Appraisal

A report that includes an estimation of the sale price of a property. Appraisals are compiled by real estate salespeople and agents, generally at no charge. Unlike valuations, appraisals cannot be used in a court of law if there is a dispute (see “Valuation”).

A-REIT

Australian Real Estate Investment Trust. Formally known Listed Property Trusts. An A-REIT is an Australian listed property trust that buys property, generally commercial property) and manages it on behalf of investors. Some commonly known A-REITs include; Westfield Corporation (WFD), Colonial First State Retail Property Group (CFX), Dexus Property Group (DXS).

Automated Deed Indexing Systemn (ADIS)

The Land and Property Information electronic index and registration system for the General Register of Deeds which commenced in 1992. The index replaced the earlier manual General Register of Deeds index and incorporated other previously separate indexes into the General Register of Deeds such as the Bills of Sale Index and the Register of Resumptions. This index mainly contains General Register records registered from the November 1992 to date.

Australian Height Datum (AHD)

The origin height for all reduced levels as fixed by the Surveyor General.

Abstract of Title

A listing of documents comprising the chain of evidence to a person's estate or interest in land.

Acceptance

The act of assenting to an offer (eg the affixing of one's signature for the purpose of accepting the terms or conditions of a dealing).

Access Way

A thoroughfare created over all or part of the association property of a community, precinct or neighbourhood scheme and defined in an access way plan attached to the management statement.

Accredited Certifier

A person identified under the Environmental Planning and Assessment Act 1979 as authorised to consent to the subdivision of land.

Accretion

The acquisition of extra land from the sea or its inlets, or from a stream, by natural, gradual and imperceptible means.

Acknowledgement

A deed by which the executor(s) of a deceased estate pass an interest in Old System land to the devisee under a will.

Acquisition

Except in relation to private action the compulsory acquisition of land or an easement by the Commonwealth of Australia under the Lands Acquisition Act 1989 (Commonwealth) by notification in the Commonwealth of Australia Gazette.

Ad Medium Filum

The "middle thread" of a non-tidal stream or road - there is a rebuttable rule of construction (not applicable to a public road) that the title to land abutting a non-tidal stream or road extends to the middle thread of the stream or road unless the rule of construction has been rebutted - known as the "ad medium filum rule".

Administrator

A person to whom letters of administration are granted by the Court in the event of death without leaving a will (intestate), or where the will does not specify an executor.

Alienated

The capacity for a piece of property or a property right to be transferred by grant or purchase from the Crown.

Alienation

The passing of Crown lands into private ownership.

Allotment

The smallest subdivision of land in a section of a town or village map.

Appointment of Receivers

The act of making a person or firm responsible for the function of holding property for safe keeping or its administration for the sale and recovery of another person's debt.

Appropriation

In relation to land, the taking of Crown land by a Crown authority for the purpose of a public work, not effective against land or an easement held by the Commonwealth of Australia.

Approved Form

A form approved by the Registrar General for the purposes of a provision of the Real Property Act 1900 or any other Act.

Assign

The act of transferring a property, interest or equity the legal successor of ownership.

Association Property

The communal property created in a community, precinct or neighbourhood plan.

Assurance Fund

The fund established under the Real Property Act 1900 to compensate persons deprived of land, or an interest in land, by the operation of that Act.

Attestation

The witnessing of the signature or execution of a document.

Azimuth

The datum line specially determined from established survey monuments on public record and its bearing or direction, adopted by a surveyor as the base line for a survey. Alternatively the bearing used may be taken from astronomical observations.

AAPR – annualised average percentage rate

Sometimes referred to as the comparison rate. This figure takes into account all the costs associated with the loan and is used to compare loan products.

Amortisation period

The length of time a loan is calculated over and repaid.

Appraisals/valuations

A written report of the estimated value of a property, usually prepared by a valuer.

Appreciation

An increase in value.

Add-on sale

Additional items a customer buys due to suggestive selling.

Allowance

Retail term referring to any price reduction given for a multitude of reasons ranging from slightly defective merchandise to a late delivery.

Accrual

Basis of accounting where revenue (sales or income) is reported in the income statement for the period when it is earned (regardless of when it is collected), and expenses reported in the period when they occur (regardless of when the cash disbursement is made).

Asset

Any owned physical object (tangible) or right (intangible) having a money value; expressed in terms of its cost, depreciated cost, or less frequently some other value.

Accounts Payable

Money owed by you (a liability to a creditor) usually for unpaid purchases of goods and services.

Accounts Receivable

Money owing to you (a claim against a creditor) usually limited to uncollected sales of goods and service.

Add-On Sales

Add-on sales are the promotion of additional products or services to a customer at the time of purchase.

Anchor Store

A major retail store used to attract customers to a shopping centre. These larger department stores or grocery stores are generally part of a retail chain and are the prominent business in a shopping mall.

Asset

Any physical object (tangible) or right (intangible) having a monetary value. Usually expressed in terms of its cost or depreciated cost on the balance sheet.

Atmosphere

Atmosphere is the physical & emotive characteristics and surrounding influence of a retail store that is used to create an image in order to attract customers.

Average Inventory Cost

Average inventory cost is found by adding the opening inventory (at cost) for each month plus the closing inventory (at cost) for the last month in the period. If calculating for a season, divide by 7. If calculating for a year, divide by 13.