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Terms
Terms in Appraisal
| Question | Answer |
|---|---|
| The amount that an entity can obtain from disposal of the asset less disposal cost at the end of the useful/economic life of the asset | Residual Value |
| The present value of future cash flows expected to be derived from the continuing use of the asset and from its disposal at the end of its useful life. | Value in Use |
| `A valuation assignment that covers a range of types and purposes where the Valuer exercises impartial judgment in considering the work of another valuer | Valuation Review |
| An amount above market value due to special attributes of the asset that are only of value to the special purchaser | Special Value |
| The value as recognized by the market in which exchange of asset ownership takes place. | Value in Exchange |
| The book value that results when one or more asset or liability amounts are added, deleted or changed from the reported book amount | Adjusted Book Value |
| A series of payment made or received at regular intervals of equal/even amounts. | Annuity |
| A revenue raising procedure, based on the assessed value of property related to a scale of charges as defined by statute within specified time frame | Ad Valorem Property Taxation |
| A valuation review performed for the purpose of exercising due diligence for decision making such as for purchase or selling of property | Administrative (Compliance) Review |
| A means of estimating value of a business and/or equity interest using methods based on the market value of individual business assets and liabilities | Asset-Based Approach |
| The capitalized cost of an asset less accumulated depreciation, depletion or amortization as it appears on the book of accounts of the business | Book Value |
| The act or process of arriving at an opinion or estimation of the value of a business or entity or an interest therein. | Business Valuation |
| The process of analyzing sets of property and market data to determine the specific parameters operating upon a model. | Calibration |
| A resource owned or controlled by an entity as a result of past events and from which some future economic benefits can be expected to flow to the entity. | Asset |
| A method of arriving at the value of a property by reference to net returns and an expected percentage yield or return. or refers to the conversion of a stream of income into capital value using certain conversion factor | Capitalization |
| Any divisor that is used to convert income into capital value. Also referred to as "all risks yield" | Capitalization Rate |
| The amount at which an asset is recognized after deducting any accumulated depreciation and accumulated impairment losses thereon. | Carrying Amount |
| An affirmative statement attesting to the fact that the Valuer has followed the ethical and professional requirements of the IVSC's Code of Conduct in performing his assignment | Compliance Statement |
| The statement of a valuation in a prescribed format to meet statutory or regulatory requirements | Certification of Value |
| Data generally used in valuation analysis to develop value estimates which are taken from comparable properties and which have similar characteristics to the property under appraisal | Comparable Data |
| Assets that are expected to be used and consumed within the normal operating period, generally one year. (include cash, cash equivalents, receivables, inventories and prepayments | Current Assets |
| Is an evidence of a debt (unsecured bonds payable) | Debenture |
| The rent specified by a given lease arrangement/contract | Contract Rent |
| The cost of a fixed and tangible asset less its residual/reversion/salvage value which depreciates over its useful/economic life | Depreciable Amount |
| The amount that an entity can obtain from disposal of the asset less disposal cost at the end of the useful/economic life of the asset | Residual Value |
| The present value of future cash flows expected to be derived from the continuing use of the asset and from its disposal at the end of its useful life. | Value in Use |
| `A valuation assignment that covers a range of types and purposes where the Valuer exercises impartial judgment in considering the work of another valuer | Valuation Review |
| An amount above market value due to special attributes of the asset that are only of value to the special purchaser | Special Value |
| The value as recognized by the market in which exchange of asset ownership takes place. | Value in Exchange |
| The book value that results when one or more asset or liability amounts are added, deleted or changed from the reported book amount | Adjusted Book Value |
| A series of payment made or received at regular intervals of equal/even amounts. | Annuity |
| A revenue raising procedure, based on the assessed value of property related to a scale of charges as defined by statute within specified time frame | Ad Valorem Property Taxation |
| A valuation review performed for the purpose of exercising due diligence for decision making such as for purchase or selling of property | Administrative (Compliance) Review |
| A means of estimating value of a business and/or equity interest using methods based on the market value of individual business assets and liabilities | Asset-Based Approach |
| The capitalized cost of an asset less accumulated depreciation, depletion or amortization as it appears on the book of accounts of the business | Book Value |
| The act or process of arriving at an opinion or estimation of the value of a business or entity or an interest therein. | Business Valuation |
| The process of analyzing sets of property and market data to determine the specific parameters operating upon a model. | Calibration |
| A resource owned or controlled by an entity as a result of past events and from which some future economic benefits can be expected to flow to the entity. | Asset |
| A method of arriving at the value of a property by reference to net returns and an expected percentage yield or return. or refers to the conversion of a stream of income into capital value using certain conversion factor | Capitalization |
| Any divisor that is used to convert income into capital value. Also referred to as "all risks yield" | Capitalization Rate |
| The amount at which an asset is recognized after deducting any accumulated depreciation and accumulated impairment losses thereon. | Carrying Amount |
| An affirmative statement attesting to the fact that the Valuer has followed the ethical and professional requirements of the IVSC's Code of Conduct in performing his assignment | Compliance Statement |
| The statement of a valuation in a prescribed format to meet statutory or regulatory requirements | Certification of Value |
| Data generally used in valuation analysis to develop value estimates which are taken from comparable properties and which have similar characteristics to the property under appraisal | Comparable Data |
| Assets that are expected to be used and consumed within the normal operating period, generally one year. (include cash, cash equivalents, receivables, inventories and prepayments | Current Assets |
| Is an evidence of a debt (unsecured bonds payable) | Debenture |
| The rent specified by a given lease arrangement/contract | Contract Rent |
| The cost of a fixed and tangible asset less its residual/reversion/salvage value which depreciates over its useful/economic life | Depreciable Amount |
| The discount rate that equates the present value of cash inflows and the present value of capital investments and which results to zero net present value (NPV) | Internal Rate of Return |
| Upward rental adjustments as specified in the lease contract | Rent Escalations/Stepped Rents |
| The amount considered on the basis of the evaluation of available facts to be the "true" and "real" worth of the item | Intrinsic Value |
| The period of time over which the structure may reasonably be expected to perform the function for which it was designed or intended | Useful Life |
| The value existing in the proven property operation, considered as an entity with business established, as distinct from the value of real estate only, ready to operate but without a going business | Going Concern Value |
| A valuation technique which presumes that income can be split between land and improvements and that the residual to land can be then capitalized into value | Land Residual Technique |
| An additional element of value created by the combination of two or more interest where the value of the combined interests is worth more than the sum of the original interests | Marriage Value/Synergistic Value |
| What are the four general property types according to International Valuation Standards Committee? (IVSC) | 1. Real Property 2. Personal Property 3. Businesses 4. Financial Interest |
| The soundness of the methods and the result of each approached are weighed objectively to arrive at the single best and most supportable conclusion of value | Reconciliation process |
| a document that records the instructions for the assignment, the basis and purpose of the appraisal and the results of the analysis that led to the opinion of value | Appraisal Report |
| the results of an appraisal assignment which is verbally communicated to a client or presented before a court either as expert testimony or by means of deposition | Oral Report |
| What are the three types of appraisal reports? | Certificate/Letter form, Narrative Form, Standard Form |
| the kind of report usually used by banks, financial institutions, insurance companies and some government bodies | Standard form report |
| it affords the appraiser the opportunity to support his opinions and conclusions of value which would convince the reader/client of the soundness of his estimate | Narrative Report |
| Appraisers/valuers must have the knowledge, skill and experience to complete the assignment efficiently in relation to an acceptable professional standard | competence |
| involve facts, conditions, or situations affecting the subject of, or approach to, a valuation but which may not be capable or worthy of verification | Assumptions |
| constraints imposed on valuations | limiting conditions |
| limiting conditions where the valuer is not permitted to investigate fully one or more of the significant factors likely to affect valuation | by the clients |
| limiting conditions where the client may not publish the whole or any part of the valuation report or valuation certificate without the valuer's prior written approval of the form and context in which it may appear) | by the valuer |
| Three Major Division of an Appraisal Report | I. Introduction II. Description Analysis and Conclusion III. Addenda |
| collectively constitute a general class of tangible property assets. Are normally capable of being moved or relocated and often will depreciate at a significantly faster rate than real property | Plant, Machinery and Equipment |
| ancillary assets that are used to assist the function of an entity. refers to other assets that are used to assist the operation of the enterprise | Equipment |
| an apparatus used for a specific process in connection with the operation of the entity | machine |
| machinery used to transform/process materials from one state to another, whether it is movable, permanent or semi-permanent machinery | Industrial Machinery |
| used in handling or transporting raw materials or finished goods within the plant vicinity | Material Handling Equipment |
| machinery used for agricultural purposes such as tractors, irrigation pumps, farm implements | Agricultural Machinery |
| includes motor vehicles, aircraft, watercraft | transportation equipment |
| computer mapping program where land characteristics and/or demographic information are color coded and often overlaid, the primary purpose of which is to determine locations of certain activity | General Information System |
| system of hardware, software and procedures designed to support the capture, management, manipulation, analysis, modeling and display of spatially referenced data for solving complex planning and management problems | General Information System |
| most common method of data creation | Digitization |
| involves the tracing of geographic data directly on top of the aerial imagery instead of by the traditional method of tracing the form on a separate digitizing table | Heads-up Digitizing |
| is any type of digital image represented by reducible and enlargeable grids | raster data type |
| land survey that determines the elevation or undulation of the terrain at various sections of the property | Topographic survey |
| refers to the nature of the surface land which may either be level, rolling or mountainous | Topography |
| are used for geographical features that cover a particular area of the earth's surface like park boundaries, buildings, city boundaries or land uses | Polygons |
| numerical representations that describe real-world features and phenomena and it is dynamic in contrast to the static data displayed on a conventional map | Digital geographic data |
| a geographic data described according to location and attributes. It facilitates areal differentiation, the study of differences among various locations | Geographic Matrix |
| also called as vector. a geographic space is populated by discrete and identifiable objects which has identifiable boundaries or spatial extent. Is relevant to some intended application and is describable by one or more attributes | Object-based |
| also called as raster. a geographic space is populated by one or more spatial phenomena | Field-based |
| are generally man-made features with precise boundaries | Exact objects |
| are generally natural features with transitional or in-between boundaries | Inexact objects |
| real-world features that vary continuously over space with no obvious or specific extent and are represented as surfaces. representation of spatial relationship | spatial phenomena |
| when adjacent features share common boundary | geometric |
| when one feature is close to another one | proximal |
| geometric arrangements (square, triangular or hexagonal) of figures that completely cover a flat surface | tessellations |
| the art and science of determining angular and linear measurements to establish form, extent and relative positions of points, lines and surfaces on or near the earth and on other extra-terrestrial bodies through applied mathematics | surveying |
| type of surveying which means the surface of the earth is considered plane | plane surveying |
| a kind of survey where the shape of the earth is taken into account in computing results | Geodetic survey |
| refers to a grid of north and south (meridians) and east and west (parallels) lines surveyed by the government in identifying philippine boundaries | Rectangular survey |
| a survey plan indicating the division of the property. | subdivision plan |
| a survey to determine the boundaries of each lot in a subdivision | subdivision survey |
| method of identifying the boundaries of a parcel of land by placing stakes or pins on the ground | relocation survey |
| a survey of a titled land without or with erroneous technical description | verification survey |
| subdivision scheme where the resulting blocks are rectangular in shape | Gridiron |
| always uses a reference point either BLBM, BLLM, C/M BM, PBM | Land survey |
| bonus that sometimes may be obtained from the consolidation of lots | plottage value |
| Elements of Space in Surveying | Distance, Elevation, Direction |
| essential for use in identifying location of a particular property on the face of the earth | Map |
| Cardinal Directions in Map Reading | North East West South |
| a map of the segment of a community showing the subject lot, adjoining parcels, natural features and some major infrastructure as a reference in the identification or location of the site | Location Map |
| rough method in determining the distance between two points by multiplying the number of paces (foot spaces/steps) between two points | pacing |
| average measured length of a person's natural pace | pace factor |
| method of legally describing land setting forth all boundary lines together with their directions, distances, terminal points and angles | Metes and Bounds |
| reference structures that identifies a property boundary | monuments |
| manmade structures are also called (in surveying) | intangible landmarks |
| rivers,rocks, trees, lakes, parks are ______ landmarks | tangible |
| the imaginary line connecting point 1 of a lot with a reference point such as BLLM | Tie Line |
| lines in a topographic map which indicate the elevation of the terrain at various sections of the land | contour lines |
| the direction of any respective given meridian | bearing of a line |
| the designated figure which identifies a specific land in reference to the whole area | lot number |
| the vertical distance above or below an assumed level surface or datum | Elevation of a point |
| A reference surface coincidental or parallel with mean sea level | Datum |
| angular distance of the place above or below the equator, north or south latitude | latitude |
| the numerical ratio of measurement of a distance/length in a map or drawing/illustration to the actual measurement of the earth | scale |
| a surface which is parallel with the mean spheroid surface of the earth | level surface |
| a fixed line of reference for determining direction of lines | Meridian |
| a north-south lines passing through the geographical poles generally adopted as reference lines | True Meridian |
| lies parallel with the magnetic lines of force of the earth and is indicated by the directions of the magnetic needle of a compass | Magnetic Meridian |
| horizontal angle between the meridian and the true or geographic meridian | Magnetic Declination |
| clockwise angle of a line measured reckoned from the south | azimuth of a line |
| the angular distance measured along the arc of the equator. measured either east or west of Greenwich Meridian | Longitude |
| the exact midway level between high and low tide | mean sea level or sea level datum |
| subdivision plan for a flat terrain | square planning |
| one prepared out of a cadastral survey of extensive area consisting of several lots for cadastral registration proceedings, agricultural development and other purposes | cadastral map |
| To plot a property, you need | bearing and distance (angular degrees and linear measures) |
| Types of property descriptions ordinarily used in deeds, contracts, offer to sell and leases | lot number, bearings and azimuths, monuments, metes and bounds |
| an instrument use to determine the horizontal direction of a line reference to the direction of a magnetic needle | compass |
| a graduated device used for measurement of lengths | tape |
| a document embodying specific proposals for guiding, regulating growth and development process like demography, socio-economics, infrastructure and utilities, land use and local administration within territorial jurisdiction | CLUP |
| a graphic representation of the zone classifications, location boundaries of the district/zones duly established in the zoning ordinance | Zoning Map |
| means of exercising police power by the municipality or city in regulating and controlling the character and use of the property | zoning ordinance |
| body whose main function is to coordinate activities of government housing agencies to ensure accomplishment of the national shelter program | HUDCC |
| refers to areas designated principally for trade, services, and business purposes as used in the zoning ordinance | central business district |
| low density residential zone | R-1 |
| medium density commercial zone | C-2 |
| empowers the president of Phil to reserve for settlement or public use any of the lands of the public or private domain | Administrative code of 1987 (EO 292) |
| refers to the acquisition of lots of varying ownership for the purpose of planned and rational development and socialized housing programs either thru purchase or expropriation | land assembly/consolidation |
| process of upgrading and rehabilitation of blighted or devastated and slum urban areas with a view of minimizing displacement of dwellers thereof | on-site development |
| process of land acquisition by exchanging land for another piece of land or for shares of stocks in government corporation of equal value for the purpose of planned and rational development | land swapping |
| referred to as individuals or groups who occupy land without the express consent of the landowner and who have sufficient income for legitimate housing | professional squatters |
| issued for the preparation and implementation of the CLUP by the LGUs and for the review and approval of the CLUPs by HLURB and Sangguniang Panlalawigan, the local government | EO 72 |
| national approach of allocating available land resources as equitably as possible among competing user groups | land use planning |
| 4 Major land use policy areas | settlements, protection, production, infrastructure |
| defined as cities/municipalities political boundaries including component barangays and the city or municipality waters extending 3km from the shoreline for coastal LGUs | Planning area |
| refers to those whose only real property ownership consists of residential lands in highly urbanized cities not exceeding 300 sqm | Small Property Owner |
| refers to group of persons engaged in the business of squatting housing for profit purposes | squatting syndicates |
| SHZ | Socialized Housing Zone |
| legal basis for the lgu to zone areas | Police Power |
| contiguous grouping of 10 or more structures | Built-up area |
| refers to the use of an area in accordance with the zoning classification | conforming use |
| primarily concerned with the use of the land and control of density of population thru imposition of building heights, open space and density provisions in a given area | Zoning |
| refers to the ratio between the gross floor area of a building and the area of the lot on which it stands | Floor Area Ratio |
| refers to uses or land activities with contrasting or distinct characteristics sited or located adjacent to each other | Conflicting Uses |
| refers to uses or land activities capable of existing together harmoniously. ex. plaza in a residential area | Compatible use |
| a process of introducing amendments to or a change in the maps or transcript of a zoning ordinance | Rezoning |
| Application for any exemption or modification of the zoning ordinance shall be filed with | Local Zoning Board and Adjustment Appeals (LZBAA) |
| defined as total floor space with the perimeter of the permanent external walls | Gross Floor Area |
| refers to an area within a city/municipality principally for institutional establishment like home for the aged | Special Institutional Zone |
| refers to yards or open spaces intended to separate incompatible uses/elements to control pollution or nuisance where no permanent structures are allowed | Buffer Area |
| a clearance issued to a project in accordance with the zoning ordinance | Locational clearance |
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