2. Real Estate Terminologies Nov22

7/23/2019 2. Real Estate Terminologies Nov22

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REAL ESTATETERMINOLOGIES

Realtor Arturo M. Lawa, CPV

REB PRC Licensed No. 0002007REA PRC Licensed No. 0000248



REAL E!A!E

!ERM"N#L#$"E• AB!RAC! #% !"!LE & A condensed history of the title

consisting of a various links in the chain of title, togetherstate!ent of all liens, charges or encu!"rances a#ecting$articular $ro$erty%

• ACCELERA!"#N CLA'E & A clause in contact stating u$on the ha$$ening of a certain event, like failure to $ayinstall!ent due shall !ake all the "alance i!!ediately d$aya"le%



REAL E!A!E

!ERM"N#L#$"E• ACCEP!ANCE & &hen the seller or agent's $rinci$al ag

to the ter!s of the contract of sales a$$roves the negoton the $art of the agent and acknoledge recei$t of thede$osit in su"scri"ing to the agree!ent of sale%

• ACCRE!"#N & An addition to land fro! natural causes e(a!$le fro! the gradual action of the ocean or the rivaters%



REAL E!A!E

!ERM"N#L#$"E• AC(N#)LE*$EMEN! & A for!al declaration "

duly authori)ed o#icer "y a $erson ho has e(ecuinstru!ent that such e(ecution is his act of deed%

• AC+'"RE* AE! & *sually refer to real estate$ro$erties that ere $reviously !ortgaged to the"ank, "y hich "ecause the oner failed to $ay th!ortgage, the onershi$ of the $ro$erty transferrthe "ank through a +udicial oreclose -ro$erties



REAL E!A!E

!ERM"N#L#$"E• AC+'""!"#N & The act or $rocess "y hich a $e

$rocures $ro$erty%

• A* VAL#REM & According to valuation

• A*M"N"!RA!#R & A $erson a$$ointed "y the $court to ad!inister the estate of a deceased $erso



REAL E!A!E

!ERM"N#L#$"E• A*VERE CLA"M & A clai! of a $erson on $ro$e

oned "y another .Good only for /0 days no seconadverse clai! is alloed1%

• A*VERE P#E"#N & Right of an occu$ant ofto ac2uire title against the real estate oner, he$ossession has "een actual, continuous, hostile, vidistinct and the conce$t of oner for the statutory$eriod% .Note3 Statutory $eriod is /0 years3 advers$ossession does not a$$ly on lands titled under th

Torrens Syste!%



REAL E!A!E

!ERM"N#L#$"E• A%%"*AV"! A syste! or a declaration reduced i

riting sorn to a#ir!ed "efore so!e o#icer hoauthority to ad!inister an oath or a#ir!ation%

• A$EN! One ho acts for and has the authority re$resent another ho is knon as the $rinci$al%



REAL E!A!E

!ERM"N#L#$"E• A$REEMEN! #% ALE A ritten agree!ent or co

"eteen seller and $urchaser hich they reach a !eeof the !inds on the ter!s and condition of the sale%

• A"R R"$-! The right of the $ro$erty oner to use

control, or occu$y the air s$ace over his $ro$erty, su"to the re2uire!ents of air navigations and govern!enregulation%

• AL"ENA!"#N & The transferring of $ro$erty to anoththe transfer $ro$erty and $ossession of lands, or othethings, fro! one $erson to another%



REAL E!A!E

!ERM"N#L#$"E• AM#R!"A!"#N Staggered $ay!ent of the thin

$urchased% Also knon as INSTALLMENT% It referthe $rocess of $aying o# de"t .often fro! a loan o!ortgage1 over ti!e through regular $ay!ents% A

$ortion of each $ay!ent is for interest hile there!aining a!ount is a$$lied toards the $rinci$a"alance% An a!orti)ation could "e in E2ual -ay!ehich 5( a!ounts throughout the loan $eriod% It calso "e 6allooning -ay!ent herein the !onthly dincreases through ti!e% Given nu!"er of $ay7$eri

and interest rate, the a!orti)ation a!ount is calcu



REAL E!A!E

!ERM"N#L#$"E• AM#R!"A!"#N The li2uidation of a 5nancial

o"ligation on install!ent "asis% .A $eriodic $ay!ehich includes interest and $rinci$al necessary toli2uidate a 5nancial o"ligation%

• APP"#N!MEN! A$$oint!ent is one ay of hoagency relationshi$ is created% It !eans that the$rinci$al gives e($ress authori)ation to the agent*nder "oth co!!on and statutory la, this re2uesriting hen the sale of real estate is involved%



REAL E!A!E

!ERM"N#L#$"E• APPRA"ER A Real Estate A$$raiser is duly

registered and licensed natural $erson ho, for a co!$ensations or other valua"le consideration,$erfor!s or renders or o#ers to $erfor! services

esti!ating and arriving at an o$inion of or acts ase($ert on real estate values, such services of hicshall "e 5nally rendered "y the $re$aration of there$ort in acce$ta"le ritten for!% Also knon as vrefers to a $erson ho conducts valuation8a$$raiss$eci5cally, one ho $ossesses the necessary

2uali5cations, a"ility and e($erience to e(ecute or



REAL E!A!E

!ERM"N#L#$"E• APPREC"A!"#N A rise in value or $rice due to

factors as in9ation or !arket conditions%

• APP'R!ENANCE So!ething anne(ed to anoththing hich !ay "e transferred incident to it% Thahich "elongs to a thing as a "arn, delling, garaorchard, is an incident to a land to hich it is atta

• AE#R refers to a govern!ent o#icial hoconducts a$$raisal and assess!ent of real $ro$ert

for ta(ation $ur$oses%



REAL E!A!E

!ERM"N#L#$"E• A"$NMEN! & The transfer of $ro$erty or right

o"ligations over it in favor of another% .The one hassigns or transfers a $ro$erty is called ASSIGNOhile those ho ho! $ro$erty is assigned are ca

ASSIGNS or ASSIGNEES1%

• A'!#MA!"C RE*EMP!"#N CLA'E A sti$ulin a !ortgage of several $ro$erties $rice, a $ortiothe $ay!ents shall corres$ondingly release said lofro! the !ortgage%



REAL E!A!E

!ERM"N#L#$"E• BALL##N PA/MEN! &here the 5nal install!e

$ay!ent on a note is greater than the $recedinginstall!ent $ay!ents and the $ayer $ays the notefull, such a 5nal install!ent is ter!ed a "alloon

$ay!ent%.-ay!ent in lu!$ su! although not yet d

• BAE AN* MER"*"AN I!aginary lines used "ysurveyors to 5nd and descri"e the location and"oundaries of real $ro$erty%



REAL E!A!E

!ERM"N#L#$"E• B"N*ER A agree!ent to cover a don $ay!ent

the $urchase of real as evidence of good faith of th$art $urchaser%

• BLAN(E! M#R!$A$E A !ortgage that has t

!ore $ro$erties $ledged as security for a de"t%

• BREAC- The "reaking of la, or failure to $erfoduty or o"ligations s$eci5ed in a contract or agreeor revelation of secret, either "y o!ission orco!!ission%



REAL E!A!E

!ERM"N#L#$"E• BR#(ER A Real Estate 6roker is duly registere

licensed natural $erson ho, for a fee, co!!issionother valua"le consideration acts as an agent of a in real estate transaction to o#er, advertise, solicit

$ro!ote !ediate, negotiate, or e#ect the !eeting!inds on the sale, $urchase, e(change, !ortgage,or +oint venture, or other si!ilar transactions on restate or any interest therein%

• B'N*LE #% R"$-! The rights of onershi$

here"y the oner has the right to en+oy, dis$osee(clude others and to recover%



REAL E!A!E

!ERM"N#L#$"E• CAP"!AL AE! :a$ital asset !eans $ro$erty

"y the ta($ayer .hether or not connected ith hitrade or "usiness1, "ut does not include ; .a1 Stocktrade of the ta($ayer or other $ro$erty of kind hould $ro$erly "e included in the inventory of theta($ayer if on hand at the close of the ta(a"le yea."1 -ro$erty held on the ta($ayer $ri!arily for salcusto!er in the ordinary course of his trade or "u4 or .c1-ro$erty used in the trade or "usiness of acharacter hich is a su"+ect to the alloance for t

de$reciation $rovided in su"section .1 of Sec%/<



REAL E!A!E!ERM"N#L#$"E

• CAP"!AL $A"N !A :a$ital Gains ta( is a ta( i!the gains $resu!ed to have "een reali)ed "y the sellethe sale, e(change, or other dis$osition of ca$ital asslocated in the -hili$$ines, including $acto de retro saother for!s of conditional sale%

•CAP"!AL PR#PER!/ & -ro$erty you on that could a ca$ital gains if you sold it% :an include invest!ents$ro$erty other than your ho!e and !oney fro! a truaccount% A $ro$erty that is ac2uired for invest!ent $or use in a "usiness that ill give rise to a ca$ital gainot an inco!e gain, if it is sold at a $ro5t% Land, 6uild

!achinery, shares in a far! cor$oration and an intere



REAL E!A!E

!ERM"N#L#$"E• CAVEA! EMP!#R Means =Let the "uyer "ear

.The "uyer is duty7"ound to e(a!ine the $ro$erty $urchasing and he assu!es conditions hich are rascertaina"le on the face of the title1%

• CENR# :o!!unity Environ!ent and NaturalResources O#icer of the ?ENR%



REAL E!A!E

!ERM"N#L#$"E• CL"EN! A client is a $erson ho e!$oers ano

to act as his or her re$resentative or agent% :lient Agent relationshi$ is e2ual to 5duciary relationshi

•CL#E* M#R!$A$E A !ortgage hich can "o# on its !aturity%



REAL E!A!E

!ERM"N#L#$"E• CL#'* #N !-E !"!LE& Any conditions reveale

title search hich a#ect the title to $ro$erty4 usuarelatively uni!$ortant ite!s "ut hich ite!s "ut cannot "e re!oved ithout a 2uit clai! dead or c

action%

• C#MM""#N& An agent's co!$ensation for$erfor!ing the duties of his agency4 in real estate$ractice, a $ercentage of the selling $rice of $ro$e$ercentage of rentals, etc%



REAL E!A!E

!ERM"N#L#$"E• C#*EMNA!"#N& the taking of $u"lic $ro$erty fo

$u"lic use ith fair co!$ensation to the oner% Ane(ercise of the Right of E!inent ?o!ain%

•C#N1'$AL PR#PER!/& $ro$erty oned in co!!"y the hus"and and ife%



REAL E!A!E

!ERM"N#L#$"E• C#N'L!AN!& A Real Estate :onsultant is a du

registered and licensed natural $erson ho, for aco!$ensation or other valua"le consideration, o#or renders $rofessional advice and +udg!ent on3

ac2uisition, enhance!ent, $reservation, utili)atiodis$osition of lands or i!$rove!ents thereon4 anthe conce$tion, $lanning, !anage!ent anddevelo$!ent of real estate $ro+ects%



REAL E!A!E

!ERM"N#L#$"E• C#N!RAC! #% ALE& An agree!ent "eteen a

and a seller here"y there is trans!ission of onon the o"+ect of the contract

•

C#N!RAC! !# ELL& An agree!ent here"y "yseller $ro!ises to sell a thing in consideration of t"uyer's co!$liance to the ter!s and conditions ofcontract and that only after the "uyer's co!$liancthe seller "e o"ligated to transfer or convey theonershi$ of the thing su"+ect of the contract%



REAL E!A!E

!ERM"N#L#$"E• C#NVE/ANCE& This !eans "y hich title to

estate is transferred%

• C#RNER "N%L'ENCE& The added desira"i

utility of a $ro$erty due to its frontage to tostreets, hich for residential use $rovides "e ventilation and as to co!!ercial or industriait $rovides "etter access, dis$lay andtrans$ortation convenience%



REAL E!A!E

!ERM"N#L#$"E• C#'N!ER #%%ER& It is a 2uali5ed or

conditional acce$tance%

• C'L *E AC& A $assageay ith one outlet

"lind alley%

• C'!#MER& A custo!er generally refers to$erson ithout re$resentation involved in thtransaction involved in the transaction% All agand "rokers have a duty to treat custo!ers fa



REAL E!A!E

!ERM"N#L#$"E• *AC"#N EN PA$#& -ay!ent in kind% -ay!e

the de"t or o"ligation ith a $ro$erty

• *EE*& A ritten instru!ent hich, hen

$ro$erly e(ecuted and delivered, conveys titl• *E%A'L!& The failure to ful5l a duty or $ro!

or to discharge an o"ligation4 an o!ission orfailure to $erfor! any act%



REAL E!A!E

!ERM"N#L#$"E• *E%EAANCE CLA'E& The clause in a

!ortgage that gives the !ortgagor the right redee! his $ro$erty u$on the $ay!ent of hiso"ligations to the !ortgagee%

• *E%"C"ENC/ 1'*$MEN!& it is a +udg!entthe !ortgagor to $ay the "alance of the o"ligif the $roceeds of the foreclosure%



REAL E!A!E

!ERM"N#L#$"E• *EPREC"A!"#N& Loss in value "rought a"ou

deterioration functional or econo!ic o"solesc

• EARNE! M#NE/& A su! of !oney tendere"uyer to the seller hich if acce$ted "y the seshall for! $art of the $urchase $rice and as $the $erfection of the contract% It is a sign of gfaith on the $art of the "uyer% Actually, it is a $$ay!ent of the $urchase and it !ust "e dedutherefro!% .See also B"N*ER



REAL E!A!E

!ERM"N#L#$"E• EAEMEN!& he right, advantage or $rivileg

hich an individual has in land of another, sua right of ay%

• ECA& Environ!entally :ritical Area is an arethat is environ!entally sensitive%



REAL E!A!E

!ERM"N#L#$"E• ECC& Environ!ent :o!$liance :erti5cate is the

docu!ent issued "y the ?ENR Secretary or theRegional E(ecutive ?irector certifying that "asethe re$resentation of the $ro$onent and the $re

as revieed and validated "y the EIAR:, the$ro$osed $ro+ect or undertaking ill not cause asigni5cant negative environ!ental i!$acts4 that$ro$onent has co!$lied ith all the re2uire!enthe EIS Syste!, and that the $ro$onent is co!!to i!$le!ent its a$$roved EM- in the EIS or

!itigation !easures in IEE%



REAL E!A!E

!ERM"N#L#$"E• EC#N#M"C L"%E& The $eriod over hich a $ro$

ill yield a return on the invest!ent, over and a"othe econo!ic or ground rent to land%

• EC#N#M"C REN!& The $otential rent hich a

$ro$erty can co!!and, considering rental of si!ico!$ara"le $ro$erties in the neigh"ourhood%

• ECP& Environ!entally :ritical -ro+ect is a $ro+ecthas a high $otential for signi5cant negativeenviron!ental i!$act%



REAL E!A!E

!ERM"N#L#$"E• E"& Environ!ent I!$act State!ent refers to thedocu!ents or studies on the environ!ental i!$ac$ro+ect including the discussions on direct and indconse2uences u$on hu!an elfare and ecologicalenviron!ental integrity%

• EMB& Environ!ental Manage!ent and -rotectedSector of the ?ENR%

• EM"NEN! *#MA"N& The right of the govern!enac2uire $ro$erty for necessary $u"lic or 2uasi7$u"

use%




• EMP& Environ!ental Manage!ent -lan is a sectiothe EIS that details the $revention, !itigation,contingency and !onitoring !easures to enhance$ositive i!$acts and !ini!i)e negative i!$acts of

$ro$osed $ro+ect i!$acts of a $ro$osed $ro+ect orundertaking%

• ENCR#AC-MEN!& A "uilding, $art of "uilding, oo"struction hich intrudes u$on or invades a highor sidealk or tres$asses u$on $ro$erty of anothe




• ENC'MBRANCE& Anything hich a#ects or li!ifee si!$le title to $ro$erty, such as !ortgages,ease!ents, or restrictions of any kind% Liars are !encu!"rances hich !ake the $ro$erty security f$ay!ent of a de"t of o"ligations, such as !ortgagta(es%

• EC-A!& It is the reservation or auto!atic conveof real $ro$erty to the State u$on the oner's deato the a"sence of ill heirs or other legal clai!ant

the title, or hen the oner fails to $ay the real




• E!#PPEL& Esto$$el in one ay of ho an agencyrelationshi$ is created% It !eans that if the $rinci$althird $ersons to "elieve that so!eone in his agent anthird $arty deals ith even though it did not e(ist in

•E+'"!/ #% RE*EMP!"#N& Right of the original oreclai! $ro$erty sold thought +udicial foreclosure$roceedings "y $ay!ent of de"t, interest, and cost%

• E+'"!/& The interest or value hich an oner has iestate over and a"ove the !ortgage against it%




• ECALA!"#N CLA'E& A $rovision in a contract$roviding for $eriodic $ro$ortional u$ard ordonard ad+ust!ent of $rice or consideration%

• EC-EA!& Reversion of $ro$erty to the state on

lack of any heirs ca$a"le of inheriting4 or due to ocauses $rovided "y lo%

• ECR#)& An agree!ent entrusted to a third $ers"e held "y hi! until the $erfor!ance or ful5l!entso!e act or condition%




• E!-"C& That "ranch of !oral science, idealis!, +ustness, and fairness, hich treats of the duties t!e!"er of a $rofession or $rofessional "rethren o!e!"ers%

• %A"R MAR(E! VAL'E& The $rice hich a illingseller ill sell and a illing "uyer ill "uy, neitherunder a"nor!al $ressure%

• %EE "MPLE& Largest estate of onershi$ in real$ro$erty in hich the oner holds all rights not

reversed "y society% A"solute onershi$%




• %"*'C"AR/& A $erson in a $osition of trust andcon5dence, as "eteen a $rinci$al and a "roker4 t"roker as 5duciary oes certain loyalty hich can"reached under rules of agency%

•

%#RCL#'RE A $rocedure here "y $ro$erty as security for de"t is sold to $ay the de"t in the edefault in $ay!ents or ter!s% It is a $rocess instita !ortgagee "y hich the !ortgaged $ro$erty is$u"lic auction to satisfy the $rinci$al o"ligation de"tor failed to ful5l% The $ro$erty that has "een

transferred to the "ank through a oreclose -ro$e




• %#R%E"!'RE The loss of !oney or anythi value, due to failure to $erfor!, such as undagree!ent to $urchase%

• -"$-E! AN* BE! 'E PR"NC"PLE Tuse of $ro$erty hich ill "ring the o$ti!u!highest returns or advantage as of a certain




• -#L*#VER CLA'E A $rovision in a listingagree!ent hich entitles the "roker to co!!issioeven hen the sale as closed after the $eriod ofauthority $rovided that the "uyer as registered "ith the seller and ith ho! he has negotiated d

the $eriod of his authority% It !ay also "e a$$lied lease ith contracts herein this $rovision deter!hat ha$$ens hen the tenant re!ains "eyond the($iration of the lease4 e(a!$le3 after the e($iratilease, the land lord serves an eviction notice to th

tenant, rent the tenant as given an o$tion to re!




• "N&-#'E %"NANC"N$ also knon as VEN*#%"NANC"N$, is a real estate "uying act instal!en"asis herein the !ortgage agree!ent is "eteen$ro$erty develo$er and the "uyer% &hen the "uyer

to ful5l the o"ligation to $ay, the onershi$ of the$ro$erty reverts "ack to the develo$er% In7house5nancing usually have higher interest rates co!$ato the "ack loan% &hat is "ad in7house 5nancing isthe seller only issues a :ontract7To7Sell% In 6ankinancing, the seller issues an A"solute ?eed of S

the na!e of the "uyer, and then auto!atically !o




• 1#"N! VEN!'RE A "usiness alliance of to or $arties to undertake a s$eci5c $ro+ect% &hen the $co!$leted, the +oint venture self7destructs itself%

• (E/ L#! A lot ad+oining a co!er, at right angle

and fronting an intersecting street% .:o!!only reto as a 3!u5o6 Lot%1

• LAN* The earth's surface, the "eneath hich e(to the center of the earth, and the s$ace a"ove he(tend to the sky%

•

LA!C-E ?elay or an negligence in asserting o




• LEAE An agree!ent or contract, here"y the oner8les$ro$erty transfer to the lessee8tenant the right of $ossessiosu"+ect $ro$erty, su"+ect to $ay!ent of s$eci5c consideratiand other ter!s and conditions as contained in the lease co

• LEAE*&%EE "N!ERE!LEAE&%EE E!A!E Refers t

right of the oners @lessor to receive contract rent, re$ossesu"+ect $ro$erty u$on ter!ination of the lease, and any ad+in the i!$rove!ent as contained in the lease agree!ent%

• LEAE-#L* "N!ERE!LEAE-#L* E!A!E Refersright of the lessee8tenant to use and occu$y the $ro$erty suter!s and conditions of the lease contract%




• LE$AL L"%E The life of the intangi"le asset allo"y la%

• LEEE A $erson is to ho! $ro$erty rented le:o!!only called a tenant%

•

LE#R One ho the $ro$erty and hose rightuse an asset, hich is transferred to another .lessunder the lease contract% :o!!only referred to aslandlord%

• L"EN A hold or clai! hich one $erson has u$o$ro$erty of another ass security for, a de"t or char




• L" PEN*EN An annotation in the title hich as notice that the $ro$erty is su"+ect to a $endinglitigation% Lis $endes is Latin for =suit $ending%> T!ay refer to any $ending lasuit or to a s$eci5csituation ith a $u"lic notice of litigation that has

recorded in the sa!e location here the title of re$ro$erty has "een recorded%

• L"!"N$ The "rokers =stock in trade> or the $r"eing handled "y the "roker3 it can "e referred toas the conduct "eteen the oner and "roker3 or

authority of the "roker to negotiate the transactio




• MA APPRA"AL The $ractice of a$$raising!ulti$le $ro$erties as of a given date "y the asyste!atic and unifor! a$$lication of a$$raisal!ethods and techni2ues%

• MA!ER *EE* A docu!ent e(ecuted "y $ro$eoners hich creates or converts his $ro$erly intcondo!iniu! a $ursuant to Re$% Act% <BC%

• MEC-AN"C L"EN & A lien created "y the la e(ist in favor of $ersons ho have $erfor!ed orfurnished !aterials in the erection or re$air of the

"uilding




• ME!E AN* B#'N* Measure!ents and "oundaries% Aused in descri"ing the "oundary lines, together ith their te$oints and angles%

• M#R!$A$E & A $ledge of an interest in $ro$erty as securitcollateral for re$ay!ent of a loan ith $rovision for rede!$

re$ay!ent% In case of "orroer's default, the lender can forthe collateral%

• M'L!"PLE L"!"N$ & An arrange!ent a!ong a grou$ of restate "rokers to share its listing ith a $re7arrange agree!es$ecially on co!!ission sharing%




• #B#LECENE & I!$air!ent of desira"ility andusefulness "rought "y $hysical, econo!ic, functionaldeterioration, or other causes% Loss in a value due todesira"ility and usefulness of a structure "ecause of old7fashioned and not in kee$ing ith !odern needs

conse2uent loss of inco!e%• #PEN M#R!$A$E & A !ortgage hich can "e $aid

any ti!e even "efore its !aturity%

• #PEN&EN* M#R!$A$E & A !ortgage containing a hich $er!its the !ortgagor to "orro additional !

after the loan has "een reduced ithout re7riting t




• #P!"#N & The right to $urchase or lease a $ro$ertycertain $rice for a certain designated $eriod, for ha consideration is $aid%

• #P!"#N M#NE/ & The a!ount $aid to a $ro$erty consideration of giving a $ros$ective "uyer or lessee(clusive right to "uy or lease his $ro$erty ithin a $eriod at the agreed $rice and ter!%.&ithin the o$ti$eriod, the oner cannot sell or lease e(ce$t to the ho $aid the o$tion !oney%1

• #R*"NAR/ AE! & Ordinary asset refers to all $r

s$eci5cally e(cluded fro! the de5nition of ca$ital a




• #VER&"MPR#VEMEN! & The i!$rove!ent hich$roduce an ade2uate return for the a!ount investe"uilding or $ro$erty% An i!$rove!ent hich is not sto the site on hich it is $lace due to e(cessive si)e

• PAC!# *E RE!R# ALE & A contract of sale ith sti$ulation that the vendor shall have the right to "uthe $ro$erty ithin the agreed $eriod%

• PAC!'M C#MM"#R"'M & A sti$ulation hichauthori)es the !ortgagee to a$$ro$riate the $ro$eron u$on failure of the de"tor to ful5l the $rinci$al

o"ligation




• PAC!'M *E N#N AL"EN*# & A sti$ulation hi$rohi"its the !ortgagor fro! alienating the $ro$eithin the $eriod of the !ortgage%

• PARAP-ERNAL LEAE & -ro$erty e(clusively o"y the ife%

• PER#NAL PR#PER!/ & Rights and $rivileges rto the onershi$ of a $ro$erty other realty%

• PENR# & -rovincial Environ!ent and NaturalResources O#icer of ?ENR%




• PERCEN!A$E LEAE & A lease of $ro$erty in hrental is "ased u$on the volu!e of sales !ade u$oleased $ro$erty%

• P#L"CE P#)ER & The right of the state to enact and enforce the! for the order, safety, health, !or

general elfare of the $u"lic%

• PR"NC"PAL & A $rinci$al is co!!only knon as th$erson ho engages the agent for re$resentation%

• PR#BA!E &is $roof or act of $roving at a court thaill and testa!ent actually that of the deceased $e




• PR#C'R"N$ CA'E & The act of the "roker leadthe !eeting of !inds "eteen the $arties to atransaction or the consu!!ation of a transaction%

• PR#PER!/ & A legal conce$t, $ertaining to all the

interest rights, and "ene5ts related to onershi$%

• PR#PER!/ R"$-! & Refer to "undle of rights,su"+ect only to the $rivate and state li!itations%




• P'! #P!"#N & This is a contract that authori)es 6roker to o#er a $ro$erty for sale at a $re!iu!$ro5teering $rice, hich is nor!ally a high $rice the nor!al fair !arket value% &hen a real estate oants to sell his $ro$erty that is currently under a

-rofessional Real Estate Manage!ent Service .-Rhe ill +ust order a -ut O$tion to the 6roker%

• +'"!CLA"M & A deed of release or renunciation olegal right a deed to relin2uish any interest in $rohich the granter !ay have had an $rotest or adv

clai!




• RA!"%"CA!"#N & Rati5cation is one ay of ho aagency relationshi$ is created% It !eans that if a $having no authority hatsoever $ur$orts to act asagent and the $ur$orted $rinci$al later ado$ts thof that agent an agency relationshi$ has retroactiv"een created%

• REAL!/ & A ter! used to distinguish either real$ro$erty or real estate fro! ite!s or $ersonal $ro

REAL E!A!E




• REAL E!A!E & Refers to the land and all those ithich are attached to the land% It is the $hysical,tangi"le entity hich can "e seen and touched, togith all the addition on, a"ove or "elo the ground

• REAL E!A!E *EVEL#PMEN! PR#1EC! & Meadevelo$!ent of land for residential, co!!ercial,industrial, agricultural, institutional and recreation$ur$ose, or any co!"ination of such including, "utli!ited to, tourist, resorts, recla!ation $ro+ects, "uor housing $ro+ects, hether for individual or

condo!iniu! onershi$ !e!orial $arks and othe




• REAL PR#PER!/ &Includes all the rights and "enerelated to the onershi$ of real estate%

• REAL E!A!E ERV"CE PRAC!"!"#NER & Shalland shall consist of Real Estate 6roker, Real Estate Aand Real Estate :onsultant%3

• RE*& Regional E(ecutive ?irector of ?ENR

• RE"!& Real Estate Invest!ent Trust

• REA& Real Estate Service Act .R%A No%DC<C1




• ALEPER#N & a Real Estate Sales$erson is duaccredited natural $erson ho $erfor!s service foin "ehalf of, a real estate "roker ho is registeredlicensed "y the -rofessional Regulatory 6oard of REstate Service for or in e($ectation of the share inco!!ission, $rofessional fee, co!$ensation or oth valua"le consideration%

• !AC"!A REC#N*'C!A & It !eans that if at the ethe $eriod of lease, the lessee continues to en+oy tthing leased ith ac2uiescence of the lessor, it is




• !"E L"NE& Is an i!aginary line connecting fro! tknon geogra$hic $osition .tie $oint1 to the cornethe titled $ro$erty% This ter! is used in Ma$ Read

• !"E P#"N!& Is a reference $oint ith knongeogra$hic $osition esta"lished "y the 6ureau of LThis ter! is used in Ma$ Reading%

• 'N*ER "MPR#VEMEN! & That i!$rove!ent hdoes not su#iciently i!$rove the land to $roduct hhighest and "est value of return of hich the landca$a"le%




• 'NEARNE* "NCREMEN! & A value added to lanhich the oner is in no ay res$onsi"le, like theincrease of $o$ulation%

• VAL'E "N EC-AN$E & O"+ective value% -ro$er

value to an i!$artial "uyer ho re$resent the !a

• VAL'E "N 'E & Su"+ect value% The $ro$erty's vaits occu$ants or user%




• )ARRAN!/ *EE* 7 A deed used to convey real $ro$hich contains arranties of title and 2uiet $ossessionarranty deed, the grantor is to defend the $re!ises athe laful clai!s of the third $erson%

•

)R"! #% EEC'!"#N & A rit authori)es and direct$ro$er o#icer of the court, usually the sheri# to carry e#ect a +udg!ent or decree of the court%

• #N"N$ #R*"NANCE & The e(ercise of the $olice $othe !unici$ality or city and regulating and controlling

character and use of $ro$erty

Documents

2. Real Estate Terminologies Nov22