Real Estate Glossary

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Administrator
A person who is appointed by a probate court to settle the affairs of an individual dying without a Will.

Advertising
Purchased space in newspaper, magazine or other medium used to attract public attention to a commodity for sale or lease.

Agency Fee
Fees that are charged by Estate Agent to the vendor/landlord upon successful closing of transactions and signing of Sale and Purchase Agreement / Tenancy Agreement.

Anchor Tenant
A major department store in a shopping center. Also called key tenant.

Appraisal Estimate and Opinion of Value
A conclusion resulting from analysis of facts by a qualified appraiser or valuer.

Appraised Value
Assessed value of real property in the opinion of a qualified appraiser or valuer.

Appreciation
Increase value of an asset over the normal life-time.

Assessment
i. A monthly fee paid by cooperative and condominium members to cover maintenance costs for the property.
ii. A special real estate tax levied by the municipal or local government to finance improvements in an area.

Auction
A public sale of property to the highest bidder after successive increased bids are made.