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48 agency
Person or body corporate acting under the orders and authority of another. The scope of such authority
is usually specified in the agreement between the two parties.
49 agency agreement (agency listing)
The term describing a listing under which the broker’s commission is protected against a sale by other
agents and often by the principal.
50 agent
One who acts on behalf of a principal
51 agent’s commission
The fee payable for services rendered by a real estate professional.
52 agrarian
Relating to land, or to a division or distribution of land.
53 agreement for lease/sale
It is a contract by which land or property is leased or sold by one party to another.
54 agricultural property
Land which is used for agricultural purposes or for the purpose of raising livestock.
55 air rights
This is the right to use the space above a property. It does not include the right to use the land surface
on which the property is located.
56 AJB (Akte Jual Beli) (IDN)
Deed of release (of land title).
57 alienate land (MYS)
To dispose of state land in perpetuity or for a term of years, in consideration of the payment of rent,
otherwise in accordance with the provisions of Sections 76 of the National Land Code 1965.
58 alienation
To transfer the ownership of a property from one person to another.
59 alley
A narrow path.
60 Allocated land (CHN)
State-owned land allocated to a governmental authority, or a State-owned company for non-operational
use without any fee or specified time limit for such use.
61 allodial tenure
Absolute right of ownership over real estate assets which can be bequeathed / sold / gifted or otherwise
disposed of by the owner according to his wishes.
62 alterations
Modifications in a building without changes to its dimensions.
63 alternative user value
The value of land and buildings which reflects a prospective use which is different from that of the
current use.
64 amendment
A change or alteration in an agreement or court document.
65 amenities
Those facilities, like swimming pools, jogging tracks, health clubs, etc., which add value to a building.
66 amortization
1) The concept of writing off the capital cost of a wasting physical asset by means of a sinking fund. 2)
Payment of a debt in equal installments of principal and interest, as opposed to interest only payments.
67 amortization rate
The rate of interest used for purposes of amortization. The percentage of a periodic payment that is
applied to the reduction of the principal; in a level-payment mortgage this corresponds to the sinking
fund factor.
68 amortization term
The period, usually expressed as a number of years coinciding with the useful life of an asset, over
which the value of the asset is written off.
69 amortize
To bring down outstanding debt by regular payments referred to above.
70 anchor tenant
One or more department or variety chain stores, supermarkets or hypermarkets, introduced into a
shopping center in key positions to attract the shopping public into the center for the purpose of
encouraging other retailers to lease shops en route. The larger the development the more anchors
required.
71 ancillary use
A planning term describing the use of a property in a manner different from, but functionally related to,
its main use.
72 annexure