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DEDICATION The application of privately owned land to the public for no consideration, with the intent that the land will be accepted and used for public purposes. ABSORPTION RATE An estimate of the rate at which a particular classification of space - such as new office space, new housing, new condominium units and the like - will be sold or occupied each year. PROCURING CAUSE That effort which brings about the desired result, as in producing the buyer for the listed property. CAP RATE (CAPITALIZATION RATE) The percentage selected for use in the income approach to valuation of improved property. The cap rate is designed to reflect the recapture of the original investment over the economic life of the improvement, to give the investor an acceptable rate of return (yield) on the original investment, and to provide for the return on borrowed capital. OFFER AND ACCEPTANCE The two components of a valid contract; a "meeting of the minds." MAINTENANCE The care and work put into a building to keep it in operation and productive use; the general repair and upkeep of a building. If maintenance is deferred, the building will suffer a loss in value. ASSIGNMENT The transfer of ownership, rights, or interests in property by one person, the assignor, to another, the assignee. PLOTTAGE The merging or consolidating of adjacent lots into one larger lot, with the consequent result of improved usability and increased value; also called assemblage. |
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