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Market Value The price a willing seller will sell for and a willing buyer will pay when neither is acting under exceptional pressure-most probable price
Value An estimate of the future benefits to be deprived from a property
Price What one must pay for a property usually very close or equal to market value
Cost An estimate of past expenditures
D.U.S.T The four basci charactersitics of value- Demand Utility Scarcity Transferability
CMA Competitive market analysis-a range of value for a property provided by a licensee to help a seller determine a realistic price-also called comparative market analysis
BOV Broker's opinion of value-similiar to a CMA but used by relocation firm bank or attorney-also called BPO-broker price opinion
Appraisal An opinion of value
Market Data Approach An appraisal used primarily on residential properties-it involves comparing the subject property to recent sales to determine a value-also called sales comparison approach
Comparable A recently sold property similiar to a property being valued
Income Approach An appraisal used to determine the value of a property that produces income or rent-(net annual income=rate of return x market value)-also called capitalization method
Created by: Shirilyn