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Discount Rate property; or about conditions external to the <br /> A rate of return on capital used to convert future property,such as market conditions or trends;or <br /> payments or receipts into present value; usually about the integrity of data used in an analysis. <br /> considered to be a synonym for yield rate. (USPAP,2016-2017 ed.) (Dictionary,6th Edition) <br /> (Dictionary,6th Edition) <br /> Fee Simple Estate <br /> Effective Age Absolute ownership unencumbered by any other <br /> The age of property that is based on the amount interest or estate, subject only to the limitations <br /> of observed deterioration and obsolescence it imposed by the governmental powers of <br /> has sustained, which may be different from its taxation, eminent domain, police power, and <br /> chronological age. (Dictionary,6th Edition) escheat. (Dictionary,6th Edition) <br /> Effective Date Functional Obsolescence <br /> 1. The date on which the appraisal or review The impairment of functional capacity of <br /> opinion apply. improvements according to market tastes and <br /> 2. In a lease document, the date upon which standards. (Dictionary, 6th Edition) <br /> the lease goes into effect. (Dictionary, 6th <br /> Edition) Functional Utility <br /> The ability of a property or building to be useful <br /> Exposure Time and to perform the function for which it is <br /> 1. The time a property remains on the market. intended according to current market tastes and <br /> 2. The estimated length of time that the standards; the efficiency of a building's use in <br /> property interest being appraised would terms of architectural style, design and layout, <br /> have been offered on the market prior to the traffic patterns, and the size and type of rooms. <br /> hypothetical consummation of a sale at (The Appraisal of Real Estate, 14th Edition) <br /> market value on the effective date of the (Dictionary,6th Edition) <br /> appraisal. Comment: Exposure time is a <br /> retrospective opinion based on an analysis Gross Building Area(GBA) <br /> of past events assuming a competitive and 1. Total floor area of a building, excluding <br /> open market. (Dictionary,6th Edition) unenclosed areas, measured from the <br /> exterior of the walls of the above grade area. <br /> External Obsolescence This includes mezzanines and basements if <br /> A type of depreciation; a diminution in value and when typically included in the market <br /> caused by negative external influences and area of the type of property involved. <br /> generally incurable on the part of the owner, 2. Gross leasable area plus all common areas. <br /> landlord, or tenant. The external influence may 3. For residential space, the total area of all <br /> be either temporary or permanent. (Dictionary, floor levels measured from the exterior of <br /> 6th Edition) the walls and including the superstructure <br /> and substructure basement; typically does <br /> Extraordinary Assumption not include garage space. (Dictionary, 6th <br /> An assumption, directly related to a specific Edition) <br /> assignment, as of the date of the assignment Gross Leasable Area(GLA) <br /> results,which,if found to be false,could alter the Total floor area designed for the occupancy and <br /> appraiser's opinions or conclusions. Comment: exclusive use of tenants, including basements <br /> Extraordinary assumptions presume as fact and mezzanines; measured from the center of <br /> otherwise uncertain information about physical, joint partitioning to the outside wall surfaces. <br /> legal, or economic characteristics of the subject (Dictionary,6th Edition) <br /> 117 <br />