Real Estate Appraisal Glossary

An opinion of value, or the process of developing that opinion. It addresses a defined property interest, effective date, intended use, and scope of work.

Also searched as: valuation, appraisal process

Related terms: Appraisal report Home inspection

A specific appraisal or review engagement accepted by an appraiser. It identifies the property, problem, intended use, users, and conditions.

Also searched as: assignment

A person expected to provide valuation services competently, independently, impartially, and objectively. A Virginia appraiser's credential and assignment competency determine the work they may undertake.

Also searched as: licensed appraiser

Reference: The Appraisal Foundation: appraisal practice

A communication of an appraisal's results, which may be written or oral under USPAP. Residential lending and many private assignments require a written report with specified supporting information.

Also searched as: report

Related terms: Appraisal Report (USPAP) Restricted Appraisal Report

An assignment that examines another appraiser’s work for quality, completeness, or support; it may or may not include a new value opinion.

Also searched as: review appraisal

Explore appraisal review services

An appraiser’s supported conclusion about value for a particular property interest, effective date, and value premise.

Also searched as: opinion of value

The real estate identified in the assignment and analyzed by the appraiser.

Also searched as: subject

A property used as evidence because its characteristics and market context make it relevant to the subject.

Also searched as: comparable, comp

Land and items permanently attached to it, including buildings and improvements, subject to applicable law.

Also searched as: real property

The legally recognized interests, benefits, and rights associated with owning real estate. The physical land and improvements and the ownership interest being valued should both be identified.

Also searched as: real estate

Movable property not part of the real estate interest being appraised. Classification can depend on attachment and assignment context.

Also searched as: chattel

The amount paid or agreed in a particular transaction. It is evidence about that sale, but does not automatically establish market value.

Also searched as: sale price

The amount spent or estimated to create, acquire, or replace something. Cost and market value can differ.

Also searched as: replacement cost

Related terms: Market value Contributory value

A value set by a public assessor for property taxation under local rules. It may differ from an appraisal opinion.

Also searched as: tax value

Related terms: Market value Tax appeal appraisal

A computer-based model that estimates value from available data. It is not the same as an appraiser’s property-specific analysis.

Also searched as: automated estimate

An agent’s analysis of listings and sales, often used for pricing discussions. It is different from a real property appraisal assignment.

Also searched as: CMA

A broker’s estimate of likely price or value for a requested purpose. It is distinct from an appraisal assignment.

Also searched as: BPO

An examination of a home's condition and systems within an inspector's agreed scope. It answers different questions from an appraisal, which develops an opinion of value.

Also searched as: property inspection, inspection versus appraisal

Related terms: Inspection Appraisal

Read more about home inspection

Checking property or transaction information against reliable sources. An appraiser may compare public records, listings, documents, observations, and interviews to resolve material differences.

Also searched as: verify comparable sale, checking records

Related terms: Comparable sale Scope of work

The party who engages the appraiser. The client is not automatically the only intended user.

Also searched as: appraisal client

The purpose for which an appraisal or appraisal review is prepared, as identified in the assignment.

Also searched as: purpose

The client and any other parties identified by the appraiser, by name or type, as users of the report based on communication with the client. Receiving a copy does not automatically make someone an intended user.

Also searched as: report user

Related terms: Client Intended use

Reference: The Appraisal Foundation: appraisal practice

The research and analysis needed for credible results, potentially including inspection, data verification, methods, and reporting.

Also searched as: work scope

The appraiser’s record of information, analyses, communications, and support for the assignment results.

Also searched as: appraisal file

The date to which the value opinion or other conclusion applies. It may be past, current, or future and differ from the report date.

Also searched as: valuation date

Related terms: Report date Retrospective appraisal

Explore retrospective appraisals

The date the appraisal report is completed or issued. It is not necessarily the date the value conclusion applies.

Also searched as: date of report

Related terms: Effective date

A viewing or examination of property to observe features relevant to the assignment. Its extent depends on scope and requirements.

Also searched as: property inspection

A condition affecting the appraisal problem or analysis, such as an assumption, hypothetical condition, law, or client requirement.

Also searched as: condition

A premise accepted as true for the analysis. It should be reasonable and relevant to the assignment.

Also searched as: appraisal assumption

An assignment-specific assumption about information that is uncertain as of the effective date and is treated as true in the analysis. If it proves false, the appraiser's opinions or conclusions could change.

Also searched as: EA

Related terms: Hypothetical condition Effective date Scope of work

Read the extraordinary-assumptions guide

Reference: The Appraisal Foundation: appraisal practice

A condition assumed for analysis that is contrary to what is known to exist on the effective date.

Also searched as: HC

Related terms: Extraordinary assumption As-completed value

Reference: The Appraisal Foundation: appraisal practice

A legal situation where a specific law conflicts with part of USPAP; the appraiser follows the law and explains its effect.

Also searched as: law and USPAP

The knowledge and experience needed for an assignment, including its property type, market, methods, and intended use. If needed competency is initially lacking, USPAP requires appropriate disclosure and steps to acquire it before completing the assignment.

Also searched as: competency rule

Objective development and communication of results, without advocacy for a party or outcome.

Also searched as: objectivity

The obligation to protect confidential assignment information, subject to law, client authorization, and professional requirements.

Also searched as: confidential information

Previous work by the appraiser involving the subject property. Disclosure requirements depend on current standards and the assignment.

Also searched as: previous appraisal

Conclusions and opinions supported by relevant evidence and reasoning to a degree appropriate for the intended use.

Also searched as: credible results

Uniform Standards of Professional Appraisal Practice, the U.S. professional standards for appraisal practice. Current editions and law govern.

Also searched as: Uniform Standards

Reference: The Appraisal Foundation: appraisal practice

The Appraisal Foundation board responsible for developing and amending USPAP.

Also searched as: ASB

The USPAP rule addressing ethical conduct, including impartiality, advocacy, confidentiality, and misleading acts.

Also searched as: professional ethics

A USPAP reporting option that communicates assignment results with information suited to the intended use and intended users. It is different from the name of a lender form.

Also searched as: USPAP appraisal report

A USPAP written reporting option with less explanation than an Appraisal Report. It identifies the client and any additional intended users by name and warns that the rationale may not be fully understood without further information in the workfile.

Also searched as: restricted report

The appraiser’s opinions and conclusions developed during an assignment. Results can include opinions other than a value conclusion.

Also searched as: appraisal results

A value opinion developed under a stated condition that specified repairs or corrections will be completed. The report should identify the work assumed and the effective date.

Also searched as: subject-to condition

A value opinion developed under a stated condition that proposed construction or improvements will be completed as described. Plans, specifications, and assignment assumptions matter.

Also searched as: proposed construction

The appraiser's freedom to develop an impartial, objective conclusion without pressure to reach a target value. A contract price, loan amount, or client's desired outcome does not determine the appraisal result.

Also searched as: appraisal independence, target value

Related terms: Impartiality Ethics Rule

Reference: The Appraisal Foundation: appraisal practice

The most probable price a property would bring under the market conditions and transaction assumptions specified in the assignment. Typical definitions assume informed, willing parties and adequate market exposure. It is not automatically the contract price, assessment, or asking price.

Also searched as: value

A phrase used in tax, legal, and other contexts whose governing definition may depend on purpose or jurisdiction.

Also searched as: FMV

A value term used under particular accounting, legal, or statutory frameworks. The applicable framework controls its meaning.

Also searched as: accounting value

The value of a property to a particular investor, reflecting that party’s objectives and expectations rather than a typical market participant’s.

Also searched as: worth to investor

Value associated with a property’s use to a particular owner or operation under the relevant valuation framework.

Also searched as: use value

A value premise involving a constrained disposition. Assumptions and definition must be identified for the assignment.

Also searched as: forced sale

A value measure for insurance purposes under a policy and valuation instructions. It may exclude land or uninsured items.

Also searched as: insurance value

A value conclusion based on the property’s condition and completion as of the effective date, subject to assignment conditions.

Also searched as: current condition

An opinion of value as of a past date, using relevant historical market and property information.

Also searched as: historical value

An opinion of value as of a future date, based on stated assumptions about future conditions.

Also searched as: future value

The reasonably probable use that is legally permissible, physically possible, financially feasible, and most productive, analyzed as vacant and improved when relevant.

Also searched as: HBU

A use allowed by zoning, law, restrictions, permits, and other land-use controls, subject to verification.

Also searched as: legal use

A use that the site and improvements can physically support, considering size, shape, access, utilities, and topography.

Also searched as: physical use

A use expected to produce economic benefits sufficient to support its costs and risks under relevant market conditions.

Also searched as: feasibility

Among financially feasible uses, the one producing the highest value indication for the property interest appraised.

Also searched as: most productive use

The estimated period the property interest would have been offered before a hypothetical sale at the concluded value on the effective date.

Also searched as: market exposure

An estimate of how long a property may take to sell at the appraised value after the effective date, under stated conditions.

Also searched as: sale time

An opinion of rent supported by relevant rental evidence for a specified property, date, and lease assumptions.

Also searched as: rental value

Rent stated in an existing lease. It may be above, below, or similar to market rent.

Also searched as: lease rent

A value opinion reflecting a property after proposed construction or improvements are completed as described, under the assignment’s stated assumptions and effective date.

Also searched as: completed value

The idea that a buyer considers the cost and availability of acceptable alternatives. It helps explain why competing sales and listings matter when analyzing a property's value.

Also searched as: substitution principle, competing alternatives

Related terms: Sales comparison approach Comparable listing

Combining two or more parcels into one ownership or usable site. Whether combining them creates additional value depends on legal feasibility, utility, costs, and market demand.

Also searched as: combining parcels, lot assembly

Related terms: Plottage Highest and best use

Read more about assemblage

An increase in value created when adjoining parcels are combined, beyond their separate values. Assemblage does not automatically produce this increase; the combined use must support it.

Also searched as: plottage value, assemblage premium

Related terms: Assemblage Contributory value

An approach analyzing sales and other market evidence from competitive properties, accounting for relevant differences.

Also searched as: market approach

An approach considering land value and the cost to create improvements, less applicable depreciation.

Also searched as: replacement cost approach

An approach converting expected income benefits into a value indication using methods suited to the property and market.

Also searched as: income approach

An income method converting stabilized net operating income into a value indication using a supported capitalization rate.

Also searched as: cap rate method

An income method forecasting cash flows over time and discounting them to present value at a selected rate.

Also searched as: cash flow analysis

The estimated cost to build a substitute improvement with similar utility using current materials, design, and standards.

Also searched as: cost to replace

The estimated cost to build an exact or near-exact duplicate of an existing improvement with similar materials and design.

Also searched as: replica cost

The current cost to construct an improvement before deducting depreciation under the selected cost premise.

Also searched as: new construction cost

A loss in improvement value from physical deterioration, functional obsolescence, or external obsolescence; not automatically tax depreciation.

Also searched as: accrued depreciation

Wear, damage, or deferred maintenance that reduces an improvement’s utility or value.

Also searched as: physical depreciation

A loss in value associated with a design, layout, or feature that does not meet market expectations for utility. An unusual feature is not automatically a deficiency; the competitive market's response matters.

Also searched as: functional depreciation

Related terms: External obsolescence Physical deterioration Contributory value

Loss in value caused by influences outside the property, such as adverse surroundings or broader market conditions.

Also searched as: economic obsolescence

Depreciation for which correction is economically supported by expected gains in value or utility.

Also searched as: curable item

Depreciation that is not economically practical to correct, even if physical correction is possible.

Also searched as: incurable item

Property income after operating expenses and vacancy allowance, before debt service and income taxes.

Also searched as: net income

The income a property could generate before vacancy and collection losses and operating expenses, based on the rents and income assumptions used in the analysis.

Also searched as: PGI

Potential income adjusted for vacancy, collection loss, and other income items under the analysis.

Also searched as: EGI

An allowance for income lost from vacant units, nonpayment, or similar interruptions.

Also searched as: vacancy loss

A rate used to convert stabilized income into value, supported by evidence and consistent with the income definition.

Also searched as: cap rate

A ratio of sale price to gross rent for a stated period, used as a simplified comparison measure when market-supported.

Also searched as: rent multiplier

A market-supported amount applied to comparable evidence for a relevant difference from the subject. It reflects market reaction, not necessarily repair cost.

Also searched as: comparable adjustment

The amount a feature adds to the whole property’s value in its market context, which may differ from the feature’s cost.

Also searched as: added value

Related terms: Cost Adjustment

Read how renovations relate to appraisal value

A comparison of sales differing in a key feature to help isolate how the market responds to that feature.

Also searched as: matched pair

Reasoned analysis of the relative strength and applicability of value indications leading to the final opinion or conclusion.

Also searched as: final analysis

Read how appraisers reconcile value

Emphasis assigned to evidence based on relevance, reliability, and comparability. It does not necessarily mean a mathematical average.

Also searched as: relative weight

An estimate of the expense to correct a specified physical issue. It is not automatically equal to a value adjustment; market reaction and assignment scope matter.

Also searched as: repair cost, cure cost

The sum of the absolute dollar amounts of a comparable's adjustments, ignoring plus and minus signs. It shows the total adjustment activity; a percentage alone does not determine whether a sale is suitable.

Also searched as: gross adjustments, gross adjustment percentage

Related terms: Net adjustment Adjustment

Reference: Fannie Mae: comparable adjustments

The signed total of a comparable's positive and negative adjustments. Opposing adjustments can cancel, so a small net adjustment can occur even when substantial differences were analyzed.

Also searched as: net adjustments, net adjustment percentage

Related terms: Gross adjustment Adjustment

Reference: Fannie Mae: comparable adjustments

Analysis of how unusual financing or transaction terms may have affected a sale price compared with cash or market-equivalent financing. Any adjustment needs support from the transaction and market evidence.

Also searched as: cash equivalent price, financing terms

Related terms: Seller concession Market price

Reference: Fannie Mae: comparable adjustments

Testing how a conclusion responds when an important input or assumption changes. It helps an appraiser understand which inputs matter most and whether a result is adequately supported.

Also searched as: sensitivity testing, input uncertainty

Related terms: Reconciliation Credible assignment results

A closed transaction selected as relevant evidence. Similarity, verification, timing, and market context matter more than distance alone.

Also searched as: closed comp

Read how comparable sales are selected

An active or pending listing showing current competition. Its asking price is not a completed transaction price.

Also searched as: listing comp

A property under contract but not yet closed. It may give current context, with caution about unverified terms and final price.

Also searched as: under contract

A property currently offered for sale. It shows competition and seller expectations, not a completed sale.

Also searched as: for sale

The date buyer and seller reach a binding agreement, subject to its terms. It can matter in market-condition analysis.

Also searched as: agreement date

The date a transaction closes or is recorded, depending on data source and assignment convention.

Also searched as: closing date

An adjustment for a supported market change between a comparable's contract date and the appraisal's effective date. The appraiser researches the timing and market evidence rather than applying an automatic monthly percentage.

Also searched as: market conditions adjustment

Related terms: Contract date Effective date

A credit, payment, or benefit from a transaction party that may affect a buyer’s effective price or financing costs.

Also searched as: sales concession

Related terms: Cash equivalency Market price

A transaction between parties whose relationship may affect their independence, motivation, or terms, such as a sale between family members or affiliated entities. The actual terms still require investigation.

Also searched as: related-party sale

The geographic area containing properties that compete for similar buyers or users. In Hampton Roads, access, commuting routes, property type, and waterfront characteristics can matter more than a city line or a fixed distance radius.

Also searched as: competitive area

Related terms: Neighborhood Market segmentation

A grouping of properties sharing relevant land uses and physical, economic, or market characteristics. A name such as Ghent in Norfolk or Great Bridge in Chesapeake helps orient a reader, but comparable selection still depends on the actual property and market evidence.

Also searched as: submarket

Related terms: Market area Comparable sale

Dividing a market into groups of properties that compete because of similar location, utility, price range, or demand.

Also searched as: buyer segment

The pace at which properties are sold or leased in a market over a specified period, using a stated supply and demand measure.

Also searched as: sales pace

An estimate of how long current inventory would take to sell at a recent sales pace, assuming conditions do not change.

Also searched as: inventory supply

A measure of marketing duration based on local MLS definitions and relisting rules.

Also searched as: marketing days

The midpoint of sale prices in a defined sample. It describes the group, not an individual home’s value.

Also searched as: price statistic

A comparison of closed prices with listing prices, interpreted with timing, concessions, and market segment in mind.

Also searched as: list-to-sale ratio

Selecting comparable evidence above and below a subject feature or value indication. Bracketing alone does not prove an adjustment.

Also searched as: range comparison

A transaction between parties acting independently, without a relationship or pressure that materially affects the price or terms.

Also searched as: typical sale

The shortfall when a property's appraised value is lower than the agreed purchase price. Its effect on cash needed, financing, or negotiations depends on the loan structure and contract terms.

Also searched as: price-to-value gap

Related terms: Appraisal contingency Loan-to-value ratio (LTV) Market value

A purchase-contract provision addressing what happens if the appraisal does not meet a stated condition. The signed terms and deadlines determine the parties' options; a low appraisal alone does not create a cancellation right.

Also searched as: low appraisal contingency, appraisal clause

Related terms: Appraisal gap Purchase appraisal

A listing system's measure of market time across related listing periods. Relisting and reset rules vary by MLS, so CDOM and the current listing's days on market may differ.

Also searched as: CDOM, total market time, relisted home

Related terms: Days on market (DOM) Marketing time

The price a seller is asking for a property. It reflects an offering strategy, while a closed sale shows an actual transaction. Neither replaces analysis of the subject's market value.

Also searched as: asking price, listing price

Related terms: Active listing Market price

Read more about list price

Property owned by a lender or similar institution after foreclosure or another transfer. Its sale terms, condition, exposure, and motivation need review before it is used as comparable evidence.

Also searched as: REO, bank owned home, foreclosure property

Related terms: Distressed sale Comparable sale

A sale in which a creditor agrees to accept less than the debt owed as part of the transaction. Approval, timing, condition, and motivation can distinguish it from a typical sale.

Also searched as: shortsale, lender approved short sale

Related terms: Distressed sale Market price

A transaction affected by financial pressure, unusual urgency, or other adverse circumstances. The appraiser investigates the actual circumstances rather than automatically accepting or rejecting the sale as a comparable.

Also searched as: forced sale, distressed property

Related terms: Real estate owned (REO) Short sale Liquidation value

A national standard for calculating and reporting square footage in detached and attached single-family homes when applicable.

Need measurements for your own property? See our ANSI residential measuring services and confirm the appropriate scope.

Also searched as: ANSI measurement

Related terms: Gross living area (GLA) Footprint sketch Ceiling height

Read the ANSI measurement guide

Reference: Fannie Mae measurement guidance

Finished dwelling area above ground level reported using UAD 3.6 terminology. Legacy reports may use gross living area; follow the applicable format.

Also searched as: above-grade finished area, GLA

The above-grade finished living area of a dwelling under the applicable measurement and reporting rules. Legacy residential forms commonly call it GLA; UAD 3.6 uses finished-area categories. It is not necessarily the home's total usable space.

Also searched as: finished area above grade

Related terms: Finished area above grade Nonstandard finished area Noncontinuous finished area

Understand conflicting square-footage figures

Reference: Fannie Mae measurement guidance

Finished dwelling space classified below grade under applicable measurement and reporting rules. It is reported separately from area above grade.

Also searched as: basement finished area

A level or portion of a dwelling classified below ground under the applicable standard. A walkout basement may still be below grade.

Also searched as: basement level

Finished space with direct interior access that falls outside certain ANSI criteria, such as ceiling height, or is reached through unfinished interior space. It is measured and reported separately under applicable Fannie Mae guidance, with any value contribution considered.

Also searched as: NSFA

Related terms: Noncontinuous finished area Ceiling height

Reference: Fannie Mae measurement guidance

Above-grade finished space, not designated as an ADU, attached to the dwelling but lacking direct interior access. Under Fannie Mae guidance it is reported separately from the main dwelling's finished area and can still contribute value.

Also searched as: noncontinuous area

Related terms: Nonstandard finished area Accessory dwelling unit (ADU)

Reference: Fannie Mae measurement guidance

Space that does not meet applicable finished-area criteria. It may still provide utility or contributory value.

Also searched as: unfinished space

For applicable two- to four-unit reporting, finished area across units and levels under the lender’s measurement rules.

Also searched as: GBFA

A building level partly or fully below ground. Finish, access, light, ceiling height, and utility are analyzed separately from area above grade.

Also searched as: below-grade area

A basement with exterior access, often due to sloping terrain. The walkout feature does not itself make the level above grade.

Also searched as: daylight basement

Related terms: Below grade Below-grade finished area Above grade

Reference: Fannie Mae measurement guidance

The vertical clearance between a floor and ceiling. ANSI generally requires 7 feet; for sloped ceilings, at least half of the applicable room area must reach 7 feet, and portions under 5 feet are excluded. Specific exceptions require careful review.

Also searched as: sloped ceiling

Reference: Fannie Mae measurement guidance

A drawing showing room layout and relationships. It is not automatically a measurement-compliant appraisal sketch.

Also searched as: layout

A drawing of the building’s exterior shape and dimensions used to support area calculations and describe its footprint.

Also searched as: building sketch

An additional dwelling area on the same parcel as a primary home, with living, sleeping, cooking, and bathroom facilities. It may be internal, attached, or detached. Legal status, access, reporting rules, and market acceptance need separate consideration.

Also searched as: in-law suite

A separate building on the site, such as a shed or detached garage, analyzed separately when appropriate.

Also searched as: accessory structure

An estimate of an improvement’s age based on observed condition and utility; it can differ from calendar age.

Also searched as: condition age

The estimated period an improvement is expected to contribute value, considering physical and market factors.

Also searched as: economic life

Repairs or upkeep that have been postponed. Treatment depends on observed condition, assignment scope, and market reaction.

Also searched as: needed repairs

Materials, design, and workmanship level under the applicable reporting system.

Also searched as: quality rating

Related terms: Condition rating Effective age

A classification of physical condition under a particular reporting system. Labels and definitions depend on the form or dataset.

Also searched as: property condition

Related terms: Quality of construction Deferred maintenance

A level entirely at or above the surrounding ground under the applicable measurement rules. Under Fannie Mae guidance, any portion of a level below ground makes that level below grade, even if it has a walkout door.

Also searched as: above ground, ground level

Related terms: Below grade Walkout basement

Reference: Fannie Mae measurement guidance

A finished room above a garage, a common listing description in Hampton Roads. The name alone does not establish living-area or bedroom status; interior access, finish, ceiling height, and applicable requirements still matter.

Also searched as: FROG, bonus room, room over garage, finished attic over garage

Related terms: Gross living area (GLA) Noncontinuous finished area Ceiling height

Read more about finished room over garage (frog)

A former garage changed to another use, such as a finished room. Area classification and value depend on the actual work, access, finish, applicable requirements, and market response, including any loss of garage utility.

Also searched as: converted garage, enclosed garage

Related terms: Gross living area (GLA) Contributory value

An enclosed room designed to admit substantial daylight. A sunroom or enclosed porch is not automatically living area; its finish, year-round suitability, access, and measurement requirements need review.

Also searched as: enclosed porch, four season room, three season room

Related terms: Gross living area (GLA) Unfinished area

Space beneath a roof that may be unfinished storage or finished space. Finishing an attic does not by itself establish qualifying living area or bedroom status; access and sloped ceilings can be important.

Also searched as: finished attic, attic conversion

Related terms: Ceiling height Nonstandard finished area

A shallow space beneath a building, commonly providing access to utilities or structural components. It is not living area. Observed moisture, access, or condition concerns may require explanation or specialist evaluation.

Also searched as: crawlspace, under house

Related terms: Basement Inspection

The chronological age of an improvement, generally measured from construction to the relevant date. It differs from effective age, which reflects condition and utility rather than simply years elapsed.

Also searched as: chronological age, year built

Related terms: Effective age Remaining economic life

The set of legal rights associated with ownership, such as use, control, exclusion, and transfer, subject to law and agreements.

Also searched as: ownership rights

A broad ownership interest with rights of possession and use, subject to governmental powers and private restrictions.

Also searched as: fee simple

A landlord’s ownership interest subject to a lease, including the right to receive rent under its terms.

Also searched as: landlord interest

A tenant’s right to use property under a lease, subject to its terms and duration.

Also searched as: tenant interest

An ownership interest lasting for the life of a specified person, after which rights pass to another party.

Also searched as: life tenancy

A legal right for another party to use part of a property for a defined purpose, such as access or utilities.

Also searched as: right of way

A physical improvement crossing a property boundary or extending into another property or easement area.

Also searched as: boundary encroachment

A recorded limitation affecting how property may be used or developed.

Also searched as: restrictive covenant

Local regulation of land use, density, building placement, and development standards.

Also searched as: land use regulation

A use or structure lawful when established but inconsistent with current zoning. Local law governs continuation or change.

Also searched as: grandfathered use

A formal description identifying a parcel’s boundaries or location for legal and recording purposes.

Also searched as: parcel description

A defined unit of land recognized in public or legal records. Tax parcel lines may not equal surveyed boundaries.

Also searched as: lot, tract

Land that may be separated and sold or developed independently while retaining utility for the existing property, subject to feasibility.

Also searched as: surplus land

Land that adds utility to the existing property but is not independently usable enough to be excess land.

Also searched as: extra land

An item attached or adapted to real estate in a way that may make it part of the real property. The legal test and contract matter.

Also searched as: attached item

Legal ownership and the rights or claims associated with property. An appraisal is not a title examination.

Also searched as: ownership

A legal claim or security interest against property that may affect transfer or financing.

Also searched as: encumbrance

A mapped flood-risk classification used by agencies and insurers. It is not itself a conclusion about value or insurability.

Also searched as: FEMA flood zone

A site or surrounding feature that may affect utility, marketability, or buyer response. Hampton Roads examples include Chesapeake Bay exposure, documented waterfront access, traffic, and mapped aircraft-noise influences. Any value effect requires property-specific market support.

Also searched as: location factor

Related terms: Air Installation Compatible Use Zone (AICUZ) Waterfront Flood zone

A property setting with frontage on a body of water. In Virginia Beach, Norfolk, and Chesapeake, water depth, access rights, shoreline conditions, and the ability to use the water can distinguish properties with the same waterfront label.

Also searched as: waterfront property

Related terms: Water view Shared dock rights

Read the waterfront and dock-rights guide

A view of water from a property, without necessarily having water frontage or access rights. A Chesapeake Bay outlook, shared beach access, and a private waterfront site are different features and should not be treated as interchangeable.

Also searched as: view amenity

Related terms: Waterfront Shared dock rights

A military airfield land-use compatibility program addressing aircraft noise and accident potential. In Virginia Beach and nearby markets, check the property's mapped designation and applicable rules; proximity to a base alone does not establish a value adjustment.

Also searched as: AICUZ, jet noise, aircraft noise, flight path, Oceana, Fentress

Related terms: Accident potential zone (APZ) Avigation easement Site influence

Reference: Virginia Beach AICUZ information

A mapped area associated with an airfield where compatible land uses are evaluated in relation to aircraft accident potential. It is distinct from a noise contour; confirm both the map and the relevant local regulations.

Also searched as: APZ, APZ 1, APZ 2, airport zone

Related terms: Air Installation Compatible Use Zone (AICUZ) Zoning

Reference: Virginia Beach AICUZ information

A recorded property interest concerning aircraft overflight or related impacts. Its actual rights and restrictions depend on the instrument. An appraiser considers the property interest and market evidence rather than assuming all such easements have the same effect.

Also searched as: aviation easement, aircraft easement, Navy easement

Related terms: Easement Air Installation Compatible Use Zone (AICUZ)

Reference: Virginia Beach AICUZ information

A required separation between a structure and a lot line or another designated feature. Setbacks can affect usable building area, but the applicable ordinance, measurement points, and any approved exceptions must be checked for the parcel.

Also searched as: building setback, yard requirement

Related terms: Zoning Highest and best use

Reference: Virginia Beach zoning terminology

The portion of a lot occupied by buildings or other features specified by the local ordinance. The definition and limit vary; it is not automatically the same as total impervious surface.

Also searched as: building coverage, site coverage

Related terms: Impervious surface Setback

Reference: Virginia Beach zoning terminology

A surface such as a roof or paved area that limits water soaking into the ground. Local stormwater and development rules may regulate how much is permitted on a site.

Also searched as: impervious cover, paved area, stormwater

Related terms: Lot coverage Site influence

Reference: Virginia Beach zoning terminology

An area FEMA maps as subject to a flood with a 1% annual chance of occurring. This is not a once-in-100-years schedule, and being outside the mapped area does not mean a property cannot flood.

Also searched as: SFHA, 100 year floodplain, one percent flood

Related terms: Flood zone Flood Insurance Rate Map (FIRM)

Reference: FEMA flood terminology

The expected water-surface elevation of the 1%-annual-chance flood, referenced to a stated vertical datum. It is not the same thing as a home's floor elevation or its ground elevation.

Also searched as: BFE, base flood level

Related terms: Elevation certificate Special Flood Hazard Area (SFHA)

Reference: FEMA flood terminology

FEMA's official community flood map showing mapped flood-hazard areas and related information. Use the effective map and applicable amendments when researching a particular property.

Also searched as: FIRM, FEMA map, flood map

Related terms: Flood zone Special Flood Hazard Area (SFHA)

Reference: FEMA flood terminology

A standardized record of building elevations and related floodplain information. It can help document a building's relationship to flood elevations; it is not an appraisal or a guarantee that the property will not flood.

Also searched as: FEMA elevation certificate, EC

Related terms: Base flood elevation (BFE) Survey

Reference: FEMA flood terminology

The channel and adjoining land reserved to carry the base flood without exceeding the permitted rise in water level. Floodway restrictions can affect a site's use and should be checked separately from its general flood-zone designation.

Also searched as: regulatory floodway, flood conveyance

Related terms: Special Flood Hazard Area (SFHA) Highest and best use

Reference: FEMA flood terminology

Areas with water conditions, soils, and vegetation associated with prolonged or recurring saturation. Wetlands can affect site use and permitting; a parcel's acreage alone does not establish its buildable area, and mapped information may require field verification.

Also searched as: marsh, wetland area, buildable acreage

Related terms: Site influence Physically possible use

Reference: EPA: identifying wetlands

A professional measurement and depiction of land boundaries or other specified site features within a surveyor's scope. An appraisal footprint sketch measures the building; it does not establish the property's legal boundaries.

Also searched as: boundary survey, land survey, plat

Related terms: Footprint sketch Legal description Encroachment

Documented rights to use a dock with others. A water view, nearby dock, and transferable dock-use right are different property features. Ownership, access, maintenance obligations, and restrictions need verification before their value contribution is analyzed.

Also searched as: shared pier, boat slip rights, water access, community dock

Related terms: Waterfront Water view Easement

Read more about shared dock rights

Standardized data definitions and reporting requirements for certain mortgage appraisals delivered to Fannie Mae and Freddie Mac.

Also searched as: UAD

An earlier reporting specification used with legacy mortgage forms. Its labels and abbreviations differ from UAD 3.6.

Also searched as: legacy UAD

An updated data specification and redesigned residential reporting framework with revised fields and terminology. Adoption timing depends on lender requirements.

Also searched as: new UAD

A residential report format used in mortgage lending. Its data structure is being redesigned through the UAD transition.

Also searched as: 1004

A former industry label for eligible loans that may not require a traditional appraisal. Fannie Mae now uses value acceptance.

Also searched as: waiver

Fannie Mae’s current term for an eligible loan case where a lender may not need a traditional appraisal, subject to program criteria.

Also searched as: appraisal waiver

A business coordinating appraisal assignments for lenders or clients, subject to applicable state requirements.

Also searched as: appraisal management

An appraisal ordered through or for a lender to support a lending decision. The lender controls ordering and acceptance requirements.

Also searched as: mortgage appraisal

An appraisal commissioned by a private client for a stated use, such as listing guidance, estate administration, divorce, or a personal decision.

Also searched as: non-lender appraisal

An appraisal assignment completed without the appraiser physically inspecting the property, when allowed by scope and requirements.

Also searched as: remote appraisal

An appraisal with a limited observation from outside the property, when permitted by the assignment and applicable requirements.

Also searched as: drive-by appraisal

An appraisal where another party collects some property data while the appraiser analyzes the assignment and develops conclusions.

Also searched as: third-party inspection

A service documenting whether specified construction or repairs appear complete. It does not automatically include a new value opinion.

Also searched as: final inspection

A new assignment or service updating prior work under stated conditions, not merely changing a date on an old report.

Also searched as: update appraisal

A request for an appraiser or lender to review a value conclusion or relevant data. Process rules depend on the client and program.

Also searched as: value reconsideration

Read the reconsideration-of-value guide

Mortgage insurance on some conventional loans, subject to loan and servicer cancellation rules. An appraisal alone does not guarantee cancellation.

Also searched as: PMI

The loan amount compared with a property value or purchase price under lender calculation rules.

Also searched as: LTV

Gathering factual information about a property's characteristics for an authorized valuation process. Data collection alone does not develop an opinion of value; a hybrid appraisal adds an appraiser's analysis.

Also searched as: PDC, property data collector, property data inspection

Related terms: Hybrid appraisal Appraisal

Reference: Fannie Mae: property data collection

The portal lenders use to submit appraisal data to Fannie Mae and Freddie Mac for applicable loans. Submission feedback is part of the lender's process and does not replace the appraiser's analysis or the lender's review.

Also searched as: UCDP, appraisal submission portal

Related terms: Uniform Appraisal Dataset (UAD) Lender appraisal

An analysis of comparable rentals supporting a market-rent opinion. Legacy single-family lending reports may use Form 1007/1000; the required presentation depends on the reporting format. Projected rental income is not a guaranteed lease payment.

Also searched as: rent schedule, rental appraisal, 1007, 1000

Related terms: Market rent Contract rent

A private appraisal obtained before marketing a home to inform pricing discussions. It does not guarantee the eventual sale price.

Also searched as: listing appraisal

Explore pre-listing appraisal services

An appraisal for an estate-related use, such as administration, planning, or tax work. Confirm the required value definition and date.

Also searched as: estate valuation

Related terms: Date-of-death appraisal Retrospective appraisal

Explore estate appraisal services

A retrospective appraisal with an effective date tied to a person’s date of death when required for an estate or related purpose.

Also searched as: DOD appraisal

An appraisal developing value as of a past date using relevant historical market and property information.

Also searched as: historical appraisal

A private appraisal for divorce-related use, such as discussion of a buyout or property division. Identify users and required date.

Also searched as: marital property appraisal

An appraisal for a bankruptcy-related use and date identified by the client or counsel. Confirm court requirements with an attorney.

Also searched as: bankruptcy valuation

An appraisal requested in connection with a borrower’s PMI cancellation inquiry. The servicer determines acceptable process and requirements.

Also searched as: mortgage insurance removal

An appraisal for a purchase-related decision, with client and intended use identified.

Also searched as: purchase valuation

An appraisal associated with a proposed refinance. For lender work, the lender generally controls the order and report type.

Also searched as: refinancing appraisal

An appraisal prepared to support a property tax appeal under local rules, deadlines, and required valuation date. See our tax appeal appraisal service and preparation checklist.

Also searched as: assessment appeal

A discussion or engagement addressing a valuation-related question. The label does not determine professional obligations: if the service develops an appraisal or appraisal review, the applicable requirements still apply.

Also searched as: valuation consultation

An engagement to document specified building measurements and area categories without developing a market-value opinion. Agree on the property, method, intended recipient, and documentation before ordering.

Also searched as: measuring service, square footage measurement, ANSI measuring

Related terms: ANSI Z765-2021 Footprint sketch

Read more about measurement-only service