Canadian Maple Leaf Licensing Info: FSCO (Ontario) #11363,
and serving all other provinces.
 

GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
^
38% - Moderately

Principle of Conformity


Synonyms:conformity principle, principle of real estate conformity, real estate conformity principle
Filed Under: real-estate
Tags: realty
 

Definition of principle of conformity

principle of conformity
1. 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:

  • comparables   Refers to "comparable properties," which are used for comparative purposes in the appraisal process.
  • cul-de-sac (Cldsc, Culd)   A dead-end street, often with a broad circle at the end.
  • current market value (CMV)   The estimated price determined by the recent sale of similar properties.
  • fair market value (FMV)   The highest price that a buyer would pay for a property and the lowest price a seller is willing to accept.
  • market value (MV)   Also known as "Fair Market Value." The estimated value of a property which a seller could expect to receive under normal conditions.
  • principle of progression   The notion that a smaller house's value will be enhanced if it is near larger, fancier houses.
  • principle of regression   The notion that the value of a larger or fancier house will be reduced if it is near smaller, lower-priced houses.
  • property value   The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
  • seller's market   Due to either low supply or high demand, the seller can expect to sell quickly with a high sale price.

Search the Glossary

Mortgage Rates
With the rates they offer, applying for a mortgage at your bank is like throwing your hard-earned money in the trash. We offer amazing mortgage rates, apply today!
Mortgage Rates
 
Try Our Mortgage Calculator Now
Did you know that you can save more than $20,000 in interest and cut almost three years off a $400,000 mortgage by switching to an accelerated payment schedule? Try our mortgage calculator and see how accelerated payments can affect your mortgage!
Calculator Buttons
 
Mortgage Brokers
Apply today and find out the kind of difference 14 years of online experience as a mortgage brokerage will make for you.
14 Years Online Experience