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Capitalization The conversion of income into an indication of value
Capitalization rate The rate of return on an income producing property
Net Annual Income Yearly gross rents less gross expenses
GRM A factor based on location and rent a price per monthly rent used to give an initial estimate of value for a residential rental property
GIM A factor based on location and rent-a price per annual rent used to give an initial estimate of value for a commercial property
Cost Approach An appraisal used to determine the value of unique property-one with no comparables and no income (Land+Building Reproduction Cost-Depreciation=Value) or (Land+Building Replacement- Depreciation= Value)
Reproduction Cost The cost to exactly duplicate a building
Replacement Cost The cost to build a building of similar size and purpose using today's methods and materials
Physical Deterioration Deprciation due to ordinary wear and tear- curable-little impact on an appraisal
Functional Obsolescence Depreciation due to factors in the property that do not meet the expectations of buyers
Economic Obsolescence Depreciation due to factors outside the property also called external obsolescence or environmental obsolescence
Highest and Best use The legal use of property giving the greatest return in money or amentities
Principle of Substitution No person is justified in paying more for a property when a similiar property can be purchased for less-sets an upper limit on price
Principle of Conformity Maxium value is found when there is a reasonable degree of similarity or homogeneity
Created by: Shirilyn