Changing A Market Value Definition

[J Grant]

An Axiom is a mathematical statement that is assumed to be true. There are five basic axioms of algebra. The axioms are the reflexive axiom, symmetric axiom, transitive axiom, additive axiom and multiplicative axiom. Reflexive Axiom: A number is equal to itelf.

a=b ---> b=a

Please read post # 9.

While the above axiom i true of math, it is not applicable to USPAP and the way USPAP has the MV definition act as a qualifier of the type of value in the MV opinion.

 

[J Grant]

An Axiom is a mathematical statement that is assumed to be true. There are five basic axioms of algebra. The axioms are the reflexive axiom, symmetric axiom, transitive axiom, additive axiom and multiplicative axiom. Reflexive Axiom: A number is equal to itelf.
a=b ---> b=a

The above would be true if we were giving price opinions. If that were the case, price always equals itself . A price paid of $100,000, is the $100,000 sale price.

But in appraisal, it is a market value opinion using the most probable price as a condition of terms ( as defined) to establish market perspectives for the type of value ( USPAP)

An appraisal opinion can be a range, a benchmark or a point value. For this thread let's use point value. The point value is the appraiser's market value opinion equivalence of a numerical $ amount ( at as defined most probable price/terms )

 

[Randolph Kinney]

Please read post # 9.

While the above axiom i true of math, it is not applicable to USPAP and the way USPAP has the MV definition act as a qualifier of the type of value in the MV opinion.

I understand your point. Logic has nothing to do with USPAP and definitions. Therefore a=b never implies b=a. Sometimes b=c which implies a=c.

 

[RSW]

All apples are fruit. All fruit are not apples.

 

[J Grant]

I understand your point. Logic has nothing to do with USPAP and definitions. Therefore a=b never implies b=a. Sometimes b=c which implies a=c.

True, because USPAP and definitions address value issues and USPAP has its own canon of rules for appraisal development.

 

[Randolph Kinney]

All apples are fruit. All fruit are not apples.

Now that fits J Grant's market value definition.

 

[Mark K]

What prompted this thread?

My guess is that, as of this instant, Terrell has 169 posts and Grant is falling behind with only 160 in the quest for TPOTM.

Any other reason defies logic.

 

[Artemis Fowl]

All apples are fruit. All fruit are not apples.

What about road apples?

 

[J Grant]

Now that fits J Grant's market value definition.

It's not "my" MV definition...it is the one on the URAR form...you can provide a different one if you would like!

 

[Randolph Kinney]

What about road apples?

How about the apple of J Grant's eye?