Appraisal Value Flashcards
Amenity
A condition of agreeable living or beneficial influence resulting from the location
Appraisal
An estimate or opinion of value as of a specified date based on analysis of factual data
Assessed Value
The value put on property by the county assessor for the purpose of computing ad valorem taxes
Book Value
An accounting term for the cost of real estate less depreciation recorded for accounting and tax purposes
Cost
The historical expenditure for the purpose of construction or improvement of a property
Demand
The need or desire to possess something and having the money to fulfill that need
Insurable Value
Used to determine the amount of insurance needed to meet co-insurance clause requirements
Loan Value
The value used for establishing the amount of mortgage or trust deed loan to be made
Market Value
An unemotional, objective price at which a seller would sell and a willing buyer would purchase, with neither party under abnormal pressure to act
Price
The amount asked and the amount paid for property; the listing price is the amount asked for property
Scarcity
An economic characteristic of real estate; shortage of land in a geographical area where there is a great demand for land
Subjective Value
The emotional value of a property’s worth to a person, regardless of cost
Transferability
The ability to transfer a good or service to another person
Utility
The capacity to satisfy human needs and desires
Value
The exchange of present worth for future benefits to the owner of the property
