Environmental Contamination
Hazardous substances affecting a property — leaking oil tanks, soil or groundwater contamination, asbestos. Contamination can impose remediation costs and stigma; appraisers are not environmental experts and flag suspected conditions for specialist assessment.
Related Terms
Adverse Site Conditions
Negative influences on or near a property — busy roads, power lines, drainage problems, incompatible adjacent uses.
External Obsolescence
A loss in property value caused by factors external to the property, such as a busy highway, industrial proximity, declining neighborhood, or unfavorable zoning changes.
Extraordinary Assumption
An assumption that is directly related to a specific assignment and, if found to be false, could alter the appraiser's opinions or conclusions.
More in Property Characteristics
View allGross Living Area (GLA)
GLAThe total finished, above-grade living area of a residential property, measured in square feet.
Gross Building Area (GBA)
GBAThe total area of a building measured from the exterior walls, including all finished and unfinished, above-grade and below-grade spaces.
Below-Grade Area
Any portion of a building that is below the ground level on any side.
ANSI Z765 Measurement Standards
ANSIThe American National Standards Institute standard for measuring residential floor area.