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Valuation Definitions

When reading the insurance policy, there are many terms about valuation.

Actual Cash Value: the fair or reasonable cash price property would bring in a fair market, allowing for depreciation.

Assessed Value: The valuation placed on property by a public tax assessor for purposes of taxation. The main assessor for B.C. is BC Assessment, a provincial Crown corporation governed by the Assessment Act. Due to the high number of properties it must assess, BC Assessment uses a mass appraisal system, using data from sales, land titles, municipal planning departments and other sources. Only a limited number of properties are actually inspected in any given year, and individual property appraisals are usually not undertaken by BC Assessment unless an assessment is appealed. The mass appraisal approach means that the assessed value may not include some unique components of a dwelling that would contribute to its value. But since taxes must be calculated based upon a specific value, the Assessment Act requires that the assessment notice specify a single value. A certain amount of information about assessed value is in the public domain and is available online at; click on e-Value BC. BC Assessment determines properties value as of July 1 (the ‘valuation date’) of each year, and sends assessment notices to homeowners the following January. Municipal taxes are assessed on the basis of this assessed value. Property owners can appeal the valuation, or can request that the valuation change to reflect temporary conditions such as major refurbishment.

Appraised Value: An opinion of a property’s fair market value, based on an appraiser’s knowledge, experience and analysis of the property.

Cost Approach: One of the techniques used by appraisers to estimate value, cost approach combines the estimated land value and the depreciated value of the improvements. The underlying presumption is that a person will not pay more for a property than the cost to replace it: that is, the cost of the site plus the value of the improvements. The value of improvements is determined using a manual that is adjusted for local conditions, or from construction costs derived from local contractors. The value is then adjusted to reflect any depreciation to the improvements. This technique is not frequently used for older properties, due to the difficulties in accurately calculating the depreciated value of the improvements.

Fair Market Value: The highest price that a buyer, willing but not compelled to buy, would pay and the lowest a seller, willing but not compelled to sell, would accept. Market value is a product of many factors including location, size, features and current market conditions. To develop market value, an appraiser typically does a full physical inspection of the property followed by a detailed study of all the other factors. This is the most fluid of all the values on a given piece of property as the factors are almost always changing. The only time the factors from the actual cost of construction play into this number is when it is a new construction. The new construction costs are used as a basis to determine the worth of building relative to the anticipated sale price. Obviously the truest indicator of the market value of a piece of property or home is what it actually sells for.

Reconstruction Cost: The cost to rebuild, including soft costs (engineering reports, architectural drawing, municipal permits), removal of debris and reconstruction. Could include the cost of enforced demolition and removal of undamaged portions of the building.

Replacement Value: The cash value or cost to replace a thing. The value placed on a piece of property by an insurance company for the purpose of coverage.

Basic Construction Terms

When I study the construction phrases, I saw this set of terms of construction.  Recorded here for further use.

Balloon Framed Wall – Framed walls (generally over 10′ tall) that run the entire vertical length from the floor sill plate to the roof. This is done to eliminate the need for a gable end truss.

Baluster – Vertical member in a railing used between a top rail and bottom rail or the stair treads. Sometimes referred to as a ‘picket’ or ‘spindle’.

Column- A vertical structural compression member which supports loads.

Crawl Space – A shallow space below the living quarters of a house, normally enclosed by the foundation wall and having a dirt floor.

Damp-proofing – Black, tar like waterproofing material applied to the exterior of a foundation wall.

Dormer – An opening in a sloping roof, the framing of which projects out to form a vertical wall suitable for windows or other openings.

Downspout – A pipe, usually of metal, for carrying rainwater down from the roof’s horizontal gutters.

Drywall – A manufactured panel made out of gypsum plaster and encased in a thin cardboard. Usually 1/2″ thick and 4′ x 8′ or 4′ x 12′ in size. The panels are nailed or screwed onto the framing and the joints are taped and covered with a ‘joint compound’. ‘Green board’ type drywall has a greater resistance to moisture than regular (white) plasterboard and is used in bathrooms and other “wet areas”.

Duct – A round or rectangular metal pipe installed for distributing warm (or cold) air from the furnace to rooms in the home. Also, a tunnel made of galvanized metal or rigid fiberglass that carries air from the heater or ventilation opening to the rooms in a building.

Eaves – The horizontal exterior roof overhang.

Fascia – Horizontal boards attached to rafter/truss ends at the eaves and along gables. Roof drain gutters are attached to the fascia.

Footing – Continuous 8″ or 10″ thick concrete pad installed before and supports the foundation wall.

Form – Temporary structure erected to contain concrete during placing and initial hardening.

Foundation – The supporting portion of a structure below the first floor construction, or below grade, including the footings.

Framing – Lumber used for the structural members of a building, such as studs, joists and rafters.

Gable – The upper triangular-shaped portion of an end wall, beneath the roof.

Gable Roof – A ridge roof which terminates in a gable.

Gingerbread – Wood trim or molding of an elaborate ornamentation or superfluous embellishment.

Insulation – Any material high in resistance to heat transmission that, when placed in the walls, ceiling or floors of a structure, will reduce the rate of heat flow.

Jamb – The side and head lining of a doorway, window or other opening. Includes studs as well as the frame and trim.

Joist – Wooden 2 X 8’s, 10’s or 12’s that run parallel to one another and support a floor or ceiling, and supported in turn by larger beams, girders or bearing walls.

Millwork – Generally all building materials made of finished wood and manufactured in millwork plants. Includes all doors, window and door frames, blinds, mantels, panelwork, stairway components (ballusters, rails, etc.), moldings and interior trim. Does not include flooring, ceiling or siding.

Post and Pad Foundation – A foundation assembly for supporting a cross member that comprises a vertical timber post attached to the upper surface of a wider pre-formed concrete pad.

Rafter – Lumber used to support the roof sheeting and roof loads. Generally, 2 X 10’s and 2 X 12’s are used. The rafters of a flat roof are sometimes called roof joists.

Soffit – The area below the eaves and overhangs. The underside where the roof overhangs the walls. Usually the underside of an overhanging cornice.

Slab – Concrete pavement, including driveway, garage, and basement floor.

Stud – A vertical wood framing member, also referred to as a wall stud, attached to the horizontal sole plate below and the top plate above. Normally 2 X 4’s or 2 X 6’s, 8′ long. One of a series of wood or metal vertical structural members placed as supporting elements in walls and partitions.

Sump Pump – A submersible pump in a sump pit that pumps any excess ground water to the outside of the home.

Turret – A small tower projecting from a building, usually at a corner.

Vancouver Special – A common reference to houses built in a particular architectural styleroughly between 1965 and 1985 in Vancouver, B.C. They are characterized by their box-like structure, low-pitched roofs, balconies across the front of the house, and brick or stone finishes on the ground-floor level of the facade with stucco elsewhere. Vancouver Specials usually have the main living quarters on the upper floor and secondary bedrooms on the bottom, making them ideal for renovating to secondary suites. The style takes maximum advantage of the buildable area of a standard city lot.

Vapour Barrier – A building product installed on exterior walls and ceilings under the drywall and on the warm side of the insulation. It is used to retard the movement of water vapour into walls and prevent condensation within them. Normally, polyethylene plastic sheeting is used.

What is a seeder and what is a leecher?

When I use Transmission to do the downloading, I see some figures on the web control panel of Transmission. Those are technical terms. Such as Seeder, Leecher, Ratio, Trackers, Peers, etc.

So the questions come. What is a seeder? What is a leecher?

Let me check it from search engine and put all together.

What is a seeder?

Seeders are people who have already downloaded the whole file and are uploading them. The more seeders the faster the download will go.

What is a Leecher?

Leechers are people who are sharing what they have and are downloading what you have. (It is real BT spirit here.)

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