Intrinsic value is the absolute difference between current and strike prices. Options have intrinsic value when in-the-money, zero when out-of-the-money. Market price differs from intrinsic value due to uncertainty. Options have time value based on belief in future stock value changes
Local governments impose property tax as primary revenue source. Tax is computed as fair market value multiplied by assessment ratio. Property tax is legally enforceable obligation attached to property. Most states don't impose property taxes, only local governments
Market value is the price at which an asset would trade in competitive auction. It differs from market price, which is the actual transaction price. Market value requires arm's-length transaction between knowledgeable parties
MRICS stands for Member of the Royal Institution of Chartered Surveyors. RICS is a global professional body promoting standards in construction and land. MRICS certification enhances employability and career advancement
Arm's length refers to independent agreements between parties without prior relationships. Term originated between 1645-1655
Hedonic pricing identifies price factors based on both internal and external characteristics. Term "hedonic" originated in 17th century meaning pleasure or hedonism. Sherwin Rosen first presented theory in 1974 paper