Term
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Definition
extra that contributes to owner satisfaction: clean air, view, and so on
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Term
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Definition
process of estimating value
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Term
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Definition
an independent person trained to provide an unbiased estimate of value
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Term
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Definition
rate of return demanded by investors in a particular area
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Term
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Definition
similar nearby property recently sold
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Term
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Definition
appraisal technique that analyzes the cost to build
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Term
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Definition
loss of value due to any cause
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Term
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Definition
loss of value due to factors beyond the property boundaries
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Term
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Definition
loss of value due to worn or outmoded features
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Term
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Definition
analysis of income including rental and other factors
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Term
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Definition
use of land that yields the most money
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Term
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Definition
analysis of value of property using return on investment
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Term
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Definition
what a property actually sells for
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Term
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Definition
price that would be paid by an informed buyer
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Term
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Definition
loss of value due to wear and tear
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Term
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Definition
analysis of values received by different appraisal approaches
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Term
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Definition
cost to rebuild using today’s materials and techniques
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Term
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Definition
cost to rebuild exactly, using materials like the original
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Term
Sales comparison approach
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Definition
appraisal technique that analyzes sale prices of comparable properties
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Term
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Definition
location; buyers’ willingness to pay more for certain locations
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Term
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Definition
parcel of real estate being appraised
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Term
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Definition
principle that no one pays more if the same can be had for less
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Term
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Definition
present worth of future benefits
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