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<br />Definitions <br />Market Value <br />The most probable price which a pro <br />conditions requisite to a fair sale, the <br />assuming the price is not affected by <br />of a sale as of a specified date and the <br />a. Buyer and seller are typically n <br />b. Both parties are well informed <br />bes[ interests; <br />c. A reasonable time is allowed f( <br />d. Payment is made in terms of <br />comparable thereto; and <br />e. The price represents the norma <br />creative financing or sales conces <br />should bring in a competitive and open market under all <br />and seller, each acting prudendy and knowledgeably and <br />stimulus. Implicit in this definition is the consummation <br />ng of tide from seller to buyer under conditions whereby: <br />well advised, and acting in what they consider their own <br />exposure in the open market; <br />in U.S. dollars or in terms of financial arrangements <br />consideration for the property sold unaffected by special or <br />granted by anyone associated with the sale. I <br />Fee 3imole <br />An absolute fee; a fee without limitat'ons to any particular class of heirs or restrictions, but subject <br />to the limitations of eminent domain, escheat police power, and taxation. An inheritable estate. 2 <br />L.eased Fee <br />An ownership interest held by a landl yd with the right of use and occupancy conveyed by lease [o <br />others; usually consists of the right t receive rent and the right of repossession at the termination <br />of the lease. 3 <br />Goiniz Concern Value <br />The value created by a proven propert operation; considered as a separate entity to be valued with <br />a specific business establishment. 4 <br />Business Value <br />A value enhancement that results t <br />management skill, an assembled <br />trademarks, contracts, â–ºeases, and <br />1 Department of Treasury, Office of <br />2 American Institute of Real Estate <br />Chicago, Illinois: AIREA, 1984) p. I <br />3 Ibid, p. 179 <br />4 Ibid, p. 160 <br />5 Ibid, p. 44 <br />items of intangible personal property such as marketing, and <br />kforce, working capitol, trade names, franchises, patents, <br />ating agreements. 5 <br />Comptroller of the Currency, 12 CFR Part 34.42. <br />praisers, Ist ed. The Dictionarv of Real Estate Appraisal <br />PAT MURPHY & ASSOCIATES <br />