Glossary

Latin Expression: To set forth from false principles.

Latin Expression: From the stronger. Loosely, "even more so" or "with even stronger reason". Often used to lead from a less certain proposition to a more evident corollary.

Latin expression: From the latter. Based on observation (i.e., empirical knowledge), the reverse of a priori. Used in mathematics and logic to denote something that is known after a proof has been carried out. In philosophy, used to denote something known from experience.

Latin Expression: From the former. Presupposed independent of experience, the reverse of a posteriori. Used in mathematics and logic to denote something that is known or postulated before a proof has been carried out. In philosophy, used to denote something is supposed without empirical evidence. In everyday speech, it denotes something occurring or being known before the event.

Accredited Appraiser Canadian Institute designation from the Appraisal Institute of Canada.

Latin Expression: Misuse does not remove use. Just because something is misused doesn't mean it can't be used correctly.

Latin expression: Accipe quam primum, brevis est occasio lucri "Act now, the chances of success last not" Also: "We must beat the iron while it is hot".

The difference between an improvement’s cost new and its value as of any given date. Depreciation is defined as a loss in utility and hence values from any cause. There are three (3) types of depreciation: physical deterioration, functional obsolescence and economic obsolescence. Depreciation can be measured in many ways, such as: - Depreciation Tables: (variant from Sales comparison method) elaborated throughout commercial Cost Manuals (ex: Marshall & Swift). - Sales Comparison Method: based on sales comparable to the subject building. The appraiser determines for each sale the sale price allocation to the building which is then deducted from the estimated reproduction or replacement cost new of building. - Breakdown Method: where each cause of depreciation is analyzed and measured separately for each of the components of the construction based on the appraiser's observations, experience and judgment. The appraiser then totals the estimates to derive a lump-sum figure that is deducted from the estimated reproduction or replacement cost of building. - Economic Age-Life Method: where the ratio between the effective age and total economic life of a building is applied to the cost of improvements. - Allocation Method: which allows the appraiser to identify, to analyze and to measure each cause of depreciation separately. The sum of all types of depreciations (i.e.: physical deterioration, functional obsolescence and economic obsolescence) is then deducted from the estimated reproduction or replacement cost of building.

Written release from which a Creditor declares the debtor is free of any debt, obligation, or penalty towards him. Withdrawal of all mortgage and financial charges from a property.

A measure of land equalling 4,840 square yards, or 43,560 square feet.

An asset that is used by a business in its daily or routine operations. Active assets can be tangible, such as buildings or equipment, or intangible, such as patents or copyrights.

According to article 43 of An Act Respecting Municipal Taxation, the actual value of a unit of assessment is its exchange value in the free and open market, that is, the price most likely to be paid at a sale by agreement made in the following conditions: (1) the vendor and the purchaser are willing, respectively, to sell and to purchase the unit of assessment, and they are not compelled to do so; and (2) the vendor and the purchaser are reasonably informed of the condition of the unit of assessment, of the use that can most likely be made of it and of conditions in the property market.

Latin Expression: To this. Generally means "for this", in the sense of improvised on the spot or designed for only a specific, immediate purpose.

Latin expression: Ad impossibilia nemo tenetur "to the impossible no one is required.

A Latin phrase meaning "according to value". Usually used in connection with real estate taxation.

Latin Expression: Thing to be added. An item to be added, especially a supplement to a book. The plural is addenda.

Representative of co-owners Union designated by the general meeting of the joint co-owners of condominium management.

An affidavit is a formal sworn statement of fact, signed by the author, who is called the affiant or deponent, and witnessed as to the authenticity of the affiant's signature by a taker of oaths, such as a notary public or commissioner of oaths. The name is Medieval Latin for "he has declared upon oath".

Latin Expression: Things to be done. Originally comparable to a to-do list, an ordered list of things to be done. Now generalized to include any planned course of action. The singular, agendum (thing that must be done), is rarely used.

The rights in real property to the reasonable use of the air space above the surface of the land.

Latin Expression: At another time, otherwise. An assumed name or pseudonym. Similar to alter ego, but more specifically referring to a name, not to a "second self".

The gradual increase of the earth on a shore of an ocean or bank of a stream resulting from the action of the water (from the Latin, alluvius, from alluere, "to wash against").

The deduction of capital expenses over a specific period of time usually over the asset's life. It is not a cash outflow. It is an accounting statement of the lessening of the potential of service of an asset caused by wear, obsolescence, or any other causes.

R.S.Q., chapter F-2.1

Audited document required by the AMF and sent to a public company's or mutual fund's shareholders at the end of each fiscal year, reporting the financial results for the year (including the balance sheet, income statement, cash flow statement and description of company operations) and commenting on the outlook for the future.

Collective housing building divided into apartment units where common services are offered.

The person who takes an appeal of a decision of a court or other decision-making body.

Person who applies to the court for a remedy or relief set out in an Application.

A request of the court to make an order for the remedy or relief requested.

Form required in relation with the contents of the assessment roll toward the accuracy, existence or absence of an entry on the roll in virtue of The Municipal Taxation Act, sections 124 to 138.4.

When appraising a property, and depending on the type of property, data is sought in the market on such factors as sales and/or offerings of similar improved properties or parcels of vacant pieces of land, as well as current prices at the appraisal date for construction materials and labor, rentals of similar properties and their operating expenses, and current rates of return on income producing properties. From this data, a value may be developed both for the land and its improvements, as a whole. When applying the three (3) recognised methods in real estate appraisal, we tend to analyse the data in our possession and estimate the probable market value of the subject property. These methods are as follows: the Cost Approach, the Income Approach and the Direct Comparison Approach.

The address or presentation to the court by the parties with the aim of persuading the court to make a decision in their favour; the argument is not evidence; may be in written form contained in a brief submitted to the court.

Latin Expression: Argument or reasoning, inference, appeal, proof to the consequence. Commonly used in the names of logical arguments and fallacies.

An argumentum e contrario (Latin: "appeal from the contrary" or "argument based on the contrary") denotes any proposition that is argued to be correct because it is not proven by a certain case. It is the opposite of the analogy. Arguments e contrario are often used in the legal system, as a way to solve problems not currently covered by a certain system of laws. Although it might be used as a logical fallacy, arguments e contrario are not by definition fallacies

Transaction in which the two parties are unconnected and have no overt common interests. Such a transaction most often reflects the true market value of a property.

Combining of 2 or more abutting parcels of land.

The assessment roll, which represents the inventory of all properties in a given jurisdiction, indicates the value of each property on the basis of its actual or commercial value, within the meaning of articles 43 to 45 of the L.F.M. It covers all the residential, commercial, industrial, institutional, agricultural and vacant properties. The values which are registered take account of the real market values on July 1st of the second fiscal year preceding the first for which it is conceived.

In municipal assessment, is an assessment unit the largest possible group of immoveables which fulfil the following conditions: (1) the land or pieces of land belongs to a same owner or a group of undivided owners; (2) the pieces land are contiguous or would be if they were not separated by a river; (3) if the immoveables are used, they are in a same predominant end; and (4) immoveables can normally and on short-term be sold but as a whole and not in parts, considering the most likely use that can be made.

A person with technical expertise called in Court to assist and advise a judge or magistrate and in many instances to act as surrogate. Usually selected for special knowledge in a particular area.

A resource with economic value that a corporation or an individual owns or controls with the expectation that it will provide future benefit.

That which is taken to be true.

Latin expression: Atqui, e lotio is "Eh Yes! "it comes from urine" response of Vespasian to his son Titus complaining about the taxes on urinals. See: Pecunia non olet "Money has no smell".

Building with several superimposed levels, the upper is composed of finished or ready to be finished rooms in the attic with slopped ceilings. The attic thus constituted generally shows, but not necessarily, to have an inferior area than that of the underlying floor.

The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. Audits are performed to ascertain the validity and reliability of information; also to provide an assessment of a system's internal control. The goal of an audit is to express an opinion on the person / organization/system (etc) in question, under evaluation based on work done on a test basis.