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Terms

Terms in Appraisal

QuestionAnswer
The amount that an entity can obtain from disposal of the asset less disposal cost at the end of the useful/economic life of the asset Residual Value
The present value of future cash flows expected to be derived from the continuing use of the asset and from its disposal at the end of its useful life. Value in Use
`A valuation assignment that covers a range of types and purposes where the Valuer exercises impartial judgment in considering the work of another valuer Valuation Review
An amount above market value due to special attributes of the asset that are only of value to the special purchaser Special Value
The value as recognized by the market in which exchange of asset ownership takes place. Value in Exchange
The book value that results when one or more asset or liability amounts are added, deleted or changed from the reported book amount Adjusted Book Value
A series of payment made or received at regular intervals of equal/even amounts. Annuity
A revenue raising procedure, based on the assessed value of property related to a scale of charges as defined by statute within specified time frame Ad Valorem Property Taxation
A valuation review performed for the purpose of exercising due diligence for decision making such as for purchase or selling of property Administrative (Compliance) Review
A means of estimating value of a business and/or equity interest using methods based on the market value of individual business assets and liabilities Asset-Based Approach
The capitalized cost of an asset less accumulated depreciation, depletion or amortization as it appears on the book of accounts of the business Book Value
The act or process of arriving at an opinion or estimation of the value of a business or entity or an interest therein. Business Valuation
The process of analyzing sets of property and market data to determine the specific parameters operating upon a model. Calibration
A resource owned or controlled by an entity as a result of past events and from which some future economic benefits can be expected to flow to the entity. Asset
A method of arriving at the value of a property by reference to net returns and an expected percentage yield or return. or refers to the conversion of a stream of income into capital value using certain conversion factor Capitalization
Any divisor that is used to convert income into capital value. Also referred to as "all risks yield" Capitalization Rate
The amount at which an asset is recognized after deducting any accumulated depreciation and accumulated impairment losses thereon. Carrying Amount
An affirmative statement attesting to the fact that the Valuer has followed the ethical and professional requirements of the IVSC's Code of Conduct in performing his assignment Compliance Statement
The statement of a valuation in a prescribed format to meet statutory or regulatory requirements Certification of Value
Data generally used in valuation analysis to develop value estimates which are taken from comparable properties and which have similar characteristics to the property under appraisal Comparable Data
Assets that are expected to be used and consumed within the normal operating period, generally one year. (include cash, cash equivalents, receivables, inventories and prepayments Current Assets
Is an evidence of a debt (unsecured bonds payable) Debenture
The rent specified by a given lease arrangement/contract Contract Rent
The cost of a fixed and tangible asset less its residual/reversion/salvage value which depreciates over its useful/economic life Depreciable Amount
The amount that an entity can obtain from disposal of the asset less disposal cost at the end of the useful/economic life of the asset Residual Value
The present value of future cash flows expected to be derived from the continuing use of the asset and from its disposal at the end of its useful life. Value in Use
`A valuation assignment that covers a range of types and purposes where the Valuer exercises impartial judgment in considering the work of another valuer Valuation Review
An amount above market value due to special attributes of the asset that are only of value to the special purchaser Special Value
The value as recognized by the market in which exchange of asset ownership takes place. Value in Exchange
The book value that results when one or more asset or liability amounts are added, deleted or changed from the reported book amount Adjusted Book Value
A series of payment made or received at regular intervals of equal/even amounts. Annuity
A revenue raising procedure, based on the assessed value of property related to a scale of charges as defined by statute within specified time frame Ad Valorem Property Taxation
A valuation review performed for the purpose of exercising due diligence for decision making such as for purchase or selling of property Administrative (Compliance) Review
A means of estimating value of a business and/or equity interest using methods based on the market value of individual business assets and liabilities Asset-Based Approach
The capitalized cost of an asset less accumulated depreciation, depletion or amortization as it appears on the book of accounts of the business Book Value
The act or process of arriving at an opinion or estimation of the value of a business or entity or an interest therein. Business Valuation
The process of analyzing sets of property and market data to determine the specific parameters operating upon a model. Calibration
A resource owned or controlled by an entity as a result of past events and from which some future economic benefits can be expected to flow to the entity. Asset
A method of arriving at the value of a property by reference to net returns and an expected percentage yield or return. or refers to the conversion of a stream of income into capital value using certain conversion factor Capitalization
Any divisor that is used to convert income into capital value. Also referred to as "all risks yield" Capitalization Rate
The amount at which an asset is recognized after deducting any accumulated depreciation and accumulated impairment losses thereon. Carrying Amount
An affirmative statement attesting to the fact that the Valuer has followed the ethical and professional requirements of the IVSC's Code of Conduct in performing his assignment Compliance Statement
The statement of a valuation in a prescribed format to meet statutory or regulatory requirements Certification of Value
Data generally used in valuation analysis to develop value estimates which are taken from comparable properties and which have similar characteristics to the property under appraisal Comparable Data
Assets that are expected to be used and consumed within the normal operating period, generally one year. (include cash, cash equivalents, receivables, inventories and prepayments Current Assets
Is an evidence of a debt (unsecured bonds payable) Debenture
The rent specified by a given lease arrangement/contract Contract Rent
The cost of a fixed and tangible asset less its residual/reversion/salvage value which depreciates over its useful/economic life Depreciable Amount
The discount rate that equates the present value of cash inflows and the present value of capital investments and which results to zero net present value (NPV) Internal Rate of Return
Upward rental adjustments as specified in the lease contract Rent Escalations/Stepped Rents
The amount considered on the basis of the evaluation of available facts to be the "true" and "real" worth of the item Intrinsic Value
The period of time over which the structure may reasonably be expected to perform the function for which it was designed or intended Useful Life
The value existing in the proven property operation, considered as an entity with business established, as distinct from the value of real estate only, ready to operate but without a going business Going Concern Value
A valuation technique which presumes that income can be split between land and improvements and that the residual to land can be then capitalized into value Land Residual Technique
An additional element of value created by the combination of two or more interest where the value of the combined interests is worth more than the sum of the original interests Marriage Value/Synergistic Value
What are the four general property types according to International Valuation Standards Committee? (IVSC) 1. Real Property 2. Personal Property 3. Businesses 4. Financial Interest
The soundness of the methods and the result of each approached are weighed objectively to arrive at the single best and most supportable conclusion of value Reconciliation process
a document that records the instructions for the assignment, the basis and purpose of the appraisal and the results of the analysis that led to the opinion of value Appraisal Report
the results of an appraisal assignment which is verbally communicated to a client or presented before a court either as expert testimony or by means of deposition Oral Report
What are the three types of appraisal reports? Certificate/Letter form, Narrative Form, Standard Form
the kind of report usually used by banks, financial institutions, insurance companies and some government bodies Standard form report
it affords the appraiser the opportunity to support his opinions and conclusions of value which would convince the reader/client of the soundness of his estimate Narrative Report
Appraisers/valuers must have the knowledge, skill and experience to complete the assignment efficiently in relation to an acceptable professional standard competence
involve facts, conditions, or situations affecting the subject of, or approach to, a valuation but which may not be capable or worthy of verification Assumptions
constraints imposed on valuations limiting conditions
limiting conditions where the valuer is not permitted to investigate fully one or more of the significant factors likely to affect valuation by the clients
limiting conditions where the client may not publish the whole or any part of the valuation report or valuation certificate without the valuer's prior written approval of the form and context in which it may appear) by the valuer
Three Major Division of an Appraisal Report I. Introduction II. Description Analysis and Conclusion III. Addenda
collectively constitute a general class of tangible property assets. Are normally capable of being moved or relocated and often will depreciate at a significantly faster rate than real property Plant, Machinery and Equipment
ancillary assets that are used to assist the function of an entity. refers to other assets that are used to assist the operation of the enterprise Equipment
an apparatus used for a specific process in connection with the operation of the entity machine
machinery used to transform/process materials from one state to another, whether it is movable, permanent or semi-permanent machinery Industrial Machinery
used in handling or transporting raw materials or finished goods within the plant vicinity Material Handling Equipment
machinery used for agricultural purposes such as tractors, irrigation pumps, farm implements Agricultural Machinery
includes motor vehicles, aircraft, watercraft transportation equipment
computer mapping program where land characteristics and/or demographic information are color coded and often overlaid, the primary purpose of which is to determine locations of certain activity General Information System
system of hardware, software and procedures designed to support the capture, management, manipulation, analysis, modeling and display of spatially referenced data for solving complex planning and management problems General Information System
most common method of data creation Digitization
involves the tracing of geographic data directly on top of the aerial imagery instead of by the traditional method of tracing the form on a separate digitizing table Heads-up Digitizing
is any type of digital image represented by reducible and enlargeable grids raster data type
land survey that determines the elevation or undulation of the terrain at various sections of the property Topographic survey
refers to the nature of the surface land which may either be level, rolling or mountainous Topography
are used for geographical features that cover a particular area of the earth's surface like park boundaries, buildings, city boundaries or land uses Polygons
numerical representations that describe real-world features and phenomena and it is dynamic in contrast to the static data displayed on a conventional map Digital geographic data
a geographic data described according to location and attributes. It facilitates areal differentiation, the study of differences among various locations Geographic Matrix
also called as vector. a geographic space is populated by discrete and identifiable objects which has identifiable boundaries or spatial extent. Is relevant to some intended application and is describable by one or more attributes Object-based
also called as raster. a geographic space is populated by one or more spatial phenomena Field-based
are generally man-made features with precise boundaries Exact objects
are generally natural features with transitional or in-between boundaries Inexact objects
real-world features that vary continuously over space with no obvious or specific extent and are represented as surfaces. representation of spatial relationship spatial phenomena
when adjacent features share common boundary geometric
when one feature is close to another one proximal
geometric arrangements (square, triangular or hexagonal) of figures that completely cover a flat surface tessellations
the art and science of determining angular and linear measurements to establish form, extent and relative positions of points, lines and surfaces on or near the earth and on other extra-terrestrial bodies through applied mathematics surveying
type of surveying which means the surface of the earth is considered plane plane surveying
a kind of survey where the shape of the earth is taken into account in computing results Geodetic survey
refers to a grid of north and south (meridians) and east and west (parallels) lines surveyed by the government in identifying philippine boundaries Rectangular survey
a survey plan indicating the division of the property. subdivision plan
a survey to determine the boundaries of each lot in a subdivision subdivision survey
method of identifying the boundaries of a parcel of land by placing stakes or pins on the ground relocation survey
a survey of a titled land without or with erroneous technical description verification survey
subdivision scheme where the resulting blocks are rectangular in shape Gridiron
always uses a reference point either BLBM, BLLM, C/M BM, PBM Land survey
bonus that sometimes may be obtained from the consolidation of lots plottage value
Elements of Space in Surveying Distance, Elevation, Direction
essential for use in identifying location of a particular property on the face of the earth Map
Cardinal Directions in Map Reading North East West South
a map of the segment of a community showing the subject lot, adjoining parcels, natural features and some major infrastructure as a reference in the identification or location of the site Location Map
rough method in determining the distance between two points by multiplying the number of paces (foot spaces/steps) between two points pacing
average measured length of a person's natural pace pace factor
method of legally describing land setting forth all boundary lines together with their directions, distances, terminal points and angles Metes and Bounds
reference structures that identifies a property boundary monuments
manmade structures are also called (in surveying) intangible landmarks
rivers,rocks, trees, lakes, parks are ______ landmarks tangible
the imaginary line connecting point 1 of a lot with a reference point such as BLLM Tie Line
lines in a topographic map which indicate the elevation of the terrain at various sections of the land contour lines
the direction of any respective given meridian bearing of a line
the designated figure which identifies a specific land in reference to the whole area lot number
the vertical distance above or below an assumed level surface or datum Elevation of a point
A reference surface coincidental or parallel with mean sea level Datum
angular distance of the place above or below the equator, north or south latitude latitude
the numerical ratio of measurement of a distance/length in a map or drawing/illustration to the actual measurement of the earth scale
a surface which is parallel with the mean spheroid surface of the earth level surface
a fixed line of reference for determining direction of lines Meridian
a north-south lines passing through the geographical poles generally adopted as reference lines True Meridian
lies parallel with the magnetic lines of force of the earth and is indicated by the directions of the magnetic needle of a compass Magnetic Meridian
horizontal angle between the meridian and the true or geographic meridian Magnetic Declination
clockwise angle of a line measured reckoned from the south azimuth of a line
the angular distance measured along the arc of the equator. measured either east or west of Greenwich Meridian Longitude
the exact midway level between high and low tide mean sea level or sea level datum
subdivision plan for a flat terrain square planning
one prepared out of a cadastral survey of extensive area consisting of several lots for cadastral registration proceedings, agricultural development and other purposes cadastral map
To plot a property, you need bearing and distance (angular degrees and linear measures)
Types of property descriptions ordinarily used in deeds, contracts, offer to sell and leases lot number, bearings and azimuths, monuments, metes and bounds
an instrument use to determine the horizontal direction of a line reference to the direction of a magnetic needle compass
a graduated device used for measurement of lengths tape
a document embodying specific proposals for guiding, regulating growth and development process like demography, socio-economics, infrastructure and utilities, land use and local administration within territorial jurisdiction CLUP
a graphic representation of the zone classifications, location boundaries of the district/zones duly established in the zoning ordinance Zoning Map
means of exercising police power by the municipality or city in regulating and controlling the character and use of the property zoning ordinance
body whose main function is to coordinate activities of government housing agencies to ensure accomplishment of the national shelter program HUDCC
refers to areas designated principally for trade, services, and business purposes as used in the zoning ordinance central business district
low density residential zone R-1
medium density commercial zone C-2
empowers the president of Phil to reserve for settlement or public use any of the lands of the public or private domain Administrative code of 1987 (EO 292)
refers to the acquisition of lots of varying ownership for the purpose of planned and rational development and socialized housing programs either thru purchase or expropriation land assembly/consolidation
process of upgrading and rehabilitation of blighted or devastated and slum urban areas with a view of minimizing displacement of dwellers thereof on-site development
process of land acquisition by exchanging land for another piece of land or for shares of stocks in government corporation of equal value for the purpose of planned and rational development land swapping
referred to as individuals or groups who occupy land without the express consent of the landowner and who have sufficient income for legitimate housing professional squatters
issued for the preparation and implementation of the CLUP by the LGUs and for the review and approval of the CLUPs by HLURB and Sangguniang Panlalawigan, the local government EO 72
national approach of allocating available land resources as equitably as possible among competing user groups land use planning
4 Major land use policy areas settlements, protection, production, infrastructure
defined as cities/municipalities political boundaries including component barangays and the city or municipality waters extending 3km from the shoreline for coastal LGUs Planning area
refers to those whose only real property ownership consists of residential lands in highly urbanized cities not exceeding 300 sqm Small Property Owner
refers to group of persons engaged in the business of squatting housing for profit purposes squatting syndicates
SHZ Socialized Housing Zone
legal basis for the lgu to zone areas Police Power
contiguous grouping of 10 or more structures Built-up area
refers to the use of an area in accordance with the zoning classification conforming use
primarily concerned with the use of the land and control of density of population thru imposition of building heights, open space and density provisions in a given area Zoning
refers to the ratio between the gross floor area of a building and the area of the lot on which it stands Floor Area Ratio
refers to uses or land activities with contrasting or distinct characteristics sited or located adjacent to each other Conflicting Uses
refers to uses or land activities capable of existing together harmoniously. ex. plaza in a residential area Compatible use
a process of introducing amendments to or a change in the maps or transcript of a zoning ordinance Rezoning
Application for any exemption or modification of the zoning ordinance shall be filed with Local Zoning Board and Adjustment Appeals (LZBAA)
defined as total floor space with the perimeter of the permanent external walls Gross Floor Area
refers to an area within a city/municipality principally for institutional establishment like home for the aged Special Institutional Zone
refers to yards or open spaces intended to separate incompatible uses/elements to control pollution or nuisance where no permanent structures are allowed Buffer Area
a clearance issued to a project in accordance with the zoning ordinance Locational clearance
Created by: sanx