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Valuation
Market Value
| Question | Answer | |
|---|---|---|
| Active Property | property currently for sale. | |
| Amenities | features of a property that add value or desirability. amenities can be either tangible such as a skylight or intangible such as an ocean view. | |
| Anticipation | future physical, economic, social, or political changes which may affect present value of property. | |
| Appraisal | an estimate or opinion of value based on supportable evidence and approved. | |
| Appraiser | an independent person trained to provide an unbiased estimate of value for a fee. | |
| Change | an appraisal theory that a value placed on a property is good for only one snapshot in time because no physical or economic condition ever remains the same. | |
| Comparable Property | a benchmark used in the market data approach to make a property value estimate based on other properties which have recently sold and are similar to the subject property in terms of of location, physical features, price, and date of sale. | |
| Conformity | the maximum value of a property that is realized when the other properties in the neighborhood are similar. | |
| Contribution | any component to a property is worth only what it adds to the property's value regardless of the cost of the improvement. | |
| Cost | the current reproduction cost of a building plus the value of the land tends to set the upper limit of a property's value. | |
| Highest and Best Use | the use, which earns the property the most profits. | |
| Increasing and Decreasing Returns | are demonstrated when improvements are made to the property and the costs of those improvements are recovered upon sale due to the increased value of the property. | Decreasing returns are demonstrated by an over-improved property, when the costs of the improvements are not likely be recoverable upon sale. |
| Market Analysis (Market Data Approach) | a study of a property by a real estate agent or appraiser to establish a likely selling price of the property. | |
| Market Price | the price a ready, willing, and able buyer actually pays for a property. | |
| Pending Property | a property that has an accepted offer to purchase with all the contingencies removed. | |
| Regression/Progression | properties dissimilar in value in a neighborhood affect the value of all properties. | |
| Subject Property | a reference to the real property under an appraisal. | |
| Substitution | properties tend to be worth what an equally desirable or substitute property sold for. | |
| Supply and demand | economic theory of pricing stating that over-supply reduces price. | |
| Expired Property | a property that was listed for sale but that did not sell during the term of the listing contract. |
Created by:
bunkiebaby
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