Inventory
Property
A property is a realty such as a house or condo. Each property contains rooms and assets.
Room
A room belongs to a property and may contain assets and files, including photos.
Asset
Assets may (optionally) belong to a property, to a room and to a category. An individual asset may also have photos and other files associated with it. But this is all optional: an asset may also be simply a name. Assets are sometimes referred to as items.
File
Images and other files (any type of file) may be uploaded, but each image must be associated either with an asset or (more commonly) with a room. To upload, navigate first to the asset or room.
MV (Monetary Value)
Each asset may have a Monetary Value ― its likely price if sold today.
EV (Emotional Value)
One of the available division rounds lets divisees assign “or bid” Emotional Value numbers to assets, indicating their level of interest in the items, independently of their cost. Assets are awarded based on who awarded the most points.
Roles
Administrator
The administrator manages the division process. He or she can invite other people into the division, set their roles, set up division rounds and has editing permissions. They cannot change round results, but may make changes to asset distribution. This may be to help bring divisees closer to their allocation percentage or at the request of two parties agreeing to an exchange. This should never be done without full disclosure to all participants. Sometimes an Administrator is also a Divisee. It is highly recommended that this only be the case when all divisees agree they are comfortable with this. Often trusted third parties are asked to serve as Administrator to avoid potential or perceived advantages of the dual roles.
Divisee
A “divisee” in the FairSplit application is a beneficiary of the division. He or she is entitled to a percentage of all the assets, called “allocation percentage”. Those percentages are for reference only and do not block selections or make a difference in round results. In each division round divisees select and are awarded assets based on blind, impartial round rules.
Asset lister
An asset lister can only see and edit the inventory. He or she can add photos and assets and create relationships between these. Sometimes this may be an independent third party paid to help, or a sibling helping the administrator for the sake of time.
Valuator
A valuator, whether he is a professional appraiser, an independent third party or a family member, can set estimated prices of assets. Some families opt to have actual appraisals on all assets, or assets above a certain estimated value.
Observer
An observer cannot change anything but can see the inventory, division rounds and their outcomes. Sometimes the role of attorneys or mediators.
Sponsor
Can edit and invite participants, including administrators. The Sponsor is the person who paid for the service originally.
Rounds
Rounds are different methods for dividing assets among parties. A round includes all, or a subset of the assets. An administrator sets up a round, divisees bid on it, and in the end items are distributed. In an added feature, if all divisees confirm to the administrator they completed their round, the administrator may close the round earlier, speeding up the process.
Active rounds
Active rounds are those that divisees must interact with right now, that have been initiated and have an end time. If all divisees finish early and notify the Administrator, the round may be ended earlier.
Pending rounds
Administrators can edit pending rounds until they go active.
Closed rounds
When an active round is closed, divisees can no longer bid within it. After a few minutes the system awards the assets in them according to the bids. Administrators may adjust the awards or extend a round prior to the scheduled ending if a problem prevented a divisee from finishing.