There may or may not be an actual legal definition, although there may be a commonly accepted definition in the appraisal industry. In this context you're discussing a home and a business. It wouldn't necessarily matter that the business owner is different than the property owner. If there is a dedicated area for the business, it may be valued differently than the home's square footage, especially if there is zoning for this. The business valuation can depend on the zoning and income it generates either through fees from the participants or rental income for the space used.
Published on BankingQuestions.com 1/10/07