| CRA |
Canadian Residential Appraiser |
| AACI |
Accredited Appraiser Canadian Institute |
| Effective date |
The date at which the analysis, opinions and advice in an appraisal, review or consulting service apply |
| Extraordinary limiting condition |
Necessary modification or exclusion of a standard rule. May diminish the reliability of the report |
| Highest and best use |
The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, and financially feasible and that results in the highest value |
| Personal property |
Identifiable tangible objects that are considered by the general public as being personal such as furnishings, artwork, antiques, equipment etc |
| Value in Use |
The value of a property as it is currently used, not its value considering alternative uses; may be used where legislation has been enacted to preserve farmland, or other open space land on urban fringes |
| Going Concern Value |
The market value of all the tangible and intangible assets of an established and operating business with an indefinite life, as if sold in aggregate |