Glossary

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Potential Gross Income
The gross rental income, before allowance for vacancies and all expenses, that a property will generate over a given time period at typical market rents with 100% occupancy.

Plottage
The process of assembling two or more parcels into one larger parcel of common ownership, resulting in greater total utility and/or value than the sum of each smaller parcel separately considered.

Real Estate
Land plus all things attached to it in a permanent way.

Replacement Cost
The cost to replace a structure or part thereof with a similar but not necessarily exact structure or part having equivalent function and utility. For example, replacing old lath and plaster walls with drywall.

Reproduction Cost
The cost to reproduce a structure or part thereof with exactly similar materials. For example, replacing old lath and plaster walls with new lath and plaster rather than drywall.

Residual
Something left over after other components of the total are removed. For example: if estimated improvement value is subtracted from a property’s total value, the value remaining would theoretically be the land value and vice versa.

Riprap
A wall or base of rocks placed together irregularly in water flow areas to reduce erosion and scour. Generally it is not held together with mortar or cement but loosely packed, although sometimes it may be held in place with wire.