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| Factor - (1) An underlying characteristic of something (such as a house) that may contribute to the value of a variable (such as its sale price) but is observable only indirectly. For example, construction quality is a factor defined by workmanship, spacing of joists, and materials use. Factor definition and measurement may be done subjectively or by a computer assisted statistical algorithm known as factor analysis. (2) Loosely, any characteristic used in adjustment the sales prices of comparables. (3) The reciprocal of a rate. Assessments may be equalized by multiplying them by a factor equal to the reciprocal of the assessment ratio, and value can be estimated using the income approach by multiplying income by a factor equal to the reciprocal of the discount rate. |
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| Factors of production - The Four ingredients available for the production of goods and services that satisfy human wants: land, labor, capital, and management. Also called agents of production. |
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| Federal rectangular survey system - A rectangular grid system, the basic elements of which are townships approximately 6 miles on each side. Each township is divided into thirty-six sections, normally 1 mile square and containing 640 acres. Sections are further Subdivided into quarter-sections, and so on. |
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| Fee appraisal - Appraisal of properties one at a time for a fee. |
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| Feedback - See adaptive estimation procedure |
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| Fee simple - In land ownership, complete interest in a property, subject only to governmental powers such as eminent domain. Also fee simple obsolute. |
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| Field canvass - The practice of collecting the data needed in assessment operations by systematically going from property to property coding the specified information. |
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| Field review - The practice of reviewing the reasonableness of assessment by viewing the properties in question, sometimes by examining their interiors but more often by looking at their exteriors. |
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| Fixed costs - Cost of fixed resources used by a firm that do not vary with production levels and cannot be changed in the short run. |
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| Fixture - An item of equipment that, because of the way it is used, the way it is attached, or both, has become an integral part of a building or other improvement. A fixture, such as a bathtub, is classified as real property, but trade fixtures (fixtures used in the conduct of business) are classified as personal property. |
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