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Appraisal4

Appraisal

QuestionAnswer
Deferred Maintenance Postponed maintenance on property that results in increased physical depreciation (wear and tear)
Life Cycle The stages of growth and development of a community-grow, stabilize, decline and revitalize
Up and Coming Neighborhood A neighborhood in th revitalization stage of the life cycle
Square Footage The finished space of a structure measured by the exterior walls
Gross area The are of a building under the roof-includes unfinished areas
Setback The amount of space required between the lot line and the building line
Straight Line Method Depreciation of equal annual installment amounts
Depreciated Value Original cost less the the depreciation
Module A unit of prefabricated housing-offsite construction
Collateral Something of value pledged as security for a loan
M.A.I. Member, Appraisal Institute-a designation earned by a licensed appraiser
Created by: Shirilyn