T – Compendium of Real Estate Terms & Concepts

The term twilight area refers to those obsolescent areas which although, in decline have not deteriorated into slums but certainly within a short period unless it is checked. In many ways, twilight areas pose greater problems than slum areas because they have a measure of use and value and it…

A trust is a legal relationship whereby a person called trustee undertakes the obligation to deal with property over which he has control (called the trust property) for the benefit of persons called beneficiaries of whom he may himself be one.

This refers to an act of adding certain amount of money on the price or rent that property owner earlier agreed upon. This is usually common amongst the...

The time value of money (TVM) is the idea that money available at the present time is worth more than the same amount in the future due to its potential earning capacity. For example, the idea that one naira today is worth more than one naira in the future, because…

Conditions in a given market or general economic conditions are normally subject to variety of changes. At times, these changes are volatile. The flux of ups and downs is constant. But during a given period of time the changes go through a sort of pattern (either up or down).

Before someone can be elected and subsequently recognised as a corporate member of NIESV, such an individual must pass “Test of professional competence”. The word ‘competence’ means ‘the quality of being adequately or well qualified physically and intellectually’ (WordWeb Dictionary).

Before someone can be elected and subsequently recognised as a corporate member of NIESV, such an individual must pass “Test of professional competence”. The word ‘competence’ means ‘the quality of being adequately or well qualified physically and intellectually’ (WordWeb Dictionary).

The definitions of Terms of Reference (TOR) obtained from the World Wide Web include the following: • Terms of reference sets out the parameters within which authority is delegated to sub committees, standing groups, advisory panels, etc., and specify how the group is accountable (www.diycommitteeguide.org).

Tenancy can be defined in any of the following ways: • A habitation held or occupied by a tenant. • Possession or occupancy of lands, buildings, or other property by title, under a lease, or on payment of rent.