Lesson 4: Evaluating and Pricing Property Flashcards

1
Q

Value in Use

A

Value in Use

The value of a property to its owner or to a user. Also called utility value.

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2
Q

Value in Exchange

A

Value in Exchange
(Market Value)
The value of a property to a buyer on the open market. Also called exchange value.

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3
Q

uniform standards of professional appraisal

A

The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.

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4
Q

Integration

A

Integration is the initial stage, when the neighborhood is being developed.

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5
Q

Equilibrium

A

Equilibrium is a period of stability. The neighborhood is changing very little.

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6
Q

disintegration

A

The equilibrium phase is generally followed by disintegration or decline, when the economic usefulness of the properties in the neighborhood is almost over.

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7
Q

Rejuvenation

A

Rejuvenation, also called revitalization or rebirth, is a stage of renewal. Structures in the neighborhood are rebuilt, and sometimes the properties are put to new uses.

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