Elements of Value (DUST)
The four things a property needs to have value: demand, utility, scarcity, and transferability, remembered as DUST.
For a property to have market value, four elements must be present: Demand, the desire and ability to buy; Utility, the usefulness of the property; Scarcity, a limited supply; and Transferability, the ability to convey ownership. The acronym is DUST.
If any one element is missing, the property has no market value, regardless of its other qualities.
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Markets and Analysis (1% of the exam)
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- Market Value
The most probable price a property should bring in a competitive and open market under fair conditions with informed, willing parties.
- Highest and Best Use
The legally permissible, physically possible, financially feasible, and maximally productive use of a property, used as the basis for appraised value.
This definition is Florida real estate exam-prep education, not legal, tax, or professional advice. Verify current rules against the official source before relying on them for a real transaction. Back to the full glossary.