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Economic life
Economic life 1) The estimated period over which an improved property may be profitably used so that it will yield a return over and above the economic rent attributable to the land itself; the period during which an improvement has value in excess of its salvage value. 2) As applied to a structure, the years or age indicated by the condition and utility of the structure, as opposed to its actual or chronological age.
RELATED TERMS--------------------------------------
Property
The rights of ownership. The right to use, possess, enjoy, and dispose of a thing in every legal way and to exclude everyone else from interfering with these rights.
Will
A written document, properly witnessed, providing for the transfer of title to property owned by the deceased, called the testator.
Yield
The interest earned by an investor on his investment (or bank on the money it has lent).
Rent
Compensation from tenant to landlord for the use of real estate.
Land
The earth's surface, extending downward to the center of the earth and upward infinitely into space, including things permanently attached by nature, such as trees and water.
Improvement
Valuable additions to property which raise the value of the property.
Value
The measure of the monetary equivalent of a property. The four essential elements of value are utility, scarcity, demand and transferability.
SIMILAR TERMS--------------------------------------
Economic feasibility
The feasibility of a building or project in terms of costs and revenue, with excess revenue establishing the degree of viability
Economic obsolescence
Loss of useful life and desirability of a property through economic forces, such as change in zoning, changes in traffic flow, etc.
Economic rent
The market rental value of a property at a given point in time
PREVIOUS AND NEXT TERMS--------------------------------------
Easement rights
A right-of-way granted to a person or company authorizing access to or over the owner's land.
Easton v. Strassburger
The duty of the licensee to make a reasonable investigation of the property evolved from the case of Easton v. Strassburger (1984).
Eaves
The projecting overhang at the lower edge of a roof.
Echeck
An electronic version or representation of a paper check. The account holder writes an echeck using a computer or other type of electronic device and transmits the echeck to the payee electronically.
Economic feasibility
The feasibility of a building or project in terms of costs and revenue, with excess revenue establishing the degree of viability
Economic life
Economic obsolescence
Loss of useful life and desirability of a property through economic forces, such as change in zoning, changes in traffic flow, etc.
Economic rent
The market rental value of a property at a given point in time
EEM
Energy Efficient Mortgage.
Effective age
An appraiser’s estimate of the physical condition of a building. The actual age of a building may be shorter or longer than its effective age.
Effective date
The date on which a registration statement becomes effective and the sale of securities can commence
This dictionary contains 6433 terms. |
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