Definitions / Misc essentials Flashcards
What is Bribery?
The offer, promise, giving, demanding or acceptance of an advantage as an
inducement for an action that is illegal, unethical or a breach of trust.
What is the definition of Market Value?
The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion
What is the definition of Fair Value?
The price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
What is an assumption?
A supposition taken to be true.
What is a special assumption?
An assumption that either assumes facts that differ from the actual facts existing at the valuation date or that would not be made by a typical market participant in a transaction on the valuation date.
What is Fair Value?
The price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
What is the full name of the Red Book?
RICS Global Valuation Standards - 2020
What is the full name of the Blue Book?
RICS Residential Real Estate Agency (6th Edition)
What is the rent properly payable under the AHA?
The rent that you would reasonably expect the holding to let between a prudent and willing landlord and a prudent and willing tenant taking into account all releveant factors including the terms of the tenancy, character and situation of the holding, the productive capacity of the holding and its related earning capacity and the level of rents for comparable lettings.
