Principle of Conformity
Is a company: no
Is a proper noun: no
- principle of real estate conformity
- conformity principle
- real estate conformity principle
Definition of Principle of Conformity
- The belief that a dwelling will draw a fair market price if it is located with similar dwellings of the same size, style, and condition.
Related Terms and Acronyms
- Seller's Market — Definition,
- Due to either low supply or high demand, the seller can expect to sell quickly with a high sale price.
- Market Value (MV) — Acronym, Important,
- Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.
- Property Value — Definition,
- The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
- Current Market Value (CMV) — Acronym,
- The estimated price determined by the recent sale of similar properties.
- Fair Market Value (FMV) — Acronym, Very Important,
- The highest price that a buyer would pay for a property and the lowest price a seller is willing to accept.
- Comparables — Definition,
- Refers to "comparable properties," which are used for comparative purposes in the appraisal process.
- Principle of Regression — Definition,
- The notion that the value of a larger or fancier house will be reduced if it is near smaller, lower-priced houses.
- Cul-De-Sac (Cldsc, Culd) — Abbreviation,
- A dead-end street, often with a broad circle at the end.
- Principle of Progression — Definition,
- The notion that a smaller house's value will be enhanced if it is near larger, fancier houses.