Fair Market Value — Fair Market Value is a term that is, in concept, similar to market value in general usage; used mainly in condemnation, litigation, income tax, and property tax situations.
When an appraisal assignment involves developing an opinion of fair market value, the appropriate requisite and precise definition of the term depends on the use of the appraisal and the applicable jurisdiction. A government sponsored enterprise GSE created by Congress in that purchases mortgages from banks, trust companies, mortgages companies, savings and loan associations, and insurance companies to help distribute funds for home mortgages. Federal housing administration FHA Mortgage — Federal housing administration mortgage made in conformity with the requirements of the national housing act and insured by the federal housing administration.
Fee Simple Estate — Fee Simple Estate is the absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat.
Field Review- Field Review is an appraisal review for which the scope of appraisal work includes inspection of the exterior and sometimes interior of the subject property and possibly inspection of the comparable properties to confirm the data provided in the report.
Final Reconciliation — Final Reconciliation is the last phase in the development of a value opinion in which two or more value indications derived from market data are resolved into a final value opinion, which may be either a final range of value or a single point estimate. Forecasting — in appraising, forecasting is to estimate or to indicate in advance. Forecasts made by appraisers are based on past trends and the perceptions of market participants concerning their continuation or alteration.
Foreclosure — The legal process in which a mortgage forces the sale of a property to recover all or part of a loan on which the mortgage has defaulted. A Government-sponsored enterprise GSE created by congressional charter in that buys residential mortgages and funds them in the capital markets in one of two ways: using mortgage backed securities or a variety of debt instruments.
Functional Obsolescence — Functional Obsolescence is the impairment of functional capacity of a property according to the market tastes and standards. Functionality Utility — Functional Utility is the ability of a property or building to be useful and to perform the function for which it is intended according to current market tastes and standards; the efficiency of a building uses in terms of architectural style, design and layout, traffic patterns and size and type of rooms.
Grantee — A Grantee is a person to whom property is transferred by deed or to whom property rights are granted by a trust instrument or other document.
Grantor — Grantor is a person who transfers property by deed or grants property rights through a trust instrument or other document. Gross Rent Multiplier — A Gross Rent Multiplier is the relationship or ratio between the sale price or value of a property and its periodic gross rental income.
Highest and Best Use- Highest and Best Use is the reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must be meet are legal permissibility, physical and possibility, financial feasibility, and maximum productivity. Hypothetical Condition- Hypothetical Condition that which is contrary to what exists but is supposed for the purpose of analysis.
Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the property subject property. Income Capitalization Approach — Income Capital Approach is a set of procedures through which an appraiser derives a value indication for an income-producing property by converting its anticipated benefits cash flows and reversion into property value.
This conversion can be accomplished in one of two ways. Interim Use- Interim Use the temporary use to which a site or improved property is put until it is ready to be put to its future highest and best use.
Joint Tenancy — Joint Tenancy is the concurrent ownership by two or more persons with the right of survivorship. Leased Fee Interest — Leased Fee Interest is a freehold ownership interest where the possessory interest has been granted to another party by creation of a contractual landlord-tenant relationship.
Legally Nonconforming Use — A use that was lawfully established and maintained, but no longer conforms to the use regulations of the current zoning in the zone where it is located; also known as a grandfathered us. See also special use permit; variance. Lessee — Lessee is the one who has the right to occupancy and use of the property of another for a period of time according to a lease agreement. Lessor- Lessor is the one who conveys the rights of occupancy and use to others under a lease agreement.
Marketing Time — Marketing Time is an opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of an appraisal.
Marketing time differs from exposure time, which is always presumed to precede the effective date of an appraisal. Market Value — Market Value is the most widely accepted components of market value are incorporated in the following definition: the most probable price that the specified property interest should sell for in a competitive market after a reasonable exposure time, as of a specified date, in cash or in terms of equivalent to cash, under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably, for self interest, and assuming that neither is under duress.
Market Value — Market Value as defined by the uniform standard of professional Appraisal practice USPAP -a type of value, stated as an opinion that presumes the transfer of a property as of a certain date, under specific conditions, set forth in the definition of the term identified by the appraiser as applicable in an appraisal. USPAP, ed. Mass Appraisal — Mass Appraisal is the process of valuing a universe of properties as of a given date using standard methodology, employing common data, and allowing for statistical testing.
Often associated with real estate tax assessment valuation. Modified Economic Age-Life Method — A method of estimating depreciation in which the ratio between the effective age of a building and its total economic life is applied to the current cost of the improvements after the costs to cure curable physical and functional items are deducted.
See also economic age-life method. Neighborhood — Neighborhood a group of complementary land uses; a congruous grouping of inhabitants, buildings, or business enterprises. It is also a developed residential super pad within a master planned community usually having a distinguishing name and entrance. Obsolescence — Obsolescence is one cause of depreciations; an impairment of desirability and usefulness caused by new inventions, changes in design, improved processes for production, or external factors that make a property less desirable and valuable for a continued use; may either functional or external.
Overimprovement — Overimprovement is an improvement that does not represent the most profitable use for the site on which it is placed because it is too large or costly and cannot develop the highest possible land value; may be temporary or permanent. Can be considered a super-adequacy and measured accordingly in estimating depreciation. Oversupply — Oversupply an excess of supply over demand; indicated by high vacancy rates, sluggish absorption rates, and declining rents.
Often referred to as paired sales analysis. Physical Life — Physical Life is the total period a building lasts or is expected to last as opposed to its economic life. Potential Gross Income PGI — Potential gross income PGI is the total income attributable to real property at full occupancy before vacancy and operating expenses are deducted.
Professional Property Valuer — A Professional Property Valuer is a person who possesses necessary qualifications, ability, and experience to estimate property value for a diversity of purposes including transactions involving transfers of property ownership, property considered as collateral to secure loans and mortgages, property subject to litigation or pending settlement on taxes, and property treated as fixed assets in financial reporting.
A Professional Property Valuer may also possess the specific expertise to perform valuations of other categories of property, i. Riparian Rights — Riparian Rights is the right of the owner of land bordering a non-navigable lake or stream to the use and enjoyment of the water that flows across their land or is contiguous to it. Under the riparian rights doctrine, all owners of land underlying or abutting the water have equal rights to it.
In comparison, the prior appropriation doctrine would not confer equal rights to all owners of land underlying or abutting the water. Sales Comparison Approach — Sales Comparison Approach is the process of deriving a value indication for the subject property by comparing market information for similar properties with the property being appraised, identifying appropriate units of comparison, and making qualitative comparisons with or quantitative adjustments to the sale prices of the comparable properties based on relevant, market-derived elements of comparison.
Part III addresses the linkages between SEA and other comparable tools such as spatial planning and environmental management. Part IV probes key cross-cutting issues in SEA, including how to address cumulative and trans-boundary effects. Part V identifies ways and means of SEA process and capacity development, focusing on how to improve and upgrade the theory and practice of the field. Part VI examines the shift from conventional SEA towards more integrative approaches, drawing on experience and examples from a number of countries.
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