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The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale.

The process of developing an opinion of the value for real property.

A process used to determine the value of a property by comparing it to similar properties in the same area that have been recently sold.

A real estate valuation method that compares a property to similar properties that have recently sold in the same area.

A method of calculating the value of a property by adding the land's value to the current cost of constructing the property minus depreciation.

A real estate appraisal method that converts future income into a present value to determine the value of a property primarily used for income generation.

The generally recognized ethical and performance standards for the appraisal profession in the United States.

The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value.

A detailed written report on the value of a property based on an appraiser's analysis and the data used to support this analysis.

The process of analyzing and effectively weighing the findings from the various approaches to value to arrive at a final value estimation.

In real estate appraisal, the reduction in the value of a property due to physical wear and tear, age, or obsolescence.

Land that is not needed to serve or support the existing improvement. The highest and best use of the excess land may or may not be the same as the improved parcel.

A form of depreciation where the loss in value is due to external factors, such as changes in environmental, social, or economic factors, or other conditions that may affect the property value.

Loss in value due to factors in the property that are less efficient or desirable due to design or stylistic features that are outdated or inadequate.

The loss of value of a real estate property due to wear and tear, decay, or damage from use, neglect, or environmental conditions.

The process of estimating the value of a parcel of land without considering any improvements on the site.

A method in the income capitalization approach where a single year's income expectancy is divided by a capitalization rate to derive a property value.

A rough measure of the value of an income-producing property. It is calculated by dividing the property's sale price by its gross annual rental income.

The various interests, benefits, and rights inherent in the ownership of real estate, which may include the right of possession, control, exclusion, enjoyment, and disposition.