C.C. & R'S
Abbreviation for declaration of conditions, covenants and restrictions document. A legal document typically recorded by the subdivision developer concurrently with the subdivision plat map. Lists the express assurance and limitation on land binding on all current and subsequent owners.
A map displaying property ownership boundaries, dimensions, and other useful information, such as parcel identification numbers.
The ratio between net income and value. The current value of a property can be estimated by dividing its current or stabilized net income by the appropriate capitalization rate.
Capitalized Leased Equipment
Items of equipment whose acquisition was funded on a lease contract, and the title of which will goto the purchaser with the final payment.
Rental income remaining after deducting for operating expenses and debt service.
Casual Use Property
Common area property with a minimum of facilities used exclusively by project residents, their families and invited guests without restriction, subject to rules as established by the homeowner organization board of director, and at no additional cost or fee. No commercial uses or paid staff to coordinate activities are present in this type property. A professional management company or other services may be hired to maintain and repair said property.
Is the Construction Class Indicator and generally describes the building's construction. Class A = structural steel frame; Class B = reinforced concrete frame; Class C = concrete load bearing walls; Class D = wood or steel stud bearing walls; Class S = pre-engineered steel buildings.
The tendency of the social and economic forces affecting supply and demand to alter over time, thus influencing market value.
The full name of the second owner of the parcel of property (e.g. Jane H. Doe).
Coefficient of Dispersion
A statistical measure of assessment uniformity for a category of property or for all property within a taxing jurisdiction. Also referred to as C.O.D.
When two or more parcels are combined into one parcel.
Land and improvements within a lot, parcel, or area for the beeficial use and enjoyment of all owners. The common area may be held by owners of lots or residential units as an undivided interest, owned in its entirety by a homeowners' association, or a combination of both.
A shortened term for similar property sales, rentals, or operating expenses used for comparison in the valuation process; also called "comps".
Comparative Unit Method
(1) The most widely used method of cost estimating. Direct and indirect costs are summed and divided by an appropriate unit to derive a cost per unit. (2) A method of appraising land parcels in which an average or typical value is estimated for each stratum of land.
In real estate, a group of buildings, site improvements, and support facilities designed to carry out related activities in a single location; e.g., apartment complex, office complex.
Ownership is mandated by statue and requires publication of a declaration creating the condominium (sometimes called a horizontal property regime). Fee tile to a condominium provides the owner with horizontal and vertical space as well as an undivided interest in other appurtenance, such as land, recreation facilities, exterior walls, roof, elevators and basements. Known as common elements. There are several types of condominiums: high-rise, walk-up, garden type, and commercial use. 1. A form of fee ownership of separate units or portions of multi-unit buildings that provides for formal filing and recording of a divided interest in real property; 2. A multi-unit structure or property in which persons hold fee simple title to individual units and an undivided interest in common areas.
The value of a property depends in part on its relationship to its surroundings. Value is created and sustained when the characteristics of a property conform to the demands of its market.
The concept that land cannot be valued on the basis of one use, while the improvements are valued on the basis of another.
Contract for Deed
A contract for sale in which the seller retains title until the buyer completes the contracted payments for the property. The sale is not recorded until title passes to the buyer. (See also Land Contract).
The actual amount of rent, per unit of time, that is specified in the lease.
Principle of value which states that total value may not equal the total cost of the individual parts. For example, adding a third bathroom to a small house will probably increase value less than the cost of the improvement.
Owner hold title to shares of stock in a cooperative corporation which in turn hold title to the entire property as a single unit with apartment numbers issued to each living unit. Owner receives the proprietary right to occupy his apartment and use the common areas with all other co-op owners.
An effect on value found most often in commercial properties because of greater ease of entry and exit, accessibility to higher volume of traffic and increased show-window and advertising space.
The method of estimating the value of property by: (1) estimating the cost of construction based on replacement or reproduction cost new or trended historical cost (often adjusted by a local multiplier); (2) subtracting depreciation and; (3) adding the estimated land value. The land value is most frequently determined by the sales comparison approach.
An index showing the variations in construction costs over time.
Cost manual is a set of cost factors organized in schedules or tables, with instructions for their use.
A method of valuing property improvements by estimating their cost to replace and then depreciating this replacement cost for actual age of the improvement. Cannot be used to value the land. Depends heavily on accurate cost data and recognizing construction differences in structures.
Cost of Development
A method that projects improvements to the land, estimates the total revenues and development costs, and calculates the value residual to the land after subtraction of all costs, expenses, and profit.
Cost to Cure
Estimated cost to correct or replace a component or defect within a property.
The largest division of local government in all states except Louisiana and Alaska, where the comparable units are parish and borough, respectively.
County Board of Equalization
The board which, upon hearing competent evidence, has the authority to correct and adjust the assessment rolls in its respective county to conform to fair cash value.
That part of depreciation that can be revised by correcting deferred maintenance and remodeling to relieve functional obsolescence.
Items of physical deterioration or functional obsolescence that are economically feasible to cure. Economic feasibility is indicated if the cost to cure is equal to or less than the anticipated increase in the value of the property.
The year in which the primary structure was completed.