Posted 10-31-08

Page 80: Replace the first paragraph in the section entitled "Valuing Ownership Rights" to::

In Lesson 1 we mentioned that there are two schools of thought regarding value — objective and subjective. The objective school of thought measures value only by the cost to produce or to purchase the property. But the more modern, subjective school of thought recognizes the role that extrinsic factors have on value such as future benefits anticipated to accrue to the owner as a result of ownership. Recall that these “ownership rights” (collectively referred to as a bundle of rights) can be defined as the monetary worth of the benefits, satisfactions, responsibilities and liabilities that are encompassed in owning a property and that are anticipated to accrue to the benefit of the owner.