Glossary

Appraisal:
(noun) the act or process of estimating value; an estimate of value.
(adjective)of or pertaining to appraising and related functions, e.g. appraisal practice, appraisal services.
Highest & Best Use:
In appraising real property: The reasonably probable and legal use of property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.
Market Value:
The most probable price which a property should bring in a competitive and open market under all conditions requisite to fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
  1. buyer and seller are typically motivated;
  2. both parties are well informed or well advised, and acting in what they consider their best interests;
  3. a reasonable time is allowed for exposure in the open market;
  4. payment is made in terms of cash in Canadian dollars or in terms of financial arrangements comparable thereto; and
  5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
Real Estate:
an identified parcel or tract of land, including any improvements, if any.
Real Property:
the interests, benefits, and rights inherent in the ownership of real estate.