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Depreciation

TermDefinition
Physical Deterioration Ordinary wear and tear. Roof leaks, problem with plumbing etc.
Functional Obsolescence Outdated design and layout inadequate
External Obsolescence Loss due to changes in society and surrounding areas
Market Value What a willing buyer will most likely pay a seller
Arms Length Transaction Occurs in a competitive market that leads to a fair sale
Market Price Actual selling of property at a certain point in time
Assemblage Merging of 2 or more adjacent parcels
Sales Comparisons Market data approach
Cost Approach New property little or no comparison
Reproduction cost Cost tot replace exact duplicate
Replacement cost Cost of replacing building with another that function in a similar way.
Income approach Gross rent multiplier , vale= GMRx monthly or yearly rent
Chattel Movable goods on property
Fixtures Once personal property now attached to the land.
Agreement between Parties Seller allows personal item to be included in the sale
Created by: Jgjg
Popular Real Estate sets

 

 



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