Plant Appraisal Flashcards
Correctness or absence of error or bias
Accuracy
Act or process of developing an opinion of value, cost, or some other specified assignment results
Appraisal
Systematic steps that an appraiser takes to solve an appraisal problem
Appraisal process
Assignment result that identifies the type of cost or value it represents
Assignment result
Attributes that benefit, or provide utility too, someone or some thing
Benefits
Percentage rate derived by dividing a property is not operating income tired sales price; arete divided into the subject property is net operating income for purposes of estimating at market value
Capitalization rate
Damage, distraction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual
Casualty loss
Instrument used for measuring the height of a tree or other structure
Clinometer
Implant appraisal the amount awarded by a court to settle a legal claim
Compensation
Amount by which the addition of an item increases the value of the whole, or the amount by which the value of the whole decreases in the absence of that item
Contributory value
Amount of money required to create, produce, or obtain a property or service
Cost
Cost approach technique in which the cost of a smaller plant is extrapolated to a larger Plant based on the cost or money and time to achieve parity; also known as cost forwarding
Cost compounding technique (CCT)
Cost to replace an item With an exact replica, less depreciation
Depreciated reproduction cost
Loss in value from any cause; typically caused by either physical deterioration, functional limitations, or external factors
Depreciation
Extent to which the fair market value of the property has declined as a direct result of a casualty event
Diminution in market value
Income-based valuation in which the appraiser develops a stabilized net operating income for an asset and an appropriate capitalization rate; the estimated value equals net operating income divided by the capitalization rate
Direct capitalization
And income-based valuation in which the appraiser uses an evaluation of the actual our estimated periodic net income produced by the revenues and expenses in the operation and ultimate resale of an income producing property
Discounted cash flow analysis
Legal nonpossessory interest and real property that conveys use or partial use, but not ownership, of all, or more typically a portion, of an owners property
Easement
Benefits people obtain from ecosystems such as trees providing shade, carbon sequestration, and improved air and water quality
Ecosystem services
Value the ecosystem services produced by plants and other natural resources such as habitat, clean air, water, and wildlife contribute to society typically a non-market value
Ecosystem value
Formulaic method of inferring from the total or unit cost of a small tree with the theoretic installed cost or value of a larger tree might be
Extrapolation
Factors associated with the property of the tree itself that limits future plant development
Functional limitations
Cost of substitute items that provides a cover into the benefits or function mother than the cost to produce an exact replica.
Functional replacement cost
Facts or data that are understood or assumed to be true, such as a homeowner telling an appraiser the location of the property boundaries
General assumptions
A tree specimen considered significant because of its size, form, shape, beauty, age, color, rarity, genetic constitution, historic origin, or some other distinctive feature
Heritage tree
Reasonably probable and we all use of a property that is physically possible and financially feasible and results in the highest value; the corner stone of market values estimation
Highest and best use (HBU)
Conditions stipulated by the appraiser that is contrary to what is known to be true (E. G., The condition of the damage plant before the damage occurred, new zoning)
Hypothetical condition
Constraints imposed upon appraisals; often associated with items such as the scope of work, the availability of data, access, and use of the report
Limiting conditions
Most probable price, as a specified date, and cash, or in real terms equivalent cash, or another precisely revealed terms, for which the specified property rights should sell after reasonable exposure and a competitive market under all conditions requisite to a fair sale, and the buyer and seller each acting perfectly, knowledgeable, and for self interest, and assuming that neither is under undue duress
Market value
Explicit form of depreciation in which the value of an object is reduced dropping by at the cost to repair that item
Monetary reduction
Process for estimating the value of resources that are not coming to the bar and sold in the marketplace
Non-market valuation
General term for any value that is not based on the concept of exchange are rooted in actual transactions between buyers and sellers, or cannot be obtained from the market price
non-market value
State of being equivalent in size or quality, or producing equivalent benefits
Parity parity
Situation which is damaged plant or landscape item cannot be fully restored to its pre-damage condition but is otherwise expected to reduce future benefits
Partial loss
Tangible property that is not permanently affixed to the real estate, such as nursery stock prior to planting, lumber, equipment, furniture, and money; also refers to intangible property
Personal property
Mas in value caused by where in tear or other physical deterioration; may be curable or incurable
Physical deterioration
Act or process of formulating an opinion I would find value in order to find cost; may apply to plants landscape elements, or services
Plant appraisal
Information collected for the plants on the site
Plant inventory
Measure of exactness; have fun or a precise a quantity, measurement, or estimate is; a number can be precise without being accurate (e.g, I am incorrect or misleading number carried out to six significant digits, or a family measured sample of representative data)
Precision
Principle asserting that value was created by the expectation of future benefits quiet
Principle of anticipation
