- AAAVM (Appraiser Assisted AVM)
- Absolute Percentage Sales Error
- Absolute ValueThe value of a number or expression regardless of its sign. For example, 3 and -3 (minus 3) both have an absolute value of 3. The mathematical symbol for absolute value is one vertical bar on each side of the number in question, for example, |3|.
- Actual Age
- Ad ValoremAccording to value.
- Ad Valorem Tax
- Adaptive Estimation Procedure (AEP)A computerized, iterative, self-referential procedure using properties for which sale prices are known to produce a model that can be used to value properties for which sale prices are not known. Also called feedback.
- Additive models
- Address Normalization SystemA component at the front-end of many AVMs which identifies and repairs a variety of minor errors that commonly occur in user-supplied property addresses including both misspellings and incorrect addresses and zip codes.
- Adjusted Hit Rate
- AdjustmentsModifications in the reported value of a variable, such as sale price. For example, adjustments can be used to estimate market value in the sales comparison approach by modifications for differences between comparable and subject properties. Note: Adjustments are applied to the characteristics of the comparable properties in a particular sequence that depends on the method of adjustment selected.
- Adverse Land Use
- Age/Life MethodA method of estimating accrued depreciation founded on the premise that, in the aggregate, a neat mathematical function can be used to infer accrued depreciation from the age of a property and its economic life. Another term is "straight-line depreciation" (see depreciation, accrued; and depreciation method, straight-line).
- Aggregate MeanSee weighted mean.
- Agricultural PropertyImproved or unimproved land that is devoted to or available for the production of crops and/or other agricultural products, livestock, and agricultural support buildings.
- AlgorithmsComputer-oriented, precisely defined set of steps that, if followed exactly, will produce a prespecified result, for example, the solution to a problem.
- AllocationSee land ratio method.
- Allocation by AbstractionA method of separating a whole property value into land and improvement components. The appraiser estimates replacement cost new, subtracts an appropriate amount for depreciation, and subtracts the remainder from the whole property value to estimate the land value.
- Allocation by RatioA method of separating a whole property value into land and improvement components, in which the appraiser develops proportions of land and improvement values for comparable properties and applies those proportions to the subject's whole property value.
- Allocation MethodA method used to value land, in the absence of vacant land sales, by using a typical ratio of land to improvement value. Also called land ratio method.
- Analog(1) The form of data display in which values are shown in graphic form, such as curves. (2) A form of computing in which values are represented by directly measurable quantities, such as voltages or resistances. Note: Analog computing methods contrast with digital methods, in which values are treated numerically.
- Analyst-Assisted AVM (AAAVM)A hybrid valuation product that relies on the experience of a valuation professional, but not necessarily a state-licensed or state-certified appraiser, to validate and supplement an AVM’s value conclusions.
- Ancillary DataSubsidiary data used to define the area of interest, for example, topographic, administrative, or geologic data. Ancillary data may be digitized and merged with the primary image data to facilitate analysis.
- AnonymizeTo remove identifying information from something (such as computer data) so that the original source cannot be known; to make (something) anonymous.
- Anticipated Use Method
- Appraisal(1) The act of estimating the money value of property. (2) The money value of property as estimated by an appraiser. (3) Of or pertaining to appraising and related functions, for example, appraisal practice, appraisal services. Compare assessment.
- Appraisal, AcquisitionAn appraisal to determine the market value of a property that is to be taken by eminent domain, so that the owner might be justly compensated.
b) AVMs 201: A Practical Guide to the Implementation of Automated Valuation Models, Jim Kirchmeyer, 2008.
d) Collateral Assessment & Technologies Committee, Summary of Definitions & Terms, 2006.
e) Joint Industry Task Force on AVMs, IAAO Standard on AVM Glossary, September 2003. https://www.iaao.org/media/standards/AVM_STANDARD.pdf
f) Appraisal Institute, Joint Industry Task Force on Automated Valuation Models, Work Group Terminology, 2005.
g) Merriam-Webster (https://www.merriam-webster.com/)