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|property currently for sale.
|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.
|future physical, economic, social, or political changes which may affect present value of property.
|an estimate or opinion of value based on supportable evidence and approved.
|an independent person trained to provide an unbiased estimate of value for a fee.
|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.
|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.
|the maximum value of a property that is realized when the other properties in the neighborhood are similar.
|any component to a property is worth only what it adds to the property's value regardless of the cost of the improvement.
|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.
|the price a ready, willing, and able buyer actually pays for a property.
|a property that has an accepted offer to purchase with all the contingencies removed.
|properties dissimilar in value in a neighborhood affect the value of all properties.
|a reference to the real property under an appraisal.
|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.
|a property that was listed for sale but that did not sell during the term of the listing contract.