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Highest And Best Use
Highest and Best Use, or highest or best use (HBU), is a concept that originated with early economists such as Irving Fisher (1867-1947), who conceptualized the idea of maximum productivity. One of the earliest citations of the term is found in the Minutes of the Maine Legislature as early as 1831 in speaking about the assessment and valuation of real estate: "...''the land was classified preceding such change of use, had such real estate been assessed at its highest and best use''..." It is the concept in real estate appraisal that shows how the highest value for a property is arrived at. In any case where the market value of real property is sought, that value must be based on its highest and best use. Highest and best use is always that use that would produce the highest value for a property, regardless of its actual current use. Definitions of highest and best use The Appraisal Institute of Canada defines the term highest and best use as: The reasonably probable and legal u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Irving Fisher
Irving Fisher (February 27, 1867 – April 29, 1947) was an American economist, statistician, inventor, eugenicist and progressive social campaigner. He was one of the earliest American neoclassical economists, though his later work on debt deflation has been embraced by the post-Keynesian school. Joseph Schumpeter described him as "the greatest economist the United States has ever produced", an assessment later repeated by James Tobin and Milton Friedman.Milton Friedman, ''Money Mischief: Episodes in Monetary History'', Houghton Mifflin Harcourt (1994) p. 37. Fisher made important contributions to utility theory and general equilibrium. He was also a pioneer in the rigorous study of intertemporal choice in markets, which led him to develop a theory of capital and interest rates. His research on the quantity theory of money inaugurated the school of macroeconomic thought known as "monetarism". Fisher was also a pioneer of econometrics, including the development of index nu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Estate Appraisal
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a centralized Walrasian auction like a stock exchange is unrealistic). The location also plays a key role in valuation. However, since property cannot change location, it is often the upgrades or improvements to the home that can change its value. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property. Besides the mandatory educational grade, which can vary from Finance to Construction Technology, most, but not all, countries require appraisers to have the license for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Value
Market value or OMV (Open Market Valuation) is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with ''open market value'', ''fair value'' or ''fair market value'', although these terms have distinct definitions in different standards, and differ in some circumstances. Definition International Valuation Standards defines market value as "the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently, and without compulsion". Market value is a concept distinct from market price, which is "the price at which one can transact", while market value is "the true underlying value" according to theoretical standards. The concept is most commonly invoked in inefficient markets or disequilibrium situations where prevailing market prices are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Appraisal Institute
The Appraisal Institute (AI), headquartered in Chicago, Illinois, is an international association of professional real estate appraisers. It was founded in January 1991 when the American Institute of Real Estate Appraisers (AIREA) and the Society of Residential Appraisers merged. The AIREA and the Society were respectively founded in 1932 and 1935. Real estate appraisal emerged as a profession at this point in response to the crash of home values as a result of the Great Depression, building on the intellectual frameworks developed over the course of the 1920s by land value theorists like Ernest McKinley Fisher, Frederick Babcock, Homer Hoyt, and Richard T. Ely. As of February 2007, the Appraisal Institute has more than 21,000 members and 99 chapters throughout the United States, Canada, and overseas. The group publishes the ''Appraisal Journal''. See also *International Valuation Standards Committee The International Valuation Standards Council (IVSC) is an independent, not- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Zoning
Zoning is a method of urban planning in which a municipality or other tier of government divides land into areas called zones, each of which has a set of regulations for new development that differs from other zones. Zones may be defined for a single use (e.g. residential, industrial), they may combine several compatible activities by use, or in the case of form-based zoning, the differing regulations may govern the density, size and shape of allowed buildings whatever their use. The planning rules for each zone determine whether planning permission for a given development may be granted. Zoning may specify a variety of outright and conditional uses of land. It may indicate the size and dimensions of lots that land may be subdivided into, or the form and scale of buildings. These guidelines are set in order to guide urban growth and development. Zoning is the most common regulatory urban planning method used by local governments in developed countries. Exceptions include the Uni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land Use Planning
Land use planning is the process of regulating the use of land by a central authority. Usually, this is done to promote more desirable social and environmental outcomes as well as a more efficient use of resources. More specifically, the goals of modern land use planning often include environmental conservation, restraint of urban sprawl, minimization of transport costs, prevention of land use conflicts, and a reduction in exposure to pollutants. In the pursuit of these goals, planners assume that regulating the use of land will change the patterns of human behavior, and that these changes are beneficial. The first assumption, that regulating land use changes the patterns of human behavior is widely accepted. However, the second assumption - that these changes are beneficial - is contested, and depends on the location and regulations being discussed. In urban planning, land use planning seeks to order and regulate land use in an efficient and ethical way, thus preventing land ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Graaskamp
James A. "Jim" Graaskamp (1933–1988) was a professor and department chairman of real estate at the University of Wisconsin–Madison who helped establish his field within the realm of academia. He is credited with developing a multi-faceted ethics-based curriculum now widely used in teaching real estate. Biography Born in Milwaukee in 1933, Graaskamp was the son of Arnold G. and Lillian (Haufe) Graaskamp. His grandfather, Garret William Graaskamp, was born in Sheboygan County, Wisconsin, and his grandmother, Lavina Risseeuw, was born in the Netherlands (Ancestry.com, James A. Graaskamp Family Tree, retrieved January 16, 2015). As happened to too many children of that era, Graaskamp contracted polio at the age of 17. The disease left him quadriplegic, with no sensation or control from the shoulders down. This forced him to abandon a football scholarship to Harvard and seek a warmer climate for a time. In 1955, he earned a BA in English with a concentration in creative writing fro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Most Probable Use
Most or Möst or ''variation'', may refer to: Places * Most, Kardzhali Province, a village in Bulgaria * Most (city), a city in the Czech Republic ** Most District, a district surrounding the city ** Most Basin, a lowland named after the city ** Autodrom Most, motorsport race track near Most * Möst, Khovd, a district in Khovd, Mongolia * Most, Mokronog-Trebelno, a settlement in Slovenia Other uses * Most (surname), including a list of people with the surname * Franz Welser-Möst (born 1960), Austrian conductor * ''Most'' (1969 film), a film about WWII Yugoslavian partisans * ''Most'' (2003 film), a Czech film * '' Most!'', 2018 Czech TV series * Most (grape) or Chasselas * most (Unix), a terminal pager on Unix and Unix-like systems * Most (wine) or Apfelwein * ''most'', an English degree determiner * Monolithic System Technology (MoST), a defunct American fabless semiconductor company See also * MOST (other) * The Most (other) * Must (other) Must i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility
As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a single consumer's preference ordering over a choice set but is not comparable across consumers. This concept of utility is personal and based on choice rather than on pleasure received, and so is specified more rigorously than the original concept but makes it less useful (and controversial) for ethical decisions. Utility function Consider a set of alternatives among which a person can make a preference ordering. The utility obtained from these alternatives is an unknown function of the utilities obtained from each alternative, not the sum of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Substitute Good
In microeconomics, two goods are substitutes if the products could be used for the same purpose by the consumers. That is, a consumer perceives both goods as similar or comparable, so that having more of one good causes the consumer to desire less of the other good. Contrary to complementary goods and independent goods, substitute goods may replace each other in use due to changing economic conditions. An example of substitute goods is Coca-Cola and Pepsi; the interchangeable aspect of these goods is due to the similarity of the purpose they serve, i.e fulfilling customers' desire for a soft drink. These types of substitutes can be referred to as close substitutes. Definition Economic theory describes two goods as being close substitutes if three conditions hold: # products have the same or similar performance characteristics # products have the same or similar occasion for use and # products are sold in the same geographic area Performance characteristics describe what the pro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Uniform Standards Of Professional Appraisal Practice
Uniform Standards of Professional Appraisal Practice (USPAP) can be considered the quality control standards applicable for real property, personal property, intangible assets, and business valuation appraisal analysis and reports in the United States and its territories. USPAP, as it is commonly known, was first developed in the 1980s by a joint committee representing the major U.S. and Canadian appraisal organizations. As a result of the savings and loan crisis, the Appraisal Foundation (TAF) was formed by these same groups, along with support and input from major industry and educational groups, and TAF took over administration of USPAP. The Financial Institutions Reform, Recovery and Enforcement Act of 1989 The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds o ... (FIRREA) authorized ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Fish And Wildlife Service
The United States Fish and Wildlife Service (USFWS or FWS) is an agency within the United States Department of the Interior dedicated to the management of fish, wildlife, and natural habitats. The mission of the agency is "working with others to conserve, protect, and enhance fish, wildlife, plants and their habitats for the continuing benefit of the American people." Among the responsibilities of the USFWS are enforcing federal wildlife laws; protecting endangered species; managing migratory birds; restoring nationally significant fisheries; conserving and restoring wildlife habitats, such as wetlands; helping foreign governments in international conservation efforts; and distributing money to fish and wildlife agencies of U.S. states through the Wildlife Sport Fish and Restoration Program. The vast majority of fish and wildlife habitats are on U.S. state, state or private land not controlled by the United States government. Therefore, the USFWS works closely with private g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
