Dictionary

provenance: An item's ownership history. It typically shows the origin of the item and is an indication of authenticity.

replacement value-comparable: The assignment of value to any product based on a comparable piece in the same condition, of the same age and including variables such as its current market rate.

replacement cost-new: The price of replacement with a new piece that is comparable in design and function.

restricted-use appraisal report: An approved type of appraisal in which the client is the only intended user of the report.

sale price: This is not always based on market value, but is the agreed-upon price between seller and buyer and may be lower or higher than the appraised valuation.

sales comparison approach: A balancing technique in appraising property that is based on comparable properties, including those already sold or the value of those in the same area.

scope: The price range of homes sold or predicted to sell in a specific area or neighborhood.

self-contained appraisal report: A document provided to a client and other entities with a wider detailing of the analysis.

square footage: Also known as gross living area (GLA), it is the amount of square feet that the base of a home or property covers.