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N9

TermDefinition
Appraisal estimate/opinion of value supported by facts
Value worth (DUST)
Demand overall desire and purchase power
Utility functionality/meets a need
Scarcity availability (shortage or demand)
Transferability deed
Market value amount willing buyer will pay/willing seller will take (no duress) arms length sale
Market price actual amount paid for property
Cost Amount of $ required to produce an item (building) at todays prices
Principal of highest and best use the use of property which will produce highest Net return
Excess land not needed to support highest and best use
Principal of substitution max value of a prop how much it will cost to buy an equally desirable property
Principal of conformity value more stable in area where high % of conformity
Principal of regression presence of lesser properties adversely affects value of greater properties
Principal of contribution value of component part is determined by how much it adds/detracts from value of whole
Principal of change real estate values change (social/economic affect value)
Principal of development, equilibrium, disintegration principal goes through phases of growth, stability and decline
Principal of competition profit tends to breed competition which can reduce profit
Principal of anticipation value affected by expectation of future events
Appreciation increase in value for any reason
Earned increment you put in effort (roof, pool, garage..)
Unearned increment you didnt do anything
Plottage (assemblage) increase in value by combining small parcels into 1 ownership
Depreciation loss in value for any reason
Deterioration loss in value from wear and tear
Deferred maintenance accumulated deterioration
Rehabilitation curing deferred maint.
Functional obsolescence loss due to outdates fixtures, poor design, tech advances
Economic obsolescence no cure
Comparison approach/Market data/Direct sales estimating value by comparing to similar properties
Cost approach/summnation building cost-depreciation+land value=appraised value
Replacement cost cost to duplicate at todays prices
Reproduction cost cost to exactly duplicate at todays prices
Square footage of living area
Created by: bronny
 

 



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