The main exterior face of an improvement.

(1) An underlying characteristic of something (such as a house) that may contribute to the value of a variable (such as its sale price), but is observable only indirectly. For example, construction quality is a factor defined by workmanship, spacing of joists, and materials used. Factor definition and measurement may be done subjectively or by a computer-assisted statistical algorithm known as factor analysis. (2) Loosely, any characteristic used in adjusting the sales prices of comparables. (3) The reciprocal of a rate. Assessments may be equalized by multiplying them by a factor equal to the reciprocal of the assessment ratio, and value can be estimated using the income approach by multiplying income by a factor equal to the reciprocal of the discount rate.

The four ingredients available for the production of goods and services that satisfy human wants: land, labor, capital, and management. Also called "agents of production."

A quasi-governmental agency that purchases mortgages from originators; intended to increase liquidity in the home mortgage market.

A study of the cost-benefit relationship of an economic endeavor.

A rectangular grid system, the basic elements of which are townships approximately six miles on each side. Each township is divided into thirty-six sections, nominally one mile square and containing 640 acres. Sections are further subdivided into quarter sections, and so on.

Appraisal of properties one at a time for pay.

In land ownership, complete interest in a property, subject only to governmental powers such as eminent domain. Also fee simple absolute. See estate in fee simple; fee; and absolute ownership.

Fee simple title indicates ownership that is absolute and subject to no limitation other than eminent domain, police power, escheat, and taxation.

See adaptive estimation procedure.

The practice of reviewing the reasonableness of assessments by viewing the properties in question, sometimes by examining their interiors but more often by looking at their exteriors.

An inventory cost procedure in accounting whereby unsold inventory, including inventory carried over from prior years, is valued at the prices most recently paid for inventory purchases.

The period covering a full year (not necessarily a calendar year) to which the annual budget and accounts apply. At the end of the fiscal year, the books of account of a government, person, firm, or association are closed in order to determine financial condition and the results of current operations.

(1) Personal property that has been brought to the point of highest and best use, that is, fully installed and used to produce income in an economically feasible manner. (2) In a business, permanent assets required for the normal conduct of a business.

Long-term (over one year's duration) debts.

Fixed operating expenses are those costs of doing business that do not vary with occupancy or output and that have to be paid whether the property is occupied or vacant. Fire insurance and property taxes are examples.

(1) Attached improvements that can be real or personal property. If attached to the realty in such a manner that its removal would damage the real property or the fixture, the fixture is realty. If the fixture is removable without damage, it is generally considered personal property. (2) An item of equipment that, because of the way it is used, the way it is attached, or both, has become an integral part of a building or other improvement. A fixture, such as a bathtub, is classified as real property, but trade fixtures (fixtures used in the conduct of business) are classified as personal property.

The total area of all floors within the finished portion of a building, measured to the center of party walls and to the outside surfaces of other exterior walls. Compare cubic content of building; ground area of building.

Any of a number of kinds of graphic descriptions of an algorithm, showing the operations, data flow, equipment, and so on.

The distance measured along the lens axis from the rear nodal point of the camera lens to the plane of best average definition over the entire field used in the aerial camera.

The legal process by which a lien on a property is enforced.

A privilege or right that is conferred by grant of government on an individual or a group of individuals; usually an exclusive right to furnish public services or to sell a particular product in a certain geographical area.

The exclusive privilege conferred by a government on one or more persons by which public property is used in furnishing a public service for private profit.

Federal Home Loan Mortgage Corporation.

A table showing the number or percentage of observations falling in the boundaries of a given set of classes. Used in ratio studies to summarize the distribution of the individual ratios. See also class; histogram; and mode.

The unit or standard of linear measure used in measuring frontage. Compare unit foot.

The extent of a parcel of land along a street, road, river, or other traffic artery on which the parcel is said to face.

Loss in value of a property resulting from changes in tastes, preferences, technical innovations, or market standards.

The ability of improvements to satisfy market standards and demands.

A land measure of 1/8 mile or ten chains or forty rods.