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| A - D | E - I | J - Q | R - Z |
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| RATES - Periodic property taxes levied by local and state governments. |
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| REAL PROPERTY - All the rights, interests, and benefits related to the ownership of real estate. Real property is a legal concept distinct from real estate, which is a physical asset. There may also be potential limitations upon ownership rights to real property. |
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| RESERVE BANK OF AUSTRALIA (RBA) - the government body that is mainly responsible for Australia’s monetary policy. Policy decisions are made by the Reserve Bank Board, with the objective of achieving low and stable inflation over the medium term. Other major roles are maintaining financial system stability and promoting the safety and efficiency of the payments system. The Bank is an active participant in financial markets, manages Australia's foreign reserves, issues Australian currency notes and serves as banker to the Australian Government. |
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| RESERVE PRICE - The lowest acceptable price fixed by the vendor. |
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| RIGHT OF ENTRY - Where a landlord may inspect the premises, provided reasonable notice is given to the tenant. |
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| SETTLEMENT - The date on which a contract of sale is finalised and the balance of money due on the purchase of an asset is paid is made. |
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| SETTLEMENT DATE – Same as DATE OF SETTLEMENT. |
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| STAMP DUTY - The tax imposed by state governments on certain contracts (e.g. Contracts of Sale and Registered Leases). The amount of tax payable is calculated as a percentage of the contract value. Consult an individual state’s legislation for specific details. |
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| STRATA TITLE - (a) The formal ownership of property held within a strata plan where property is defined within horizontal and vertical boundaries; (b) A scheme of property ownership where each proprietor owns parts of a building and has joint rights with other proprietors over the land and other common areas. |
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| TENANCY AGREEMENT - A form of lease, generally in an abbreviated form. It may be registered on an owner's certificate of title. |
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| TENDER - The sale of an asset through the seeking of written bids |
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| TITLE DEEDS - Documents evidencing the ownership of property. |
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| TRUST ACCOUNT - A legislatively required bank account where monies are held by an agent for or on behalf of another person, e.g. deposits, rental, etc. |
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| UNIT (STRATA) - Each dedicated lot/unit area designated within a strata plan. |
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| VACANCY RATE -The proportion of inhabitable rental premises which are vacant. |
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| VALUATION - (a) The process of estimating value; (b) The prediction of the value of an asset at a point in time, depending on the purpose for which the valuation is required. |
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| VALUATION REPORT - A document that records the instructions for the assignment, the purpose and basis of the valuation, and the results of the analysis that led to the opinion of value. A Valuation Report may also explain the analytical processes undertaken in carrying out the valuation, and present meaningful information used in the analysis. Valuation Reports can be either oral or written. The type, content and length of a report vary according to the intended user, legal requirements, the property type, and the nature and complexity of the assignment. The terms, Valuation Certificate and Valuation Report, are sometimes used interchangeably. |
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| VALUER - A person who is: (a) registered/licensed/approved to carry out property or plant and machinery valuations under any State, Territory or Commonwealth legislation; and/or (b) a member of the Australian Property Institute who is accredited as a Certified Practising Valuer. |
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| VARIATION - An addition to, omission from, or alteration to a contract or to the contract conditions. |
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| WITHOUT RESERVE - An auction term signifying that a reserve price has not been set, such that the highest bid will prevail. |
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| YIELD - The derived percentage return of a property assessed from the net income and the market value or price. It is calculated by dividing the net income by the opening market value or price. |
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| ZONING - A local planning tool to control the present and future development of land including residential, business and industrial uses. |
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