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Creative appraisal definitions (Oct., 1996)
Band of Investments - A group of financial
officers who hold jam sessions in the back room of the NYSE.
Capitalization Rate - The number which is arrived at by dividing the
number the client wants by the net operating income.
Eminent Domain - From the Latin. Eminent, meaning big, or prominent.
Domain, meaning where one lives. Hence, a big house.
Fair Market Value - The value of items sold at a country fair.
Highest and Best Use - Whatever the person who is paying for the
appraisal wants to do with the property.
Internal Rate of Return - An often used but seldom understood term of
questionable meaning and doubtful significance. Also, the inverse of External Rate of
Return.
Marginal Utility - Many appraisals.
Market Value - Formerly, one sentence which covered the bases pretty
well. Now, a page of explanation, some of which appears to be contradictory and imprecise.
Depth Tables - Charts used by SCUBA divers and fishermen.
Purpose of the Appraisal - To make a living in the appraisal business.
Functional Obsolescence - That state of many older appraisers.
The Subject - A term police use to identify the victim of a crime.
Subject Property - A term police use to identify the belongings of a
victim of a crime.
Jury - Twelve people who determine which client has the better lawyer.
Trapezoid - A device for catching zoids.
This list was provided by Larry Schnepf, Mesa, AZ who been collecting
them for 10 years from others and had made some up himself.
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