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The methodology of the American Measurement Standard was compiled and edited by a consensus of real estate professionals including real estate agents, appraisers, assessors, home builders and architects, and is based on the exterior dimensions of a dwelling. The AMS contains over three times more specific home measurement details than any other ...
For example, assume that "House B" has a value as a house of $200,000, and a site value as a commercial lot of $250,000 with a cost to demolish the house and prepare the site at $25,000. The highest and best use of the site is to demolish the house and sell the site as a commercial lot.
Assessed value: The value of real estate property as determined by an assessor, typically from the county. "As-is": A contract or listing clause stating that the seller will not repair or correct ...
The definition of this type of house may vary between legal jurisdictions or statistical agencies. The definition, however, generally includes two elements: Single-family (home, house, or dwelling) means that the building is usually occupied by just one household or family and consists of just one dwelling unit or suite.
Here are 15 real estate terms you need to know. Real Estate Agent Professional who represents the seller (listing agent) or buyer (buyer’s agent) in a real estate transaction.
[8] [9] In Singapore the terms plot ratio and gross plot ratio (GPR) are more commonly used. In the United States and Canada, floor space ratio (FSR) and floor area ratio (FAR) are both used. [10] Use ratios are used as a measure of the density of the site being developed. High FAR indicates a dense construction.
International Property Measurement Standard (IPMS) is a standardised and globally applicable method for measuring property.It aims to address current inconsistencies in the way property of all types is measured from one market to the next, improving property market data and providing greater transparency.
It is the standard traditional measure for real estate floorspace, with an average house reckoned as about 25 pyeong, a studio apartment as 8–12 py, and a garret as 1½ py. In South Korea , the unit has been officially banned since 1961 but with little effect prior to the criminalization of its commercial use effective 1 July 2007. [ 3 ]