Market Comparison Approach
Method of appraising real estate based on the market comparison of neighboring properties having similar characteristics. Seeks to answer the question: What would it cost to substitute a similar property for the current one? The market comparison approach assumes that a buyer would not be willing to pay more for a property than recently paid for a comparable property. There still are substantial differences between two properties. This requires an individual to make a judgmental appraisal.
Popular Real Estate Terms
A reassessment or a reappraising is a decision or strategy made by the owner or the state or local authorities. The reassessment definition is a revision of an earlier assessment. Property ...
Tenant that stays in the leased property after the expiration date if the lease. He can be evicted or given a new rental agreement. ...
Individual or entity that divides up a large piece of owned land into smaller pieces generally for the purpose of developing them into homes for sale in the future. ...
Civil rights acts passed by the U.S. Congress includes those of 1866, 1870, 1871, 1875, 1964, and 1968. The first two acts gave blacks the rights to be treated as citizens in legal actions, ...
A right or portion of property reserved to the grantor in a conveyance by deed. Waiver of a requirement in a lease agreement such as the landlord allowing an old tenant to have a cat or a ...
Latin abbreviation for the literal translation meaning" which see". ...
Where something of value is kept in a secured place. An example is important real estate document and/or money kept in a bank vault. Ceiling or roof designed as an arch. ...
Air rights, in general, cover the right to occupy or use empty space. But what are air rights, and why are they important? Two major types of air rights can be explained; however, ...
Average of income, retail revenue, and population of a locality as a percentage of the entire United States. It reflects the economic status of a particular region. ...
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