An appraisal method. The cost of construction by estimating the cost of each component part in place, including labor cost and overhead.

Used in appraisal to make the most appropriate use of comparables. Example: A house may best be compared by price per square foot, land by price per front foot, a hospital by price per bed, etc.

See: Unit Cost.

The section of the department of the interior which maps the country and identifies its geologic features.

The peculiarities necessary to form a valid joint tenancy. Unity of time, title, interest, and possession.

In joint tenancy, the joint tenants must have equal rights to possession.

To have a valid joint tenancy, the joint tenants must acquire title at the same time.

In joint tenancy, the holding by the joint tenants under the same document.

The unjustifiable possession of property by one whose original entry was lawful but whose right to possession has terminated; usually a tenant.

See: Open End Mortgage.

Not saleable. A title which has serious defects.

A deed, mortgage, etc., which is not recorded in the county recorder’s office and, therefore, not protected under recording statutes. Valid between the parties involved, but not against innocent third parties.

Generally referring to an obligation which has only a promise as security. A note would be unsecured, a note and mortgage would be secured.

Land bordering bodies of water but above the high water mark.

A legal term signifying the minimum price at which a property can be sold at auction, usually foreclosure.

See: Uniform Residential Appraisal Report.

Pertaining to a city or town.

Razing and rebuilding of obsolete sections of cities through financing by federal, state, and local governments.

The relationship of the number of buildings of a particular use to a given land area.

See: Value in Use.