Glossary

Water that has fallen as rain and collected on buildings or structures.

A rate is a relationship between two quantities, often expressed as a percentage.

One value divided by another. The result is representative of the value of one quantity in terms of the other.

Land in its natural state, generally unsubdivided, which has not been subject of a subdivision, on which no development works has been carried out to render it usable. This notion is the opposite of "serviced land". We will take care not to confuse bare land and vacant land, the latter term referring to a generally subdivided land, improved or not.

Recession, technically, 2 or more successive quarters of declines in real Gross Domestic Product, calculated by adjusting for price changes.

In municipal assessment, geographical coordinates of an assessment unit based on the registration system prescribed by the regulation. The reference number is the numerical designation of each assessment unit and the reference to any related documents.

The regional county municipality (RCM) is an administrative entity used in the Canadian province of Quebec to designate county-like political and geographic units. In most cases, they are also census divisions. RCM are a supralocal type of "Regional Municipality" and are still commonly referred to as counties. This double level of competence system of municipal government was rearranged in 1979, with the government policy of reorganization of Quebec counties.

Period of time from the date of appraisal until the expiration of the economic life span of the construction.

Income that can reasonably be expected to have in exchange of the right of use of a real estate. Generally, the competition establishes the rental value.

Cost to construct, at current prices, a building with utility equivalent to the building being appraised, using modern materials and current standards, design and layout."

Cost to construct, at current prices, an exact duplicate or replica of the building being appraised, using the same materials, construction standards, design, layout and quality of workmanship, and embodying all the deficiencies, superadequacies, and obsolescence of the subject building.

Reserve Fund Study completed to provide financial planning advice. The consulting service should consider the stated policies in the Declaration of Co-Ownership defining those components to be covered by the study and incorporate a comprehensive benchmark analysis including life cycle analysis, current and future rep1lacement costs and future reserve fund accumulations. The Study should provide comments on any apparent deficiency in the reserve fund account or in future reserve fund accumulation, along with a cash flow model covering an appropriate time frame.

Residual value is the expected value of the assets at the end of their life cycle.

The person who is in response to or in opposition to an Application made by the Applicant; also a person who is in response to or in opposition to an appeal taken by an Appellant.

Retained earnings refers to the portion of net income which is retained by the corporation rather than distributed to its owners as dividends. Similarly, if the corporation takes a loss, then that loss is retained and called variously retained losses, accumulated losses or accumulated deficit. Retained earnings and losses are cumulative from year to year with losses offsetting earnings.

A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.

Ownership is the right to use, enjoy and dispose of property fully and freely, subject to the limits and conditions for doing so determined by law. Ownership may be in various modes and dismemberments

An easement, a privilege to pass over the land of another, whereby the holder of the easement acquires only a reasonable and usual enjoyment of the property and the owner of the land retains the benefits and privileges of ownership consistent with the easement.