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is the period of time that the improvement will likely continue to perform its basic function. Every improvement has a physical life and an economic life. Physical life is almost always longer than economic life. A car may only have an economic life of 5 years before it loses all book value. The physical life of the car may enable you to drive it for 15 years.

is a zoning concept where an owner of a large tract of land can propose a blend of land uses which might include residential, retail, office, and/or industrial uses. Each use would be required to conform to the general zoning provisions for that type of use, and overall densities would be limited by PUD regulations.

A map of a town, section, or subdivision indicating the location and boundaries of individual properties.

is the incremental increase in value of assembled properties over the sum of the values of the individual sites.

the power or right of the government to control and regulate numerous activities to protect the health, safety, morals and general welfare of the community. This power is exercised by governments at all levels – federal, state, county, and city.

Examples of federal and state regulation would encompass areas such as environmental protection, protected species acts, and protection of wetlands. Local governments concentrate on land use regulations, property use restrictions, and prohibition of certain activities by landowners.

This is one of the four powers of government which institutes public limitations on real property. The four powers are: Police power, Eminent domain, Taxation, and Escheat, remembered by the acronym PETE.

is the maximum income the property is capable of generating. It is the income resulting from 100% occupancy of the property at market rent.