Therefore, under stable market condi tions, this approach tends to set an upper limit to value. It is generally a partial taking of property rights, as the underlying ownership and economic utility usually remains unchanged. Easement An interest in real property that conveys use but not ownership of a portion a property. The period of time in which an additions to land, such as a building, contributes to the total value of a property. When value is no longer contributed, economic life has ended.
Economic life is less than physical life.
The physical age a property addition, such as a building, appears to be. An intrusion of one person s property into the property of another. An estate limited abso lutely to a man and his heirs and assigns forever without limitation or condition. It is one in which the owner is entitled to the entire prop erty, with un conditional power of disposition during his life, and descending to his heirs. It is un lim ited as to dura tion, disposition, and descendability.