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Real Estate Appraisal Terminology

Enrique Casado, SRA, MRICS

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1.A method of calculating the level of retail sales over which a percentage rent is paid by the tenant; calculated as the base rent divided by the overall percentage rate. See also base rent; overage rent; percentage rent.
3.Something that has been added or appended to a property and has since become an inherent part of the property; usually passes with the property when title is transferred.
5.The angle between an object and true north or true south. In surveying, the azimuth is measured clockwise from true north.
7.A technique in which the capitalization rates attributable to components of a capital investment are weighted and combined to derive a weighted-average rate attributable to the total investment.
8.A method of estimating depreciation in which the total loss in the value of a property is estimated by analyzing and measuring each cause of depreciation (physical, functional, and external) separately.
10.A mortgage that is not fully amortized at maturity, and thus requires a lump sum, or balloon, payment of the outstanding balance.
11.A neighborhood phenomenon in which middle- and upper-income persons purchase neighborhood properties and renovate or rehabilitate them.
12.Adjustments made to rental income to reflect current market levels for the purpose of accurately projecting property income and property value.
13.An area of irregular limestone in which erosion has produced fissures, sinkholes, underground streams, and caverns.
14.The interest rate that London banks charge when lending to one another in order to manage their balance sheets. Also is the equivalent of the American Federal Funds Rate and is used as a benchmark for other short term interst rates.
15.The additional demand that exists, based on an inventory of current supply, or is forecast to develop, based on an inventory of anticipated supply; also called incremental demand.
16.The rate at which stores obtain sales from within a trade area or sector relative to the number of potential sales generated; usually applied to existing facilities.
2.A reduction in the local taxes levied on a project for a specific period of time; may refer to a rebate of taxes previously paid due to overassessment of property.
4.The ratio of net operating income to annual debt service; measures the ability of a property to meet its debt service out of net operating income; also called debt service coverage ratio (DSCR).
6.A multivariate analysis that predicts and explains the value of individual characteristics bundled together to form a good or service; based on the marginal utility of good character and the desirability of that good.
9.The value a specific property has to a specific person or specific firm as opposed to the value to persons or the market in general. Special-purpose properties such as churches, schools, and public buildings, which are seldom bought and sold in the open market, can be valued on the basis of value in use. The value in use to a specific person may include a sentimental value component. The value in use to a specific firm may be the value of the plant as part of an integrated multiplant operation. See also use value.

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