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Real Property

 

Is the physical land and and affixed structures / improvements.  Included in most definitions of real property are the land, site improvements and buildings.  A fee interest in real property is "all of the sticks" or a 100% ownership interest that includes air rights, mineral rights and surface rights.


Reconciliation

 

Appraisers analyze property using accepted valuation methods.  Reconciliation is the process that an appraiser uses to weigh or judge how appropriate, reliable and accurate each of the methods is.  An appraiser may give 100% of the weight to a single approach, like the sales approach, and little or none to the cost approach in a reconciliation.


Renovation

 

When older buildings are updated, remodeled or reconditioned to extend their effective life expectancy they are renovated.  The renovation of an older building may be considerably cheaper than building new.


Rent / Rental Income

 

Is the amount of income, usually expressed in dollars per square foot per month, dollars per square foot per year of total dollars paid monthly, paid for the use of space for a specific use.  Rent is usually established by a written lease, with a base rent, percentage rent, escalation clause, adjustments and options discussed within its provisions.


Restoration

 

When older buildings are brought to their original condition and appearance, with attention being given to their history and architecture, they have been restored or replicated.  


 

 

 


 



Copyright 2007 Horizon Village Realty & Appraisal

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.