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NEGOTIATION The transaction of business aimed at reaching a meeting of minds among the parties; bargaining. CAPITALIZATION A mathematical process for converting net income into an indication of value, commonly used in the income approach to appraisal. FINANCIAL STATEMENT A formal statement of the financial status and net worth of a person or company, setting forth and classifying assets and liabilities as of a specified date. BENCH MARK A mark affixed to a permanent reference or monument, such as an iron post or a brass marker (usually embedded in a cement sidewalk), used to establish elevations and altitudes over a surveyed area. CAPITAL IMPROVEMENT Any structure which is erected as a permanent improvement to real property; any improvement which is made to extend the useful life of a property, or to add to the value of the property. CONSIDERATION An act or forbearance, or the promise thereof, which is offered by one party to induce another to enter into a contract; that which is given in exchange for something from another. ACCEPTANCE The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer. |
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