Ad Valorem - According to value (Latin); generally used to refer to real estate taxes that are based on assessed property value

 

Appraisal - An estimate of quantity, quality or value; the process through which conclusions of property value are obtained; also refers to the report setting forth the process of estimating value

 

Appraisal Process - A systematic analysis of the factors that bear on the value of real estate; an orderly program by which the problem is defined; the work necessary to solve the problem is planned; the data involved are acquired, classified, analyzed and interpreted into an estimate of value; and the value is presented in the form requested by the client

 

Appraisal Report - An appraiser's written opinion to a client of the value sought for the subject property as of the date of appraisal, giving all details of the appraisal process

 

Arm's-Length Transaction - A transaction in which both buyers and sellers act willingly and under no pressure, with knowledge of the present conditions and future potential of the property, and in which the property has been offered on the open market for a reasonable length of time and there are no unusual circumstances

 

Assessed Value - The value placed on land and buildings by a government unit (assessor) for use in levying annual real estate taxes

 

Assessment - The imposition of a tax, charge or levy, usually according to established rates

 

Assessor - One who determines property values for the purpose of ad valorem taxation

 

Client - One who hires another person as a representative or agent for a fee

 

Market Value - The most probable price real estate should bring in a sale occurring under normal market conditions

 

Estate - The degree, quantity, nature and extent of ownership interest that a person has in real property

 

Mortgage - A conditional transfer or pledge of real property as security for the payment of a debt; also, the document used to create a mortgage lien