Vocab and Definition

Please Read Chapters 1-4 for the Week and Develop Definitions for the following terms.  You may write these definitions into a Word Document and submit.  The point of doing this is to process while you read and create your own study tool.  I don’t accept cut and paste, use ONLY YOUR OWN WORDS.
Please check the attachments for the textbook and example. 
Appraisal- (ex. “the act or process of developing an opinion of value of an asset, expressed in terms of money.”)
Real Property
Personal Property
Differentiate between real property and real estate
Bundle of rights
Intangible Assets
4 public restriction on real estate (taxation, eminent domain, police power and escheat defined)
Fee Simple
Freehold
Leasehold
Leased Fee
Private Limitation of Rights
Name five values an appraisal may address
Name four uses of an appraisal
Name the Four Agents of Production
Attributes of Land (there are 5)
What Factors influence Land Use decisions-Physical, Legal, Economic and Social
Define an easement
Differentiate between private and public ownership
What are the four agents of production (wealth)?
What are the required Factors of Value (there are four)
Price, Cost and Value
Anticipation and Change
Depreciation
Kinds of Depreciation
Substitution
Balance
Principal of Contribution
Interim Use
Positive and Negative Externalities
Valuation Process
Three Approaches to Value
Steps in an appraisal-Identify, Determine, Do-explain
Highest and Best Use
Reconciliation
Real Estate

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