Terminology - Real Estate Key Words & Phrases

Absorption Rate:  The rate at which a real estate market can absorb properties of a given kind.
(source: Harrisons' Illustrated Dictionary of Real Estate Appraisal.)    

Appraisal:  The act or process of developing an opinion of value; an opinion of value.
(source: Uniform Standards of Professional Appraisal Practice.)   

Assessed Valuation:  A value assigned to a property by the tax assessor to be used as a basis for taxation.
(source: Harrisons' Illustrated Dictionary of Real Estate Appraisal.)  

Assessment:  The evaluation of property for the purpose of taxation.  (2)A special tax levied against a property to pay for a public improvement that benefits the property, such as a sewer, a sidewalk, or street paving. 
(source: Harrisons' Illustrated Dictionary of Real Estate Appraisal.)      

Market Value:  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.  Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
    1. Buyer and seller are typically motivated;
    2. Both parties are well informed or well advised and acting in what they consider their own best interests;
    3. A reasonable time is allowed for exposure in the open market;
    4. Payment is made in terms of cash and U.S. dollars or in terms of financial arrangements comparable thereto; and
    5. The price represents  the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
  (source: Uniform Standards of Professional Appraisal Practice and FIRREA.)    

Comments

[John Beck Tax Foreclosure]

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[Robin Smith]

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[John Beck]

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