| Term | Definition |
|---|
| Unimproved Land | Land in its natural state without any man-made alterations. |
| Improved Land | Land with man-made alterations. |
| Computer Virus | A software program that is capable of reproducing itself and causing harm to other programs and files. |
| Copyright | The legal right granted by the United States government to a person or organization for a period of years to exclusively own and control an original written document, piece of music, software , or other form of expression. |
| Tradmark | A distinctive design or set of words that legally identifies a produce or service as belonging to a certain organizaiton. |
| Patent | The right granted by the United States government to an inventor or applicant for a limited time period to exclusively own and control a new, useful, and nonobvious invention. |
| Trade secret | A practice, method, process, design, or other information used confidentially by an organization to mantain a competitive advantage. |
| Goodwill | The value an organization has attained beyond the value of its tangible assets because of its favorable reputation. |
| Windstorm | A storm consisting of vilent wind capable of causing damage. |
| Flood | A rising or overflowing of water onto what is normally dry land. |
| Collapse | An abrupt falling down or caving in of a building with the result that the building or any part of the building cannot be occupied for its intended use. |
| Historical Cost | The orignal cost of a property. |
| Tax-appraised Value | The value assigned to a property for the purpose of tax assessment. |
| Book Value | An asset's historical cost minus accumulated depreciation. |
| Replacement Cost | The amount required to replace lost, damaged, or destroyed property with comparable property. |
| Reproduction Cost | The cost of duplicating property exactly by using materials, artistry, and other expertise comparable to those used for the original property. |
| Functional Replacement Cost | The cost of acquiring a replacement that, while not identical to the property being replaced, performs the same function with equal efficiency. |
| Market Value | The price that would have to be paid to purchase property today. |
| Actual Cash Value | The replacement cost of a property minus its physical depreciation. |
| Economic Value | The amount that property is worth based on the ability of the property to produce income. |
| Secured Creditor | A creditor who has a right to reclaim property for which a loan was extended. |
| Bailee | A person or entity who receives property from another (the bailor) under a bailment contract. |
| Bailor | A person or entity who delivers property to another (the bailee) under a bailment contract. |
| Bailment Contract | A contract that requires the bailee to keep the property in safekeeping for a specific purpose and then to return the property to the bailor when the purpose has been fulfilled. |
| Improvements and Betterments | Alterations to premises made by a tenant that make it more useful for the tenant's purpsoes, increase the value of the property, and become part of the leased structure. |
| Trade Fixtures | Fixtures and equipment that may be attached to a building during a tenant's occupancy, with the intention that they be removed when the tenant leaves. |
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