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This is often used to finance large commercial or industrial properties. Arrangements would set up the original owner as a tenant to operate their business with preferable rates and freeing up capital.

sales comparison approach

is one of the three classic approaches to estimating the value of real property. In the sales comparison approach, comparable sales are identified, analyzed, and compared to the subject property (the property being appraised). The sales prices of the comparable properties are adjusted downward to reflect features superior to the subject and upward to reflect the subject’s superior features.

The result is that each comparable sale’s adjusted sales price offers an indication of the subject’s value. The separate value indications from each of the sales can then be reconciled into a single value estimate. The concepts and techniques used in the application of the sales comparison approach are the same for residential and non-residential improvements.

sales concessions

financial incentives or creative financing, or, on occasion, personal property that can be offered to induce a sale. Any sales concessions that influence the price should be adjusted accordingly by the appraiser when determining value.


A person who, for a compensation or valuable consideration, is employed either directly or indirectly by a licensed real estate broker to perform certain acts: to sell, offer to sell, buy, offer to buy


is one of the four essential characteristics that must be present for any product to have value. Products that are in abundance have little or no value. There must be an element of scarcity which means that there is a perception that there is a limitation on the supply of the item.

The four essential characteristics or elements of value are: Demand, Utility, Scarcity, and Transferability – a useful tool to remember them is the acronym DUST.

scope of work

is the type and extent of research and analyses that will be sufficient and necessary to produce a credible or believable value estimate.

secondary mortgage market

creates liquidity for the primary motgage market by purchasing and selling packages of mortages.

For example, Fannie Mae or an investment group would purchase loans originated in the primary market by a local bank so that the local bank could turn around and continue lending money to consumers. An individual could not go to Fannie Mae and apply for a single loan.  


A portion of township under the rectangular (governement) survey system. A township is divided into 36 sections, numbered 1 through 36. A section is a square with mile-long sides and an area of one square mile, or 640 acres.

security agreement

recognized by the UCC as an instrument documenting interests in a debtor's chattel.

security deed

The Georgia form of a morgage instrument in which a borrower conveys legal title to the property to the lender for the purpose of securing a mortgage lien.

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