Final answer:
The present worth of future benefits of real property is known as its value, reflecting the present discounted value. This form of valuation is crucial for comparing present costs to future benefits in various sectors, including business, government, and environmental policy.
Step-by-step explanation:
The term commonly used to describe the present worth of future benefits arising from ownership of real property is value. This concept of value reflects the present discounted value of expected benefits. In various applications, such as business capital investments, government proposals for infrastructural improvements, environmental policy decisions or assessing the worth of lottery payments over time, present discounted value is an essential analytical tool. It helps in comparing the present costs of an investment or policy to its anticipated future benefits, which may occur over extended periods.