R – Compendium of Real Estate Terms & Concepts

This is the greater of the net realisable value of an asset (at the date of the balance sheet) and where appropriate, the amount recoverable from its further use (Wood & Sangster 1999). Generally speaking in terms of investment, an asset used in the production of a good or service…

Recession, also known as ‘contraction’, is a period of decline in overall business activity. It is a part of the business cycle, a recurring rise and fall in economic activity. Many economists consider a nation’s economy to be in a recession if the output of goods and services fall for…

Real property is defined as land and improvements permanently attached to the land. It is also known as real estate, or realty. It is “the interests, benefits, and rights inherent in the ownership of real estate.” [The Appraisal Foundation, Uniform Standards of Professional Appraisal Practice (1998), pp. I-10].

This is the physical land and appurtenances including structures affixed thereto (Boyce, 1984). Real Estate may also be viewed as the land or land and buildings. It is that object, (in this case land or building(s)) which forms the subject matter of property. A real estate is a tangible asset…

A Responsibility Assignment Matrix (RAM), also known as RACI matrix or Linear Responsibility Chart (LRC), describes the participation by various roles in completing tasks or deliverables for a project or business process. It is especially useful in clarifying roles and responsibilities in cross-functional/departmental projects and processes.