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Creative Appraisal Definitions Humor
Band of Investments – A group of financial officers who hold jam sessions in the back room of the NYSE.
Capitalization Rate – The number which is arrived at by dividing the number the client wants by the net operating income.
Eminent Domain – From the Latin. Eminent, meaning big, or prominent. Domain, meaning where one lives. Hence, a big house.
Fair Market Value – The value of items sold at a country fair.
Highest and Best Use – Whatever the person who is paying for the appraisal wants to do with the property.
Internal Rate of Return – An often used but seldom understood term of questionable meaning and doubtful significance. Also, the inverse of External Rate of Return.
Marginal Utility – Many appraisals.
Market Value – Formerly, one sentence which covered the bases pretty well. Now, a page of explanation, some of which appears to be contradictory and imprecise.
Depth Tables – Charts used by SCUBA divers and fishermen.
Purpose of the Appraisal – To make a living in the appraisal business.
Functional Obsolescence – That state of many older appraisers.
The Subject – A term police use to identify the victim of a crime.
Subject Property – A term police use to identify the belongings of a victim of a crime.
Jury – Twelve people who determine which client has the better lawyer.
Trapezoid – A device for catching zoids.
This list was provided by Larry Schnepf, Mesa, AZ who been collecting them for 10 years from others and had made some up himself.