- The worth or amount of money a real property is sold for depending on the price negotiated by a buyer and seller.
assessed property value, home value, house value
Related Terms and Acronyms
- Act of God (AOG) — Acronym,
- When used in insurance policies, an event caused by natural forces such as hail, rain, tornado, lightning, floods or earthquakes, which results in damage to property.
- Assessed Value (ast, AV) — Acronym & Abbreviation,
- A municipal or provincial government's determination of a property's worth for tax purposes.
- Assessments — Definition,
- Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
- Book Value — Definition,
- A valuation method determined by taking the original cost of an asset and subtracting any depreciation, impairment or amortization costs.
- The value of a property, item or company as a capital asset based on its cost plus any additions, subtracting depreciation.
- Cul-De-Sac (Cldsc, Culd) — Abbreviation,
- A dead-end street, often with a broad circle at the end.
- Current Market Value (CMV) — Acronym,
- The estimated price determined by the recent sale of similar properties.
- Effective Age — Definition,
- An appraiser's estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
- 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.
- Full Market Value — Definition,
- In reference to property taxes, usually refers to the tax rate applied to 100 percent of the property's value. Also full cash value.
- Investment Property — Definition,
- Property bought with the hope of it making money.
- Land Lot — Definition,
- A piece of land owned by an individual or entity.
- Lending Value — Definition,
- The property value for mortgage purposes. Usually the lesser of appraised value or sale price.
- Low Ball Offer — Definition,
- A way-below-market bid a buyer makes on a property or item.
- 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.
- Monetary Value — Definition,
- A property's monetary value is its worth if sold at this moment in time.
- Principle of Conformity — Definition,
- The notion that a house will fetch a fair price if it is situated among houses of similar size, style and condition.
- Principle of Progression — Definition,
- The notion that a smaller house's value will be enhanced if it is near larger, fancier houses.
- 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.
- Real Estate (RE) — Acronym, Very Important,
- A section of land including all the natural resources (above and below the surface) and any permanent buildings or structures located on it. Also known as "realty."
- Sale Price — Definition,
- The price that is paid for an asset.
- Seller's Market — Definition,
- Due to either low supply or high demand, the seller can expect to sell quickly with a high sale price.