Please Read Chapters 1-4 for the Week and Develop Definitions for the following terms.  You may write these definitions into a Word Document and submit.  The point of doing this is to process while you read and create your own study tool.  I don’t accept cut and paste, use ONLY YOUR OWN WORDS.

Please check the attachments for the textbook and example. 

Appraisal- (ex. “the act or process of developing an opinion of value of an asset, expressed in terms of money.”)

Real Property

Personal Property

Differentiate between real property and real estate

Bundle of rights

Intangible Assets

4 public restriction on real estate (taxation, eminent domain, police power and escheat defined)

Fee Simple

Freehold

Leasehold

Leased Fee

Private Limitation of Rights

Name five values an appraisal may address

Name four uses of an appraisal

Name the Four Agents of Production

Attributes of Land (there are 5)

What Factors influence Land Use decisions-Physical, Legal, Economic and Social

Define an easement

Differentiate between private and public ownership

What are the four agents of production (wealth)?

What are the required Factors of Value (there are four)

Price, Cost and Value

Anticipation and Change

Depreciation

Kinds of Depreciation

Substitution

Balance

Principal of Contribution

Interim Use

Positive and Negative Externalities

Valuation Process

Three Approaches to Value

Steps in an appraisal-Identify, Determine, Do-explain

Highest and Best Use

Reconciliation

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