Morgan's (III-A) Flashcards
A broad term for the monetary worth or price of something, or whatever else it might bring in exchange
Value
The most probable price a property would bring in a competitive, fair, and open market; in other words, the price an informed seller is willing to accept and an informed buyer is willing to pay
Market value (or fair market value - FMV)
Type of value that is generally intended to estimate market value
Appraised value
Value a taxing authority has placed on a property for purposes of tax computations
Assessed value
The maximum amount a lender will lend
Loan value (or mortgage value)
Maximum amount an insurance company will insure
Insurable value
The face value of an insurance policy coverage
Insured (or agreed) value
An insurance determination of the depreciated value of a property, or replacement cost minus accrued depreciation
Actual cash value
Identifies what the property is worth to the condemning authority in an eminent domain proceeding
Condemnation value
Value given on the probated asset list for the real property of a deceased owner
Estate value
List the 4 elements of value (with respect to property values).
- Utility
- Scarcity
- Demand
- Transferability
Element of value that means something is useful
Utility
Element of value that refers to the available supply
Scarcity
Element of value that is a combination of the desire to own it and the ability to purchase it
Demand
Element of value that means something can be sold or exchanged
Transferability
