A – Compendium of Real EState Terms & Concepts

AVM is the name given to a service that can provide real estate property valuations using mathematical modelling combined with database. Most AVMs calculate a property’s value at a specific point in time by analysing values of comparable properties.

APBN is the apex organisation comprising 27 professional bodies, whose main objective is to provide Nigeria with an effective forum for transmitting to government the collective views of the nation’s professionals on matters of public interest, which they believe will enhance further development and economic growth of the country.

This is the transfer of an interest in a bond, mortgaged, lease or other instrument by writing. It can be one called the assignor to another called the assignee. An assignment is usually absolutely in writing, followed by express notice in writing to the debtor or trustee.

In Wikipedia (2020), a Fixed Asset Register (FAR) is described as an accounting method used for major resources of a business. Fixed Assets are assets such as land, machines; office equipments, buildings, patents, trademarks, copyrights, etc. held for...

Asset management is the management of assets including real estate, stocks, bonds, etc.; it is the art and science of making the right decisions and optimising the delivery of value. Publicly Available Specification (PAS) 55 published by the British Standards Institution (BSI) defined...

Acquiescence is a legal term used to describe the act of a person who knowingly stands by without raising any objection to infringement of his rights when someone else is unknowingly and honestly putting in his resources under...

Alternative Dispute Resolution (ADR) is a term that refers to different methods of resolving business-related disputes outside...

Appraisal could be described as follows: • a written provision of a valuation, combined with professional opinion, advice and/or analysis relating to the suitability or profitability or otherwise...

This can be said to be a rise in the value of a property over a period of time. This rise in the value of a property can result from causes like addition of improvement on a property - e.g. renovating it to put it in better state of repairs…

It is the nairage assigned to a taxable property (both real and personal) by the Assessor for the purpose of taxation. Assessed value is usually or more often statutorily determined percentage of market value. It can also be said to be the value...