The underlying theme and elements of the definitions presented here are based in standard appraisal theory. Many terms are used to describe various thoughts or premises of value.
These definitions are offered to provide fundamental value concepts - they are not the only acceptable definitions available. Contracts or jurisdictions may dictate somewhat different philosophies; therefore, these definitions may be expanded or refined as the purpose and function of an appraisal dictate, as long as the fundamental concepts are not altered. In some cases, the laws of a country, state, region, or regulatory agency may require other terms, which would take precedence over the definitions shown here.