LEASEHOLD Definition

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LEASEHOLD is an agreement between the lessee and lessor specifying the lessees rights to use the leased property for a specific purpose and given time at a specified rental payment.

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KNOWLEDGE ACQUISITION is the process of acquiring knowledge from a human expert for an expert system, which must be carefully organized into IF-THEN rules or some other form of knowledge representation.

REPLACEMENT COST NEW is the current cost of a similar new property having the nearest equivalent utility to the property being valued.

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