Case studies

Question 1

Define Use Value

Answer 1

Value a specific property has for a special use

Question 2

If the definition of value is “use value” - what is important to reiterate?

Answer 2

If current use is so specialized (special use) that there is no demonstrable market for it, but the use is viable and likely to continue, I may render a use value if assignment reasonably permits a type of value other than market value

Question 3

Define assessed value

Answer 3

The value of a property according to the tax rolls in ad valorem taxation
Specifics of the definition included in legislation

Question 4

How does MPAC define assessed value

Answer 4

Properties assessed at current value in the fee simple interest (unencumbered)

Question 5

Define insurable value

Answer 5

The value of an asset that is covered by an insurance policy. Often controlled by prov legislation

Question 6

What are 4 methods to estimating RCN

Answer 6

Comparative unit
Extraction/Comparative unit
Unit-in-place
Quantity survey