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12 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Effective age |
The number of years that is indicated by the condition of a building |
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Fire resistive construction |
A structure so constructed of incombustible materials that it is capable of withstanding ordinary fire conditions |
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Functional obsolescence |
In the cost approach, it is the loss in value due to functional (aesthetic deficiencies within a property in comparison with the similar new properties not having such defects) |
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Historical Costs |
the actual or first cost of a property at the time it was originally constructed and placed in service. |
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Incurable Depreciation |
The term refers to those elements of physical deterioration and functional obsolescence which cannot been corrected |
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Observed depreciation |
An estimate of the accrued depreciation based on a skilled inspection of the property, knowledge of the market reaction to what is observed and the judgement and skill of the person making the inspection. |
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Over-improved |
An improvement which is not most profitable for the site on which it is placed because of its excessive size or cost and consequent inability to develop the maximum possible land value. |
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Square foot method |
One of the methods of estimating construction,reproduction, replacement costs of a building by multiplying the square foot floor area by an appropriate square foot construction cost figure |
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Reproduction cost |
The current cost to construct a replica of the structure under appraise. Reproduction cost looks at the cost of creating an extra replica |
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Remaining economic life |
The period of time(years) from the date of the appraisal to the date when the improvements become economically valueless |
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In order for a property hero have value, it must have |
Scarcity, purchasing power, desirability and utility |
Spud |
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_______ is defined as the sacrifice made in acquiring property |
COSTIn |
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