Conformity Principle

Definition of "Conformity principle"

A generally accepted appraisal principle stating properties having similar architectural, socioeconomic occupancy, and usage characteristics maximize respective market values. In contrast, nonconforming uses will reduce market respective to property valuations.

Search Real Estate Glossary

Related Real Estate Glossary terms

Insurance Institute Of America (iia)

Organization that develops and publishes educational material and administers national examinations ...

Trustee's Sale

When a debtor defaults on a loan for which a deed of trust is given, the trustee is required to have ...

Reinsurance Facility

pool that contains various reinsurance companies with each sharing reinsurance contracts on a pro r ...

Safety Audit

Study of an organization's operations, and real and personal property to discover existing and poten ...

Stamp And Coin Dealers Insurance

Coverage on an all risks basis, subject to exclusions of war, wear and tear, loss resulting from del ...

Direct Recognition

Immediate taking-into-account of present interest rates, mortality experience, and expenses in premi ...

Related Real Estate FAQ

What Is A Front-end Ratio?

A front-end ratio is a ratio of the borrowers monthly housing expenses-including principal, interest ...

What Is A Quit Claim Deed?

A quit claim deed is a formal document that denies a claim to a certain property. Often used to clea ...

What Happens When A Property Starts To Depreciate?

When a property depreciates it declines in the value of the property due to poor location, dilapidat ...

What Does A Back-end Ratio Mean?

A borrowers other debts, such as auto loans and credit cards, figured into the debt-to-income ratio. ...

What Is A Fixed-rate Mortgage?

A fixed-rate mortgage is a type of mortgage in which the interest rate is fixed for the life of the ...

What Is Equity?

Equity is the financial interest or cash value of your home, minus the current loan balance(s). If s ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

Real Estate Open House - The Dos and Don Should you Buy a Home with Cash? 5 signs of house foundation problems How is Square Footage Determined? Why Right Now is a Good Time for Millennials to Buy a Home

FAQ

What happens when you prequalify? What does Fannie Mae mean? What is accession? What do I need to know about Term Life Insurance? What is a mortgage banker?