substitution is an appraisal principle that states that the maximum value of a property tends to be set by the cost of purchasing an equally desirable and valuable substitute property, assuming that no costly delay is encountered in making the substitution. (See appraisal).
Barry Goldsmith
| APA | Barry Goldsmith. (2010). substitution. Retrieved September 21, 2026, from http://smartdefine.org/substitution/definitions/1164519 |
| Chicago | Barry Goldsmith. 2010. "substitution" http://smartdefine.org/substitution/definitions/1164519 (accessed September 21, 2026). |
| Harvard | Barry Goldsmith 2010, substitution, Smart Define, viewed 21 September, 2026, <http://smartdefine.org/substitution/definitions/1164519>. |
| MLA | Barry Goldsmith. "substitution" 21 October 2010. Web. 21 September 2026. <http://smartdefine.org/substitution/definitions/1164519> |