Glossary Terms

ACT

A set of rules that have been passed by Parliament, received Royal Assent and become law

AD HOC

Set up for special purpose

AD INFINITUM

Without end

ADDED VALUE OF IMPROVEMENTS

The monetary amount that buildings add to the market value of land as based on the building replacement costs less accured depreciation.

AFFIDAVIT

A written statement in the name of the person who signs it and swears or affirms to its truth.

AGENT

The person or firm appointed in writting by you to act on the behalf of third parties, and thereby receive a commission.

AGENTS IN CONJUNCTION

In real estate transactions, an agency conjunctional relationship may be created by either party. This is usually an ad hoc agreement if another agent has advised that they have, or can source, a likely buyer.

AGENT'S REPRESENTATIVE

An employee who is authorised in writing to act on behalf of an estate agent and to perform the functions of that agent as specified. Not a licensed agent.

AIR RIGHTS

Rights concerning the building upon, or occupancy of the vertical space above the specified site.

ALLOTMENT

A small site for home building, sometimes called a block
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