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Glossary & Template Update - Search & Replace Parameter Inventory

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Jen McGee

This document catalogs the search-and-replace parameters used to update outdated terminology, definitions, and source citations across the report template categories listed below. Each row specifies the exact text being searched for, its replacement, and any special handling notes relevant to implementation.

The following summarizes the specific common language that was replaced in the report templates. Please note that customized definitions or references may not be captured by these changes. 

Table of Contents

Commercial

Item Search For Replace With
Leased Fee Interest Definition The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires or otherwise terminates.
Fee Simple Estate Name Fee Simple Interest Fee Simple Estate
Fee Simple Definition "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power and escheat." "Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat."
Highest and Best Use Intro "Highest and best use is defined in the 7th edition of The Dictionary of Real Estate Appraisal (Appraisal Institute, Chicago, 2022), as follows:" "Highest and best use is defined in the 8th edition of The Dictionary of Real Estate Appraisal (Appraisal Institute, Chicago, 2026), as follows:"
HBU Second Numbered Paragraph 2. The use of an asset that maximizes its potential and that is possible, legally permissible, and financially feasible. The highest and best use may be for continuation of an asset's existing use or for some alternative use. This is determined by the use that a market participant would have in mind for the asset when formulating the price that it would be willing to bid. (deleted)
Cost Intro 1 which is defined by the 15th Edition of the Appraisal of Real Estate as: which is defined by the 16th Edition of the Appraisal of Real Estate as:
Cost Intro 2 The estimated cost to construct, at current prices as of the effective appraisal date, a substitute for the building being appraised, using modern materials and current standards, design, and layout The estimated cost to construct, as of the effective appraisal date, a substitute for the building being appraised using contemporary materials, standards, design, and layout
Footnotes 1 The Dictionary of Real Estate Appraisal, Seventh Edition, Appraisal Institute, Chicago, Illinois, 2022 The Dictionary of Real Estate Appraisal, Eighth Edition, Appraisal Institute, Chicago, Illinois, 2026
Footnotes 2 Appraisal Institute, The Dictionary of Real Estate Appraisal, 7th Ed. (Chicago: Appraisal Institute 2022) The Dictionary of Real Estate Appraisal, Eighth Edition, Appraisal Institute, Chicago, Illinois, 2026

FMV

Item Search For Replace With
Market Rent Definition The rent reflects specified terms and conditions typically found in that market, such as permitted uses, use restrictions, expense obligations, duration, concessions, rental adjustments and revaluations, renewal and purchase options, frequency of payments (annual, monthly, etc.), and tenant improvements (TIs). The rent reflects specified terms and conditions, such as permitted uses, use restrictions, expense obligations, duration, concessions, rental adjustments and revaluations, renewal and purchase options, and tenant improvements (TIs).
Real Property Definition The interests, benefits, and rights inherent in the ownership of real estate. An interest or interests in real estate.

C-STORE

Item Search For Replace With
Going Concern Name "Going Concern Value" Market Value of the Going Concern
Going Concern Definition "Going Concern Value means the market value of all the tangible and intangible assets of an established and operating business with an indefinite life, as if sold in aggregate." "The market value of an established and operating business including the real property, personal property, financial assets, and the intangible assets of the business."

SUBDIVISION

Item Search For Replace With
Direct Cost Footnote The Appraisal of Real Estate, 14th Edition, Appraisal Institute, Chicago, 2013. The Dictionary of Real Estate Appraisal, Eighth Edition, Appraisal Institute, Chicago, Illinois, 2026

EMDOM-TXDOT

Item Search For Replace With
Direct Cost Footnote The Appraisal of Real Estate, 15th Edition, Appraisal Institute, Chicago, 2020. The Dictionary of Real Estate Appraisal, Eighth Edition, Appraisal Institute, Chicago, Illinois, 2026

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