improvement
can be profitably used
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- Obsolescence brought about by economic forces or external
events outside the property itself
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- The rental amount a property could command in an open real
estate market considering current rates comparable space is receiving
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- The demand for a property considering the desire to own the
property together with the financial ability to purchase it
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- Gross income less a deduction for vacancies
and collection losses but before operating expenses are deducted
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- Obsolescence brought about by outdated, inferior,
inadequate, or overly adequate design or fixture
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- The informal valuation process of multiplying the rental
income by a number derived from sales information of similar properties
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- That type of use that yields the highest income or value for
a particular parcel of land
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- A method of appraising real estate by capitalizing the net
income the property is expected to produce
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- Depreciation that is incapable or not practical to correct
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- An approach to determining the value of property by
comparing the subject property to recent sales of comparable properties
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- The price that a property actually sells for
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- The highest price a ready, willing and able buyer would pay
to a ready, willing and able seller, neither being under any abnormal pressure to act
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- The amount of money left over after expenses and allowances
have been deducted from the gross income
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- Depreciation of property; loss in value
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- Wear and tear brought about by usage, age, and nature
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- The principle that says the value of a property will be
increased by the influence of surrounding well maintained more expensive properties
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- Valuing the replacement cost of a building by estimating the
value of all the raw materials that went into it
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- Analyzing the data collected from all three approaches to
value and assigning different weights to each approach to settle on a final estimate of
value
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- The principle that says the value of a property will be
reduced by the influence of surrounding poorly maintained less expensive properties
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- The estimated cost of exactly duplicating an improvement
using the same materials and techniques as originally used
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- Another name for the Market Data approach
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- The supply of a particular type of real estate in a
particular area in relation to the demand for that type of property
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- The ease in which ownership can be transferred from one
party to another
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- An economic theory which states essentially that when the
supply decreases and the demand remains constant or increases the value will increase. The
principle works in reverse also.
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- The estimating of each installed component of the building
when using the cost approach to establish value
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- The degree of usefulness a property serves
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- The ability or degree of ability that something has to be
exchanged for money, goods or services
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