CHAPTER 16 Glossary
80/20 Rule – 80% of outcomes result from 20% of all inputs for any given event Appraisal Value – The value of a property as determined by a licensed appraiser Arms-length Transaction – A transaction between two unrelated parties where all terms and conditions are transparent for all to see Assessed Value – The value of a property as set by the town official (an assessor) used as the basis for determining property taxes Attorney or Closing Agent Fees – The costs assessed to buyers or sellers for the services of the attorney or agent who handles the property transaction closing Buyer’s Market – A buyer’s market occurs when supply exceeds demand. Whenever there is more than eight months inventory of properties for sale it is considered to be a buyers’ market CMA – Current Market Analysis – The estimated value of a property as determined by a real estate professional. A CMA compare the subject property to other homes of similar size and condition, which are in the same local area, and which have recently sold or are presently on the market. Comps – (comparables or competition) other homes of similar size and condition in the same local area which have recently sold
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