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Real Estate: Immovable asset that encompasses land along with improvements / developments to the land, such as buildings, fences, wells and other site improvements that are fixed in location and can be treated as the integral parts or appurtenances of permanent nature.
Appraisal: Judgment or assessment through decisional analysis based on certain methodology, on quantitative and qualitative basis, towards determining the condition, status or value of an asset.

Valuation:  The process of estimating the worth or value of a financial asset or liability at a particular time.

Price: Paid amount of money in a sale of an item, at a particular time.

Cost: The total money, time and resources associated with a purchase of goods, movable or immovable ( real estate, building, etc.) or activity.

Value: An amount, as of goods, services, or money, considered to be a fair and suitable equivalent for something else; a fair price or return.; present worth of future rights to income and benefits arising from ownership.

Market Value: The estimated amount, for which a property should exchange on the date of valuation,  between a willing buyer and a willing seller, in an arm’s- length transaction, after proper marketing, wherein the parties had each acted knowledgeably, prudently and without compulsion.

Investment Value (Worth): “The value of property to a particular investor, or a class of investors, for identified investment objectives.” Also known as “value in use”.

The Highest and Best Use: Highest and best use of a property would be that use which results in the most efficient and/or profitable use,  within physically possible and legally permissible  way, which produces the highest property value.

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