MARYROSEM.

PAST
ORF
IDE

BSA-
1

REALEST
ATET
ERMI
NOLOGI
ES
1
.MORT
GAGE

 Amor
tgagei
sal
oanuse
dtobuyormai
ntai
nahome
,land,orot
hert
ypeof
r
eale
stat
e.T
hebor
rowe
ragr
eest
ore
payt
hel
ende
rov
ert
ime
,typi
cal
l
yint
he
f
orm ofase
rie
sofr
egul
arpayme
ntsdi
vi
dedi
ntopr
inc
ipalandi
nte
rest
.The
pr
ope
rtyac
tsasc
oll
ate
ralf
ort
hel
oan.
Themaj
ori
tyofpe
opl
ewhopur
chasea
homedosowi
tht
hehe
lpofamor
tgage
.Ifyouar
eunabl
etopayt
hef
ullc
ost
ofahomeoutofpoc
ket
,amor
tgagei
sre
qui
red.

2.
EQUI
TY

 Equi
tyi
sthe v
alue ofa mor
tgage
d pr
ope
rty af
ter de
duc
tion ofc
har
ges
agai
nsti
t.T
oputi
tinl
ayman'
ste
rm,I
tist
hedi
ffe
renc
ebe
twe
ent
het
otal
amountofyourhouseandt
hel
oanabl
eamount
.Toputi
tinamat
hemat
ical
e
quat
ioni
tis;T
otalpr
ice–Loanabl
eAmountorpe
rce
ntage=Equi
ty.
Ifyouowe
$
150,
000onyourmor
tgagel
oanandyourhomei
swor
th$
200,
000,youhav
e
$
50,
000ofe
qui
tyi
nyourhome
.Youre
qui
tywi
l
lal
soi
ncr
easei
fthev
alueof
yourhomej
umps.

3.
REM

 T
hede
fini
ti
onofi
nre
minr
eale
stat
eisal
egalc
aseagai
nstapr
ope
rtyr
athe
r
t
hanape
rson.
Thel
egalappl
i
cat
ionofi
nre
minr
eale
stat
eismostof
tense
en
whe
nahome
owne
rde
faul
tsont
hei
rmor
tgageandt
hebankf
ore
close
son
t
hepr
ope
rty.I
nsuc
hcase
s,t
hec
our
tmustbel
ocat
edi
nthesamec
ount
yas
t
hepr
ope
rtybe
ingpr
ose
cut
ed.
4.
COLLAT
ERAL

 Col
l
ate
rali
sthepe
rsonalpr
ope
rty orasse
tst
hata bor
rowe
rof
fer
stoa
l
ende
rtose
cur
eal
oan.T
hebor
rowe
rfor
fei
tst
heasse
ttot
hel
ende
rifshe
f
ail
stomakel
oanpayme
nts,
asst
ipul
ate
dint
hel
oanagr
eeme
nt.
Ali
eni
sthe
l
ende
r'sc
lai
m ont
hec
oll
ate
raluse
dtose
cur
eal
oan.I
nat
ypi
calmor
tgage
l
oant
ransac
tion,f
ore
xampl
e,t
her
eale
stat
ebe
ingpur
chase
dwi
tht
hel
oan
se
rve
sasc
oll
ate
ral
.

5.
CREDI
T

 Ac
losi
ngc
ostc
redi
t,al
soknownasase
ll
erc
onc
essi
on,
reduc
esahome
buye
r's
out
-of
-poc
kete
xpe
nse
satt
het
imeofe
scr
ow.
Acr
edi
tisne
got
iabl
eandmust
beagr
eedt
oinwr
iti
ngbybot
hthese
ll
erandt
hebuye
rbe
for
eiti
sappl
i
edt
o
t
hebuye
r'sshar
eofse
ttl
eme
ntc
ost
satc
losi
ng.Buye
rswhoar
eshor
ton
c
ashc
anr
eque
stase
ll
erc
redi
tandr
aiset
hesal
espr
icet
oent
icease
ll
ert
o
ac
cept
.Asar
esul
t,ase
ll
erc
redi
tenabl
est
hebuye
rtoi
ncor
por
atehi
scl
osi
ng
c
ost
sint
othene
wloanamount
.

6.
LOAN

 T
het
erm "
loan"c
an r
efe
rtoanyf
inanc
ialt
ransac
tion i
n whi
ch onepar
ty
r
ece
ive
sal
umpsum andagr
eest
ore
payi
t.Comme
rci
alr
eale
stat
eloansar
e
use
dtopur
chasel
andorbui
l
dings.Bor
rowe
rswhoar
eappr
ove
dsi
gnal
egal
doc
ume
nt(
known asa mor
tgagenot
e)pr
omi
si
ng t
ore
pay t
hel
oan wi
th
i
nte
restandot
herc
ost
sov
erase
tpe
riodoft
ime
.

7
.CAPACI
TYT
OPAY

 T
heabi
l
ityt
opayi
sase
lf-
expl
anat
oryt
erm use
dinRe
alEst
atet
ode
ter
mine
whe
the
rornotaHomeBuye
rhast
hef
inanc
ialme
anst
ohonorade
al.I
t
de
scr
ibe
sape
rson'
sfi
nanc
ialabi
l
ityt
ore
payade
bt,whi
chmayqual
i
fyt
hem
f
oramor
tgageorot
herl
oan.I
tisal
sot
heanal
ysi
sofabor
rowe
r'si
ncomei
n
r
elat
iont
othe
irpr
opose
dde
bt.I
ttake
sint
oac
countt
hebor
rowe
r'sabi
l
ityt
o
 r
epayt
hemor
tgage
.Le
nde
rsc
onsi
dert
wof
act
ors(
wec
allr
ati
os)
.

8.
ANNUI
TY

 Annui
ti
esar
eesse
nti
all
yloanst
hatar
ere
pai
dov
ert
imeataf
ixe
dint
ere
st
r
atewi
thc
onsi
ste
ntpayme
ntse
achpe
riod.Anannui
tyc
anbeassi
mpl
easa
mor
tgageorac
arl
oan.Bor
rowe
rsagr
eet
opayase
tamounte
achmont
hin
or
dert
ocompe
nsat
eforr
iskandt
het
imev
alueofmone
ywhe
nbor
rowi
ng
mone
y.

9.
AMORT
IZAT
ION

 Amor
tiz
ati
oni
same
thodofr
epayi
ngde
bti
nequali
nst
all
ment
sthati
ncl
ude
v
aryi
ngamount
sofi
nte
restandpr
inc
ipalov
ert
hel
oan'
sli
fe.
Anamor
tiz
ati
on
sc
hedul
eisaf
ixe
dtabl
ethatshowshow muc
hofyourmont
hlypayme
ntgoe
s
t
owar
dint
ere
standpr
inc
ipale
ach mont
hfort
hee
nti
ret
erm oft
hel
oan.
Wi
thamor
tiz
ati
on,
payme
ntsmadene
art
hebe
ginni
ngoft
hel
oanc
ont
ribut
e
pr
imar
il
ytoi
nte
rest
,whi
l
epayme
ntsmadel
ate
rcont
ribut
epr
imar
il
ytot
he
l
oanamount
.Inmostc
ase
s,t
heamor
tiz
ati
onpr
oce
ssf
oll
owsac
urv
erat
her
t
hanast
rai
ghtl
i
ne(
espe
cial
l
yfi
xed-
rat
eloans)
.

1
0.GRACEPERI
OD

 A gr
acepe
riodi
sase
tpe
riodoft
imef
oll
owi
ngt
heduedat
edur
ingwhi
ch
payme
nt c
an be made wi
thout pe
nal
ty.Mor
tgage l
oan and i
nsur
anc
e
c
ont
rac
tsf
reque
ntl
yinc
ludeagr
acepe
riod,whi
chi
stypi
cal
l
y15days.Agr
ace
pe
riodal
l
owsabor
rowe
rori
nsur
anc
ecust
ome
rtopost
ponepayme
ntf
ora
l
i
mit
edt
imeaf
tert
heduedat
e.T
her
ear
enol
atef
eesdur
ingt
hispe
riod,and
t
hede
layc
annotr
esul
tinde
faul
torc
anc
ell
ati
onoft
hel
oanorc
ont
rac
t.

1
1.DOW NPAYMENT

 Adownpayme
nti
sasum ofmone
ypai
dbyabuye
rdur
ingt
hee
arl
yst
age
s
ofpur
chasi
ngac
ost
lygoodorse
rvi
ce.T
hedownpayme
nti
sape
rce
ntageof
 t
het
otalpur
chasepr
ice
,andt
hebuye
rwi
l
lusual
l
ytakeoutal
oant
ocov
ert
he
r
emai
nde
r.T
hegr
eat
ert
hedown payme
nt,t
hel
esst
hebuye
rwi
l
lne
edt
o
bor
row t
ocompl
etet
het
ransac
tion,t
hel
owe
rthe
irmont
hlypayme
nts,and
t
hel
essi
nte
restt
heywi
l
lpayov
ert
ime
.

1
2.T
OTALCONT
RACTPRI
CE

 T
otalCont
rac
tPr
icer
efe
rst
othef
ull
yinc
lusi
ve,al
l
-int
otalc
ont
rac
tpr
icet
hat
r
epr
ese
ntst
het
otalsum ofal
lcompe
nsat
ion.T
heT
otalCont
rac
tPr
iceshal
l
i
ncl
ude
,wi
thoutl
i
mit
ati
on,
allpr
ofe
ssi
onalf
ees,
consul
ti
ngf
ees,
staf
fti
me,
sub
-
consul
ti
ngf
ees,andot
herSe
rvi
cef
ees,al
lDi
sbur
seme
nts,c
ost
s,e
xpe
nse
s,
T
axe
sot
hert
hanHST
,al
l
owanc
esandc
har
ges,al
lit
emsandi
nci
dent
alst
obe
pr
ovi
dedi
nac
cor
danc
ewi
tht
heRF
P,andanyt
hingpr
ope
rlyi
ncl
ude
dasabe
st
pr
act
ice
.

1
3.DEEDOFSALE

 Ade
edofsal
eisal
soc
all
edapr
ope
rtyt
itl
e.I
tisanaut
hent
icde
eddr
aft
edand
si
gne
dbyapubl
i
cof
fic
er,ge
ner
all
yanot
ary,whi
chmake
sme
nti
on oft
he
l
egalsi
tuat
ionoft
hebui
l
dingandi
tsnat
ure
.Forade
edt
obel
egali
tmust
st
atet
henameoft
hebuye
randt
hese
ll
er,
desc
ribet
hepr
ope
rtyt
hati
sbe
ing
t
ransf
err
ed,andi
ncl
udet
hesi
gnat
ureoft
hepar
tyt
hati
str
ansf
err
ingt
he
pr
ope
rty.

1
4.DEEDOFABSOLUT
ESALE

 A de
edofabsol
utesal
est
ate
sthatonepar
tyt
ransf
ershi
slandr
ight
sto
anot
her
.Thi
sme
anst
hatt
hebuye
rnow ownsal
loft
hese
ll
er'
sri
ght
stot
he
pr
ope
rty.T
he buye
r now has c
ompl
ete owne
rshi
p of t
he pr
ope
rtyt
hey
pur
chase
d.I
tisuse
dint
hemaj
ori
tyofr
eale
stat
etr
ansac
tionst
otr
ansf
er
pr
ope
rtywi
thoutanyc
ondi
ti
onsot
hert
hanpayme
ntoft
hepur
chasepr
ice
.
1
5.MONT
HLYDUES

 Me
mbe
rsf
reque
ntl
yre
fert
o"mont
hly due
s"be
cause t
hey ar
efi
xed and
c
onsi
ste
nt.
The
yar
e"due
"onc
eamont
h,j
ustl
i
ker
entoramor
tgagepayme
nt.
I
ncont
rast
,"asse
ssme
nt"r
efe
rst
osome
thi
nge
xtr
aor
dinar
ythati
simpose
d,
suc
h asa spe
cialore
mer
genc
yasse
ssme
nt.Condof
ees,f
ore
xampl
e,c
an
r
angef
rom $
50t
o$1
,
000pe
rmont
h.T
heamountoft
hef
eei
sde
ter
mine
dby
se
ver
alf
act
ors,
inc
ludi
ngt
hesi
zeoft
hepr
ope
rty.
whe
the
rornott
hest
ruc
tur
e
i
sahi
gh-
rise
.

1
6.CONT
RACTT
OSELL

 A Cont
rac
ttoSe
llr
efe
rst
oac
ont
rac
tbe
twe
en ase
ll
erandabuye
r.T
he
c
ont
rac
tst
ate
sthatt
hese
ll
erpr
omi
sest
ose
llsome
thi
ngt
othebuye
rand
t
hatt
hebuye
ral
sopr
omi
sest
obuyt
hepr
ope
rtyf
rom t
hese
ll
er.Howe
ver
,
e
venaf
tert
hec
ont
rac
tissi
gne
d,t
hebuye
rdoe
snoti
mme
diat
elyac
qui
ret
he
r
ight
.The
rear
est
il
lcondi
ti
onst
hatmustbeme
tbyoneorbot
h par
tie
s
be
for
e owne
rshi
pcan be t
ransf
err
ed.T
he De
ed ofAbsol
ute Sal
e wi
l
lbe
e
xec
ute
donl
yaf
teral
loft
hec
ondi
ti
onsspe
cif
iedi
ntheCont
rac
ttoSe
llhav
e
be
enme
t.

1
7.PROPERT
YLI
STI
NG

 Li
sti
ngsi
nre
ale
stat
eme
ansr
ecor
dofapr
ope
rtyf
orsal
eorr
entbyan
aut
hor
ize
dre
ale
stat
eage
nt.T
hus,i
tre
fer
stopr
ope
rti
eswhi
char
eav
ail
abl
e
i
nthemar
ketf
ore
ithe
rsal
eorr
ent
.Iti
sanagr
eeme
ntt
hatr
epr
ese
ntst
he
r
ightofar
eale
stat
eage
ntorBr
oke
rtohandl
ethesal
eofr
ealpr
ope
rtyand
t
ore
cei
veaf
eeorc
ommi
ssi
onf
orse
rvi
ces.

1
8.SI
TET
RIPPI
NG

 Si
teT
rippi
ngi
stheCl
i
ent
'sf
irstoppor
tuni
tyt
ose
eande
xpe
rie
ncet
hepr
oje
ct.
I
tisr
egar
dedast
hemosti
mpor
tantaspe
ctofr
eale
stat
ese
ll
ing.F
ort
he
Cl
i
ent
s,phot
osandv
ide
osar
einsuf
fic
ient
.Itc
annotber
epl
ace
dbyv
irt
ual
 r
eal
i
ty.I
tisc
rit
icalf
ort
hem t
ose
e,sme
ll
,touc
h,f
eel
,andsome
time
sev
en
t
ast
ethehouset
hatyouar
eof
fer
ingi
npe
rson.I
t'
sal
soyouroppor
tuni
tyt
o
c
loset
hede
alwhi
l
eyourc
li
enti
sst
il
linawe
.

1
9.AUT
HORI
TYT
OSELL

 T
heAut
hor
ityt
oSe
ll
,al
soknownasAut
hor
ityt
oOf
fert
oSe
llorAut
hor
ityt
o
Ne
got
iat
efor Sal
e,i
s a wr
itt
en appr
ovalby an owne
r/se
ll
erf
or hi
s/he
r
pr
ope
rtyt
obemar
ket
edandsol
d.T
hesal
esaut
hor
ityc
ove
rsal
lthede
tai
l
s
aboutyoursal
e,i
ncl
udi
ng:Sal
eme
thod:auc
tion(
andauc
tiondat
e)orpr
ivat
e
sal
e.Re
ser
vepr
iceoraski
ngpr
ice
.Commi
ssi
onandmar
ket
inge
xpe
nse
s(don'
t
f
orge
tyouc
an—andshoul
d—ne
got
iat
ethe
se)wi
thGSTse
toutse
par
ate
ly.

20.
RENT
-TO-
OW N

 Re
nti
ng-
to-
own me
ans you r
ent a pr
ope
rty and make pr
ogr
ess t
owar
d
e
vent
ual
l
yowni
ngi
t,shoul
dyoude
cidet
obuyt
hehomewhe
nthel
easei
sup.
Ev
erymont
h,apor
tionoft
her
entyoupayt
othehome
owne
rgoe
stowar
da
down payme
nton t
hehome
.Youhav
etheopt
ion t
ouset
hemone
ythat
’s
ac
crue
dtobuyt
hehomeatt
hee
ndofyourl
easepe
riod.Re
nti
ng-
to-
ownc
an
beagr
eatwayt
osav
emone
yforadownpayme
ntandgi
vet
hathomeat
est
dr
ivet
omakesur
eyoul
i
kei
t.T
hepe
rce
ntageofyourr
entt
hatgoe
stowar
da
downpayme
ntde
pendsont
hespe
cif
icsl
aidouti
nyourc
ont
rac
t.Butagai
n,
t
hemont
hlyl
easeamountyoupayi
shi
ghe
rthanf
airmar
ketv
alue
,ast
he
e
xtr
amone
ygoe
stowar
dyoure
vent
ualdownpayme
nt.

21
.SPECI
ALPOW EROFAT
TORNEY

 A spe
cialpowe
rofat
tor
neyi
sal
egaldoc
ume
ntt
hatout
li
nest
hesc
opeof
aut
hor
itygr
ant
edbyt
hepr
inc
ipalt
oanage
ntknownasa"
att
orne
yinf
act
."A
spe
cialpowe
rofat
tor
neye
mpowe
rs an age
ntt
o make spe
cif
icl
egalor
f
inanc
ialde
cisi
ons on be
hal
foft
hepr
inc
ipal
.Iti
s al
so known as Li
mit
ed
Powe
rsofAt
tor
ney(
LPA)andi
suse
dtode
monst
rat
ethepr
inc
ipal
'
saut
hor
ity
 t
oat
hir
dpar
tywi
thwhom t
hepr
inc
ipalmaybede
ali
ng.

22.
ESCROW

 Esc
row i
sal
egalar
range
menti
n whi
chat
hir
dpar
tyhol
dsl
argesumsof
mone
yorpr
ope
rtyf
orape
riodoft
imeunt
ilaspe
cif
icc
ondi
ti
oni
sme
t(suc
h
as t
he f
ulf
il
lme
nt of a pur
chase agr
eeme
nt)
.Iti
s use
dinr
eale
stat
e
t
ransac
tionst
opr
ote
ctbot
hthebuye
randse
ll
erdur
ing t
hehome
-buyi
ng
pr
oce
ss.An e
scr
ow ac
count wi
l
lhol
dfunds f
or t
axe
s and home
owne
r's
i
nsur
anc
ethr
oughoutt
het
erm oft
hemor
tgage
.

23.
FREEPAT
ENT

 Af
reepat
ent
,asde
fine
dinSe
cti
on1
1oft
hePubl
i
cLandAc
t,i
samodeof
di
sposi
ti
onofpubl
i
cagr
icul
tur
all
andi
nwhi
chani
ncompl
eteori
mpe
rfe
ctt
itl
e
t
oapar
celofl
andi
sadmi
nist
rat
ive
lyl
egal
i
zed.A nat
ive
-bor
nFi
l
ipi
noc
iti
zen
whoi
s.I
fhe
/shehasc
ont
inuousl
yoc
cupi
edandc
ult
ivat
edpubl
i
cagr
icul
tur
al
l
andsubj
ectt
odi
sposi
ti
onf
oratl
eastt
hir
ty(
30)ye
arspr
iort
oApr
il1
5,1
990,
he
/shemayobt
ain af
reepat
ente
veni
fhe
/shedoe
snotown mor
ethan
t
wel
ve(
12)he
ctar
esofl
and.T
hede
adl
i
nef
orf
il
inganappl
i
cat
ionf
oraf
ree
pat
entunde
rthePubl
i
cLandAc
tisDe
cembe
r31
,2020.

24.
EXT
RA-
JUDI
CIALSET
TLEMENT

 Ex
traj
udi
ci
alSe
ttl
eme
ntofEst
atei
sapr
ivat
eagr
eeme
ntbe
twe
ent
hehe
irsof
t
hede
cease
dpe
rsonwhi
chse
tsouthow t
hee
stat
eoft
hede
cease
dwi
l
lbe
di
vi
dedordi
str
ibut
edamongt
hemse
lve
s.T
het
ermsoft
hepr
ivat
eagr
eeme
nt
t
ose
ttl
ethee
stat
eoft
hede
cease
dar
ese
touti
nadoc
ume
ntc
all
ed“
Dee
dof
Ex
traj
udi
ci
alSe
ttl
eme
ntofEst
ate
”.I
tisof
tenr
ecomme
nde
dtoe
xpe
dit
ethe
t
ransf
erofpr
ope
rti
esoft
hede
cede
ntt
ohi
she
irs.T
hisi
sinv
iew oft
hef
act
t
hatj
udi
ci
alse
ttl
eme
ntofe
stat
etake
sye
arsbe
for
ethec
asei
sconc
lude
d.
25.
DEEDOFDONAT
ION

 ADe
edofDonat
iondonat
espr
ope
rtyf
rom t
heowne
r(t
he"
donor
")t
oanot
her
pe
rson(
the"
done
e")
.TheDonat
ionDe
edi
stypi
cal
l
yex
ecut
edf
ort
hedonor
's
l
ove
,gr
atui
ty,andaf
fec
tionf
ort
hedone
e(i
.
e.f
rom apar
entt
oac
hil
d).T
he
donat
ionc
anbesi
mpl
eandunc
ompl
i
cat
ed,
wit
hnost
ringsat
tac
hed.
Thedonor
c
an,
howe
ver
,imposec
ondi
ti
onsont
hedonat
iont
hatt
hedone
emustf
oll
ow or
r
iskhav
ingt
hedonat
ionr
evoke
d.I
tisuse
dwhe
ndonat
ingpr
ope
rtyt
oanot
her
pe
rson.

26.
HEI
RS

 An he
iri
sa pe
rson whoi
nhe
rit
sorwi
l
lpot
ent
ial
l
yinhe
ritpr
ope
rtyf
rom
anot
her
.Te
chni
cal
l
y,he
irsar
enotde
ter
mine
dunt
ilt
hede
cede
ntdi
es;t
husa
l
i
vingpe
rsonhasnohe
irs.T
hisme
anst
hati
fane
stat
eowne
rdi
esi
nte
stat
e
(
wit
houtaW i
l
lorT
rust
),hi
sorhe
rhe
irswoul
dbee
nti
tl
edt
oanypr
ope
rty
andasse
tsi
nthee
stat
e.T
ode
ter
minet
hehe
ir,
thede
cease
dpe
rson'
schi
l
dre
n
woul
dbef
irsti
nli
net
obehi
sorhe
rhe
irsatl
aw.
Ift
hede
cede
nthasnol
i
ving
c
hil
dre
n,butt
heyhav
egr
andc
hil
dre
n,t
hent
hei
rgr
andc
hil
dre
nwoul
dbene
xt
i
nli
neashe
irsatl
aw.
Ifanyoft
hem ar
eal
i
ve,
the
yar
ethehe
irsatl
aw.

27
.HOMEOW NER

 A homeowne
risape
rsonwhoownst
hehouseorf
latt
hatt
heyl
i
vei
n,or
who has a mor
tgage on i
t.F
or f
irst
-ti
me home
buye
rs,t
he pr
oce
ss of
be
comi
ngahome
owne
rcan bei
nti
midat
ing.I
t’
sabi
gpur
chaset
hatc
ome
s
wi
thahostofr
esponsi
bil
i
tie
sandc
ost
s.But
,it
’sal
soal
ong-
ter
minv
est
ment
t
hatc
anhe
lpse
cur
eyourf
inanc
ialf
utur
e.

28.
COMMONAREA

 I
nre
ale
stat
eorr
ealpr
ope
rtyl
aw,
acommonar
eai
sde
fine
das"
anar
eat
hat
i
sav
ail
abl
eforusebymor
ethanonepe
rson.
"Thec
ommonar
easar
ethose
t
hatar
eav
ail
abl
eforc
ommonusebyal
lte
nant
s,(
or)gr
oupsoft
enant
s,and
 t
hei
rinv
ite
es.I
tisde
fine
das"
anar
eawi
thi
nahousi
ngde
vel
opme
ntt
hati
s
owne
dbyal
lre
side
ntsorbyanov
eral
lmanage
mentst
ruc
tur
ethatc
har
ges
e
acht
enant f
or mai
nte
nanc
e and upke
ep.T
he c
ommon ar
eas ar
ethe
undi
vi
dedpar
tsoft
hec
ommonl
yowne
dpr
emi
ses.Ar
eassuc
hast
hepar
king
l
ot,l
awns,c
orr
idor
s,l
obbi
es,e
lev
ator
s,andsoonar
enotowne
dbyasi
ngl
e
i
ndi
vi
dualowne
r.

29.
ADJOI
NINGLOT

 Adj
oi
ning Lotme
ansa l
otorpar
celofl
and t
hatshar
esal
lorpar
tofa
c
ommonl
otl
i
newi
thanot
herl
otorpar
celofl
and.Al
so,i
tde
scr
ibe
stwoor
mor
ere
ale
stat
e pr
ope
rti
es,l
ots,or par
cel
sthat shar
ed a boundar
y.A
pr
ope
rtyt
hatshar
esac
ommonbor
derwi
thanot
heri
scont
iguousort
ouc
hing
t
heot
her
;the
yar
econne
cte
dorshar
eabor
der
.Theme
ani
ngoft
het
erm
adj
oi
ningpr
ope
rti
esr
efe
rst
otwoormor
epr
ope
rti
est
hatshar
eac
ommon
boundar
y.T
hisboundar
ycanbeaf
enc
eowne
dbybot
hadj
oi
ningowne
rs,a
wal
lthati
spar
toft
wohouse
s,andt
het
woowne
rsshar
ethe
se.T
het
wo
adj
oi
ningpr
ope
rti
esar
e"j
oi
ned"t
hroughane
leme
ntt
hatc
anbee
ithe
rawal
l
oraf
enc
ethatbot
hpr
ope
rti
esshar
ele
galr
ight
sto.

30.
BUI
LDI
NGSET
-BACK

 I
nlanduse
,ase
tbac
kist
hemi
nimum di
stanc
ewhi
ch abui
l
dingorot
her
st
ruc
tur
emustbese
tbac
kfr
om ast
ree
torr
oad,ar
ive
rorot
herst
ream,a
shor
eorf
loodpl
ain,oranyot
herpl
acewhi
chi
sde
eme
dtone
edpr
ote
cti
on.
De
pendi
ng on t
he j
uri
sdi
cti
on,ot
hert
hings l
i
ke f
enc
es,l
andsc
api
ng,se
pti
c
t
anks,andv
ari
ouspot
ent
ialhaz
ardsornui
sanc
esmi
ghtber
egul
ate
dand
pr
ohi
bit
ed by se
tbac
kli
nes.Se
tbac
ks al
ong st
ate
,pr
ovi
nci
al,or f
ede
ral
hi
ghwaysmayal
sobese
tint
hel
awsoft
hest
ateorpr
ovi
nce
,ort
hef
ede
ral
gov
ernme
nt.Loc
algov
ernme
ntsc
reat
ese
tbac
kst
hrough or
dinanc
es,z
oni
ng
r
est
ric
tions,andBui
l
dingCode
s,usual
l
yforr
easonsofpubl
i
cpol
i
cysuc
has
saf
ety,
pri
vac
y,ande
nvi
ronme
ntalpr
ote
cti
on.
31
.HOUSEORI
ENT
ATI
ON

 HomeOr
ient
ati
on r
efe
rst
otheposi
ti
on ofast
ruc
tur
eon i
tssi
te,andi
t'
s
t
ypi
cal
l
y de
scr
ibe
d by t
he c
ompass di
rec
tion t
hatt
hef
rontf
acadeoft
he
st
ruc
tur
epr
imar
il
yfac
es—f
ore
xampl
e,ahousewi
thi
tsmai
nent
ranc
efac
ing
nor
thwoul
dbede
scr
ibe
dasnor
th-
fac
ing.Nor
mal
l
ythel
otdi
ctat
est
heshape
andor
ient
ati
on oft
hebui
l
ding,t
her
efor
ethei
deall
otshoul
dhav
ethel
ong
si
def
aci
ngt
henor
thandsout
hax
is,whi
l
etheshor
tsi
def
ace
sthee
ast
-we
st
ax
is.

32.
HOUSEPLAN

 A housepl
ani
sase
tofc
onst
ruc
tionorwor
kingdr
awi
ngs(
alsoknown as
bl
uepr
int
s)t
hatde
fineal
loft
her
esi
dent
ialhouse
'sc
onst
ruc
tionspe
cif
icat
ions,
suc
hasdi
mensi
ons,
mat
eri
als,
layout
s,i
nst
all
ati
onme
thodsandt
echni
que
s.A
f
loorpl
an,al
soknownasahousepl
an,i
sasi
mpl
etwo-
dime
nsi
onal(
2D)l
i
ne
dr
awi
ngt
hatde
pic
tst
hewal
l
sandr
oomsofast
ruc
tur
easse
enf
rom abov
e.
W hatyouse
einaf
loorpl
ani
stheF
LOORPLAN.
It'
ssome
time
sspe
ll
edf
loor
-
pl
an,
butne
verasasi
ngl
ewor
d;f
loor
plani
sane
rror
.

33.
HOMEPERSPECT
IVE

 Buye
rsandSe
ll
ers,pr
ope
rtyc
onsume
rsoft
oday,hav
ene
edst
otr
ansac
tre
al
e
stat
e mot
ive
d by (
1)de
sir
efor gai
n,or (
2)ne
cessi
ty,due t
oec
onomi
c
c
ondi
ti
ons si
mil
ar t
othose of t
he t
ime
s of T
he Gr
eat De
pre
ssi
on and
si
gni
fi
cant t
ime pe
riods t
her
eaf
ter
.W he
the
rre
ale
stat
e pr
act
iti
one
r or
buye
r/se
ll
erc
onsume
r,appl
i
cabl
ete
ste
dandpr
ove
n pr
inc
ipl
esandc
onc
ept
s
ope
rat
ivei
nthemar
ketpl
acear
ece
rtai
nlyatwor
ktoday.Bec
aut
ious.Be
c
alc
ulat
ed wi
thr
isks t
ake
n.Do yourhome
wor
k.Re
vie
w and e
val
uat
e you
r
ese
arc
h.Hi
ret
oppr
ofe
ssi
onal
s.T
akeac
tionandmov
efor
war
dbase
donyour
de
cisi
onmaki
ngpr
oce
ss.
34.
SIT
EDEVELOPMENTPLAN

 ASi
teDe
vel
opme
ntPl
an,orSPD,i
sac
ompr
ehe
nsi
vepl
anni
ngdoc
ume
ntuse
d
t
o e
val
uat
e whe
the
r de
vel
opme
nt on a pr
ope
rty has be
en pr
epar
ed
c
onsi
ste
ntl
yint
ermsofoc
cupanc
y,bui
l
dingsi
zeandpl
ace
ment
,si
tec
irc
ulat
ion
and par
king,c
onst
ruc
tion mat
eri
als,l
andsc
api
ng,and publ
i
came
nit
ies.T
he
pl
an,whi
chi
ncl
ude
s al
loft
he abov
ecompone
nts,i
s par
tofa pl
anni
ng
appl
i
cat
ion t
hatshowswhe
ret
hepr
opose
dsi
tei
ssi
tuat
edaswe
llast
he
i
nte
nde
dbui
l
ding boundar
iesandadj
ace
ntpr
ope
rti
es.T
hesi
tede
vel
opme
nt
pl
an wi
l
lbe
gint
otr
ansl
atei
nto mor
ecompr
ehe
nsi
vei
nfor
mat
ion t
hati
s
ne
ede
dfore
xec
uti
onandwi
l
lbe
comepar
tofac
onst
ruc
tiondr
awi
ngse
tor
de
tai
l
edde
signpac
kageonc
eal
lconsi
der
ati
onshav
ebe
enc
ompi
l
ed.

35.
PROPERT
YDEVELOPMENT

 Re
ale
stat
ede
vel
opme
nt,al
soknownaspr
ope
rtyde
vel
opme
nt,i
sabusi
ness
pr
oce
ss t
hati
ncl
ude
sev
eryt
hing f
rom r
enov
ati
ng and r
e-l
easi
ng e
xist
ing
bui
l
dings t
o pur
chasi
ng r
aw l
and and se
ll
ing de
vel
ope
dland orpar
cel
sto
ot
her
s.Re
ale
stat
ede
vel
ope
rsar
ethei
ndi
vi
dual
sandbusi
nesse
sre
sponsi
ble
f
orc
oor
dinat
ingal
loft
heseac
tiv
iti
esandc
onv
ert
ingi
deasf
rom pape
rtor
eal
pr
ope
rty.Al
though many de
vel
ope
rs manage t
he c
onst
ruc
tion pr
oce
ss or
e
ngagei
nhouse
bui
l
ding,r
eale
stat
ede
vel
opme
nti
sdi
sti
nctf
rom c
onst
ruc
tion
orhouse
bui
l
ding.

36.
PROPERT
YMANAGEMENT

 Pr
ope
rtymanage
menti
stheope
rat
ion,
cont
rol
,mai
nte
nanc
e,andov
ersi
ghtof
r
eale
stat
eandphysi
calpr
ope
rty.T
hisc
ani
ncl
uder
esi
dent
ial
,comme
rci
al,and
l
andr
eale
stat
e.Manage
menti
ndi
cat
est
hene
edofr
eale
stat
etobec
are
dfor
andmoni
tor
ed,wi
th ac
count
abi
l
ityf
orandat
tent
ion t
oit
suse
full
i
feand
c
ondi
ti
on c
onsi
der
ed.T
hisi
smuc
h aki
ntot
her
oleofmanage
menti
n any
busi
ness.al
sot
hemanage
mentofpe
rsonalpr
ope
rty,e
qui
pme
nt,t
ool
i
ng,and
physi
calc
api
talasse
tst
hat ar
e ac
qui
red and use
dto bui
l
d,r
epai
r,and
 mai
ntai
nendi
tem de
li
ver
abl
es.I
tal
soi
nvol
vest
hepr
oce
sse
s,syst
ems,and
manpowe
rre
qui
redt
o manage t
he l
i
fec
ycl
e ofal
lac
qui
red pr
ope
rty as
de
fine
d abov
e i
ncl
udi
ng ac
qui
si
ti
on,c
ont
rol
,ac
count
abi
l
ity,r
esponsi
bil
i
ty,
mai
nte
nanc
e,ut
il
iz
ati
on,
anddi
sposi
ti
on.

37
.URBANPLANNI
NG

 Ur
ban pl
anni
ng e
ncompasse
s al
laspe
cts ofa c
ity'
slayout
,inf
rast
ruc
tur
e,
t
ranspor
tat
ion,andpubl
i
cspac
es,gui
dingt
hei
ruseandde
vel
opme
nt.T
hati
s,
ur
banpl
anni
ngde
cisi
onshav
eadi
rec
timpac
tont
hee
xpe
rie
nceofl
i
vingi
na
c
ity,
whi
chi
ntur
nhasani
mpac
tont
hede
sir
abi
l
ityofr
eale
stat
eint
hatc
ity.
Publ
i
cwor
ks i
nfr
ast
ruc
tur
e suc
h as wat
ersuppl
y,se
wage
,el
ect
ric
ity,and
t
ele
communi
cat
ions ar
einc
lude
dint
hist
ype ofur
ban pl
anni
ng.Sc
hool
s,
hospi
tal
s,andpar
ksar
eex
ampl
esofc
ommuni
tyi
nfr
ast
ruc
tur
e.Roads,pol
i
ce,
andf
irest
ati
onsar
eex
ampl
esofsaf
etyandt
ranspor
tat
ioni
nfr
ast
ruc
tur
e.

38.
VICI
NIT
YMAP

 AVi
ci
nit
yMapi
samapt
hatshowst
her
egi
onne
arorar
oundal
ocat
ionas
we
llas t
hepr
oxi
mit
ytopr
omi
nentand we
ll
-known l
andmar
ks.I
tisal
so
de
fine
dasamapoft
hege
ner
alsur
roundi
ngar
eawi
tht
hel
ocat
ionoft
he
pr
ope
rty be
ing subdi
vi
ded mar
ked on i
t.I
tis a smal
lmap dr
awn t
oa
c
ompar
ati
vel
ysmal
lsc
alet
hatc
lear
lyshowst
hear
eapr
opose
dtobepl
att
ed
aswe
llast
hesur
roundi
ngar
ea.

39.
SURVEYPLAN

 ASur
veypl
ani
sadoc
ume
ntt
hatme
asur
est
heboundar
yofapar
celofl
and
t
ogi
veanac
cur
ateme
asur
eme
ntandde
scr
ipt
ionoft
hatl
and.
Thepe
opl
ethat
handl
esur
veyi
ssue
sar
eSur
veyor
sandt
heyar
ere
gul
ate
dbyt
heof
fic
eoft
he
Sur
veyorge
ner
ali
nLagosasi
tre
lat
est
osur
veyi
ssue
sinLagos. Asur
vey
pl
anmustc
ont
aint
hef
oll
owi
ngi
nfor
mat
ion:1
.Thenameoft
heowne
roft
he
l
andsur
veye
d2.
TheAddr
essorde
scr
ipt
ionoft
hel
andsur
veye
d3.
Thesi
zeof
 t
hel
andsur
veye
d4.
Thedr
awnoutpor
tionoft
hel
andsur
veyandmappe
d.

40.
SIT
EMAP

 Re
ale
stat
emaps,al
soknownassi
temaps,e
nabl
eage
ntsandage
nci
est
o
e
asi
l
yshowc
aseal
loft
hei
rav
ail
abl
ehome
sinonel
ocat
ion.
Rat
hert
hanusi
ng
at
hir
d-par
tyappl
i
keZi
l
low,whe
repot
ent
ialbuye
rsc
anse
eal
loft
hehome
s
f
orsal
einanar
ea,
regar
dle
ssoft
heage
nt.
Thi
senabl
espr
ospe
cti
vebuye
rst
o
e
xpl
oreandge
tani
n-de
pthl
ookatav
ail
abl
ehome
sbe
for
evi
si
ti
ngt
hesi
tei
n
pe
rson.
Byal
l
owi
nguse
rst
oge
tase
nseoft
hel
ocat
ionf
rom anywhe
rei
nthe
wor
ld,t
hist
ranspar
enc
ysav
esbot
hthebuye
randse
ll
ert
imeandmone
y.
Wi
tht
hisknowl
edge
,iti
seasi
ert
owe
edoutpot
ent
ialbuye
rsande
ncour
age
t
hosewhoar
eint
ere
ste
dtot
aket
hene
xtst
ep byc
ont
act
ing r
eale
stat
e
age
nts.

41
.TAXCLEARANCE

 AT
axCl
ear
anc
eCe
rti
fi
cat
eisc
onf
irmat
ionf
rom Re
venuet
hatanappl
i
cant
's
t
axaf
fai
rsar
einor
der
.Re
venuemayi
ssueaT
axCl
ear
anc
eCe
rti
fi
cat
etoa
c
ust
ome
r who has t
ax ar
rear
s whe
ret
he ar
rear
s ar
ecov
ere
d by an
i
nst
alme
ntar
range
ment
.Iti
sissue
dbySARSaspr
ooft
hatape
rson/
busi
ness
i
s“i
nthec
lear
”wi
tht
hem.T
hisme
anst
hepe
rson/
busi
nessi
s100%c
ompl
i
ant
wi
th no ov
erdue payme
nts.A T
ax Cl
ear
anc
e Pi
n Ce
rti
fi
cat
eis of
tena
pr
ere
qui
si
tef
orT
ende
rs,
Cont
rac
ts,
RFQsorF
undi
ngappl
i
cat
ions.

42.
TAXDECLARAT
ION

 AT
ax De
clar
ati
on i
s a pr
ope
rtyr
ecor
dthati
sat
radi
ti
onalasse
ssme
nt
doc
ume
ntmai
ntai
nedbypr
ovi
nci
al,c
ity,ormuni
ci
palasse
ssor
sthatshows,
amongot
hert
hings,t
hemar
ketandasse
sse
dval
uesoft
hepr
ope
rtyast
he
basi
sfor r
ealpr
ope
rtyt
ax c
oll
ect
ion.Al
though t
ax de
clar
ati
ons ar
e not
c
onc
lusi
vee
vide
nceofowne
rshi
pinmostc
ase
s,t
heydode
monst
rat
ethatt
he
hol
derhasac
lai
mtot
hepr
ope
rtyandpr
ovi
deasuf
fic
ientbasi
sfori
nfe
rri
ng
 posse
ssi
on.

43.
TRANSF
ERCERT
IFI
CAT
EOFT
ITLE

 T
oent
erne
got
iat
ions,at
ransf
erc
ert
ifi
cat
eoft
itl
e(al
soknownasade
edof
sal
eorde
edofabsol
utesal
e)i
sthepr
ope
rtyt
itl
eofaspe
cif
icpar
celofl
and,
wi
thorwi
thoutaphysi
calst
ruc
tur
ebui
l
toni
t.AT
CTi
susual
l
yissue
daf
ter
t
het
itl
eist
ransf
err
edf
rom t
hef
irstr
egi
ste
redowne
rtosome
onee
lse
,and
t
heOCTi
scanc
ele
d.Al
lsubse
que
ntt
ransf
ers(
whe
the
rbysal
e,donat
ion,or
anyot
herl
egalme
ans)wi
l
lre
sul
tint
hei
ssuanc
eofaT
CTaswe
ll
.

44.
LOTT
ECHNI
CALDESCRI
PTI
ON

 T
hel
ott
echni
calde
scr
ipt
ioni
sadoc
ume
ntt
hati
ncl
ude
sapl
anandar
epor
tin
whi
cht
hel
andsur
veyorde
scr
ibe
sapr
ope
rtyorpar
tofapr
ope
rtyi
nre
lat
ion
t
othec
adast
rall
i
mit
sandf
orspe
cif
icpur
pose
ssuc
hasr
ightofway,
drai
ning
se
rvi
tude
,enc
roac
hme
ntse
rvi
tude
,agr
icul
tur
alz
oni
ng,anne
xat
ion,sal
e,or
muni
ci
palf
usi
on.T
he t
echni
calde
scr
ipt
ion c
annotbe use
dfor any ot
her
pur
poset
hanwhati
twasi
nte
nde
dfor
.

45.
RIGHT
-OF
-W AY

 Ri
ghtofwayi
s"t
hel
egalr
ight
,est
abl
i
she
dbyusageorgr
ant
,topassal
onga
spe
cif
icr
out
ethr
oughgr
oundsorpr
ope
rtybe
longi
ngt
oanot
her
",or"
apat
hor
t
hor
oughf
aresubj
ectt
osuc
har
ight
".Asi
mil
arr
ightofac
cessal
soe
xist
son
l
andhe
ldbyagov
ernme
nt,l
andst
hatar
etypi
cal
l
ycal
l
edpubl
i
cland,st
ate
l
and,orCr
ownl
and.W he
nonepe
rsonownsapi
eceofl
andt
hati
sbor
der
ed
onal
lsi
desbyl
andsowne
dbyot
her
s,ane
ase
mentmaye
xist
,orbec
reat
ed
soast
oini
ti
atear
ightofwayt
hrought
hebor
der
ingl
and.

46.
RENT

 Re
nti
sac
ont
rac
tinwhi
chonepar
tyr
ent
sland,bui
l
dings,orot
herpr
ope
rty
t
oanot
herf
orase
tpe
riodoft
ime
;orac
ont
rac
tori
nst
rume
nti
nwhi
chone
 par
tyc
onv
eyspr
ope
rtyt
oanot
herf
orase
tpe
riodoft
ime
.Apayme
ntmade
t
otheowne
rofapr
ope
rtyonar
egul
arbasi
sfort
heuseoft
hatpr
ope
rty,
as
de
ter
mine
dbyal
ease(
rent
al)agr
eeme
nt.Re
nti
samont
hlypayme
ntmade
t
otheowne
rofapr
ope
rty(
oft
enr
efe
rre
dtoast
he"
landl
ord"
)fort
heuseof
t
hatpr
ope
rty,whi
chc
oul
dbeabui
l
ding,r
esi
dent
ialspac
e(house
,apar
tme
nt,
e
tc.
)
,comme
rci
alspac
e(of
fic
e,st
ore
,war
ehouse
,et
c.
),orl
and.I
not
herwor
ds,
r
enti
sthepayme
ntorse
rie
sofpayme
ntsmadet
otheowne
rofapr
ope
rty
f
ort
heuseoft
hatpr
ope
rty,whi
chc
oul
dbee
qui
pme
nt,v
ehi
cl
es,oranyt
hing
e
lse
.

47
.HOLDI
NGF
IRM

 Ar
eale
stat
ehol
dingf
irm orc
ompanyi
sac
ompanyt
hatpr
imar
il
yowns,
hol
ds,
sel
l
s,orl
ease
sre
ale
stat
e.Di
vi
dends,
int
ere
st,
royal
ti
es,
andr
entar
ethe
pr
imar
ysour
cesofi
ncomef
ort
hesebusi
nesse
s.T
hehol
dingc
ompanyc
oul
d
pr
ofi
tfr
om t
hesal
eofi
tsshar
esi
nthatc
ompany.I
fthec
ompanypays
di
vi
dends,t
hehol
dingc
ompanyr
ece
ive
scashdi
vi
dendst
hati
tcanputt
ouse
i
not
heri
nve
stme
nts.I
tisapar
entbusi
nesse
nti
ty—t
ypi
cal
l
yac
orpor
ati
onor
an LLC—t
hat doe
s not manuf
act
ure
,se
ll
,or c
onduc
tany ot
her busi
ness
ope
rat
ions.I
tspur
pose
,ast
henamesugge
sts,i
stoownc
ont
rol
l
ingst
ockor
me
mbe
rshi
pint
ere
stsi
not
herc
orpor
ati
ons.

48.
LANDDEVELOPER

 Ar
eale
stat
ede
vel
ope
rissome
oneorac
ompanywhobui
l
dsorr
enov
ate
s
home
s,of
fic
es,r
etai
lce
nte
rs,ori
ndust
rialsi
tes.T
hesepr
oje
ctsc
ant
ransf
orm
v
acantl
andordi
l
api
dat
edst
ruc
tur
esi
ntone
w busi
nesse
sandhome
s.Re
al
e
stat
ede
vel
ope
rs,
inpar
tic
ular
,buyl
andorpar
tne
rwi
thl
andowne
rst
ocr
eat
e
apl
anf
orwhatt
obui
l
dorr
ebui
l
dont
hatl
and.T
heyat
trac
tinv
est
orsand
f
ore
casthow muc
h mone
ythe ne
w home
s or busi
nesse
s wi
l
lge
ner
ate
.
De
vel
ope
rst
henov
erse
econst
ruc
tionande
vent
ual
l
yse
llt
hepr
oje
ct.
49.
LANDDEVELOPMENT

 Landde
vel
opme
nt,
alsoknownaspr
ope
rtyde
vel
opme
nt,
isabusi
nesspr
oce
ss
t
hati
ncl
ude
sev
eryt
hingf
rom r
enov
ati
ngandr
e-l
easi
nge
xist
ingbui
l
dingst
o
pur
chasi
ng r
aw l
and and se
ll
ing de
vel
ope
dland orpar
cel
sto ot
her
s.Re
al
e
stat
e de
vel
ope
rs ar
e t
he i
ndi
vi
dual
s and busi
nesse
s r
esponsi
ble f
or
c
oor
dinat
ingal
loft
heseac
tiv
iti
esandc
onv
ert
ingi
deasf
rom pape
rtor
eal
pr
ope
rty.Al
though many de
vel
ope
rs manage t
he c
onst
ruc
tion pr
oce
ss or
e
ngagei
nhouse
bui
l
ding,r
eale
stat
ede
vel
opme
nti
sdi
sti
nctf
rom c
onst
ruc
tion
orhouse
bui
l
ding.

50.
REALEST
ATE

 Re
ale
stat
einc
lude
sthe l
and as we
llas any pe
rmane
nt i
mpr
ove
ment
s
at
tac
hedt
oit
,whe
the
rnat
uralorman-
made
,suc
haswat
er,t
ree
s,mi
ner
als,
bui
l
dings,home
s,f
enc
es,and br
idge
s.Re
ale
stat
eisa t
ypeofr
eale
stat
e.
Pe
rsonalpr
ope
rty,on t
heot
herhand,i
sanyt
hingt
hati
snotpe
rmane
ntl
y
at
tac
hedt
othel
and,suc
h as v
ehi
cl
es,boat
s,j
ewe
lry,f
urni
tur
e,and f
arm
e
qui
pme
nt.Re
ale
stat
eisc
lassi
fi
edi
ntof
ivet
ype
s:r
esi
dent
ial
,comme
rci
al,
i
ndust
rial
,raw l
and,and spe
cialuse
.You c
an i
nve
sti
nre
ale
stat
eei
the
r
di
rec
tlybypur
chasi
ngahome
,re
ntalpr
ope
rty,orot
herpr
ope
rty,ori
ndi
rec
tly
byi
nve
sti
ngi
nar
eale
stat
einv
est
mentt
rust(
REI
T).

51
.REALEST
ATEBROKER

 Ar
eale
stat
ebr
oke
r,age
nt,orr
eal
tori
ssome
onewhor
epr
ese
ntsse
ll
ersor
buye
rsofr
eale
stat
eorr
ealpr
ope
rty.
W hi
l
eabr
oke
rcanwor
kinde
pende
ntl
y,
an age
nt t
ypi
cal
l
y wor
ks unde
rthe supe
rvi
si
on of a l
i
cense
d br
oke
rto
r
epr
ese
ntc
li
ent
s.Br
oke
rsandage
ntsar
ere
qui
redbyt
hest
atet
obel
i
cense
d
i
nor
dert
one
got
iat
esal
esc
ont
rac
tsandmanaget
hedoc
ume
ntat
ionr
equi
red
t
ocl
oser
eale
stat
etr
ansac
tions.Buye
rsandse
ll
ersar
ege
ner
all
yadv
ise
dto
c
onsul
ta l
i
cense
dre
ale
stat
e pr
ofe
ssi
onalf
ora wr
itt
en de
fini
ti
on ofan
i
ndi
vi
dualst
ate
'sl
awsofage
ncy,andmanyst
ate
sre
qui
rewr
itt
endi
scl
osur
es
 out
li
ningt
hedut
iesandobl
i
gat
ionst
obesi
gne
dbyal
lpar
tie
s.

52.
REALEST
ATESALESPERSON

 Ar
eale
stat
esal
espe
rsoni
sape
rsone
mpl
oye
dbyabr
oke
rtope
rfor
m anyof
av
ari
etyofr
eale
stat
e-r
elat
edse
rvi
ces,suc
hasse
ll
ing,buyi
ng,orl
i
sti
ngany
r
eale
stat
efor sal
e,l
easi
ng or r
ent
ing any pr
ope
rty,or par
tic
ipat
ing i
n
ne
got
iat
ions t
o se
ll
,le
ase
,re
nt,orbui
l
d on any pr
ope
rty.You mustbe a
l
i
cense
dre
al e
stat
e sal
espe
rson t
oengage i
n any of t
hese ac
tiv
iti
es
pr
ofe
ssi
onal
l
y.Pr
ope
rty manage
menti
s al
so c
onsi
der
ed a dut
y ofa r
eal
e
stat
esal
espe
rsoni
nsomest
ate
s,suc
hasMi
chi
gan.

53.
REALEST
ATECONSULT
ANT

 Ar
eale
stat
econsul
tanti
ssome
onewhopr
ovi
desc
li
ent
swi
th spe
cial
i
zed
i
nve
stme
ntandf
inanc
ialadv
icewhe
nthe
yar
elooki
ngt
obuy,
sel
l
,ori
nve
sti
n
r
eale
stat
e.T
heywor
kcl
ose
lywi
thpe
opl
ethr
oughoutt
hebuyi
ngandse
ll
ingof
r
eale
stat
e.i
n or
dert
oassi
stt
hem i
n ac
hie
ving t
hei
rindi
vi
dualobj
ect
ive
s
Dur
ingt
hei
nit
ialme
eti
ngwi
th ac
li
ent
,the
ywi
l
lmostl
i
kel
ydi
scusst
hei
r
obj
ect
ive
s.Onc
ethegoal
shav
ebe
ene
stabl
i
she
d,t
hec
onsul
tantc
an be
gin
c
onduc
tingt
hene
cessar
yre
sear
cht
oassi
stt
hec
li
enti
nac
hie
vingt
hosegoal
s
i
nat
ime
lyandc
ost
-ef
fec
tiv
emanne
r.F
inal
l
y,t
hei
rjobi
stopr
ovi
deunbi
ase
d
e
xpe
rtadv
iceonwhe
the
rar
eale
stat
einv
est
mentort
ransac
tioni
sasound
f
inanc
ialde
cisi
on.

54.
ASSESSOR

 Re
ale
stat
easse
ssor
s,ont
heot
herhand,
arel
i
cense
dpr
ofe
ssi
onal
swhowor
k
f
orl
ocalgov
ernme
ntuni
ts.
The
yar
ehe
ncec
all
ed“
ci
tyasse
ssor
s”or“
muni
ci
pal
asse
ssor
s”andasse
sst
hev
alueofpr
ope
rti
eswi
thi
nthe
irj
uri
sdi
cti
on and
c
alc
ulat
ehow muc
htax
est
heyhav
eac
crue
d.T
heAsse
ssor
sre
sponsi
bil
i
tyi
sto
v
alueandasse
ssr
eale
stat
eandpe
rsonalpr
ope
rtyl
ocat
edwi
thi
nthec
ount
y.
Cont
rar
ytopopul
armi
sconc
ept
ions,t
heAsse
ssordoe
snotc
alc
ulat
etax
es,
 c
oll
ectt
axe
s,se
ttaxr
ate
sorc
reat
etaxbi
l
ls.

55.
RESALAW

 Rat
ifi
edonJune29,2009,t
heRe
saLaw,asi
tispopul
arl
yknown,“
rec
ogni
zes
t
hev
italr
oleoft
her
eale
stat
ese
rvi
cepr
act
iti
one
rsi
nthesoc
ial
,pol
i
tic
al,
e
conomi
cde
vel
opme
ntandpr
ogr
essoft
hec
ount
rybypr
omot
ingt
her
eal
e
stat
e mar
ket
,st
imul
ati
ng e
conomi
c ac
tiv
ity and e
nhanc
ing gov
ernme
nt
i
ncomei
nre
alpr
ope
rty-
base
dtr
ansac
tions.
”Re
publ
i
cAc
tNo.
9646ort
heRe
al
Est
ateSe
rvi
ceAc
toft
hePhi
l
ippi
nes,whi
chi
smor
ecommonl
yre
fer
redt
oas
t
heRESAl
awst
hel
aw t
hatpr
ote
ctst
her
ight
soft
hosewhoc
allt
hemse
lve
s
asr
eale
stat
epr
ofe
ssi
onal
s.

56.
LEASE

 Al
easei
sac
ont
rac
tthatspe
cif
iest
het
ermsunde
rwhi
chonepar
tyagr
eest
o
r
entanasse
t(i
nthi
scase
,pr
ope
rty)owne
dbyanot
herpar
ty.I
tguar
ant
ees
t
hel
esse
e,al
soknown ast
het
enant
,useoft
hepr
ope
rtyi
nex
changef
or
r
egul
ar payme
ntst
othe l
essor
—the pr
ope
rty owne
r or l
andl
ord—f
or a
spe
cif
iedpe
riodoft
ime
.Ift
het
ermsoft
hel
easear
enotf
oll
owe
d,bot
hthe
l
esse
e and t
he l
essor f
acec
onse
que
nce
s.A l
ease i
s an e
xampl
e of an
i
ncor
por
ealr
ight
.

57
.CONDOMI
NIUM

 Ac
ondomi
nium,
abbr
evi
ate
d"c
ondo,
"i
sapr
ivat
elyowne
dindi
vi
dualuni
twi
thi
n
ac
ommuni
ty of ot
her uni
ts.Condo owne
rs shar
e owne
rshi
p of shar
ed
c
ommonar
eassuc
haspool
s,gar
age
s,e
lev
ator
s,out
sidehal
l
ways,andgyms,
t
onamea f
ew.A c
ondomi
nium i
sa t
ypeofpr
ope
rtyowne
rshi
pinv
olv
ing
mul
ti
ple
-uni
tdwe
ll
ingsi
nwhi
chape
rsonownshi
sorhe
rindi
vi
dualuni
tbut
shar
esowne
rshi
poft
hec
ommonar
eas.
Thec
ost
sandupke
epoft
hec
ommon
ar
easar
eshar
edbyal
lme
mbe
rs.
58.
SUBDI
VISI
ON

 Subdi
vi
si
on i
stheac
tofdi
vi
dingl
andi
ntopi
ece
sthatar
eeasi
ert
ose
llor
de
vel
op,usual
l
ythr
ought
heuseofapl
at.I
ntheUni
tedSt
ate
s,t
hef
orme
r
si
ngl
epi
eceasawhol
eisr
efe
rre
dtoasasubdi
vi
si
on.Subdi
vi
si
onsc
an be
si
mpl
e,wi
thonl
yonese
ll
erandbuye
r,orc
ompl
ex,wi
thl
arget
rac
tsofl
and
di
vi
dedi
ntomanysmal
l
erpar
cel
s.I
fiti
suse
dforhousi
ng,i
tisc
ommonl
y
r
efe
rre
dtoasahousi
ngsubdi
vi
si
on orhousi
ngde
vel
opme
nt,t
houghsome
de
vel
ope
rspr
efe
rtor
efe
rtot
hesear
easasc
ommuni
ti
es.Subdi
vi
si
onsc
an
al
sobeuse
dforc
omme
rci
alori
ndust
rialde
vel
opme
nt,wi
tht
heout
come
s
r
angi
ngf
rom r
etai
lshoppi
ngmal
l
swi
thi
nde
pende
ntl
yowne
doutpar
cel
sto
i
ndust
rialpar
ks.

59.
SUBDI
VISI
ONCLUBHOUSE

 Asubdi
vi
si
onc
lubhousei
soneoft
hemostdi
sti
ngui
shi
ngf
eat
ure
sofagat
ed
subdi
vi
si
on.T
hesear
euse
dforspe
cialf
unc
tionsande
vent
s,aswe
llasapl
ace
f
orr
esi
dent
stor
elaxandsoc
ial
i
zewi
thne
ighbor
sandf
rie
nds.I
t'
sanaudi
o-
onl
y pl
atf
orm whe
re use
rsc
an hostl
i
ve di
scussi
ons i
n whi
ch ot
her
scan
par
tic
ipat
e.Cl
ubhouseusagehasskyr
ocke
tedi
nre
centmont
hs.Dur
ingt
hat
t
ime
,re
alt
orsdi
scov
ere
dwayst
ousei
ttoac
hie
ver
esul
tssuc
hasi
ncr
ease
d
r
efe
rral
s.

60.
AMENI
TI
ES

 Aname
nit
yisaf
eat
ureofapr
ope
rtyt
hati
ncr
ease
sit
sval
uet
opr
ospe
cti
ve
buye
rsort
enant
s.I
nther
eale
stat
eindust
ry,ame
nit
iesar
ecommonl
yuse
d
andc
anbef
oundi
npr
ope
rtyl
i
sti
ngs.
Ame
nit
iesc
anbebot
hpubl
i
candspe
cif
ic
t
oapr
ope
rty.F
ormosthomebuye
rs,l
ocat
ioni
soneoft
hemosti
mpor
tant
f
act
ors.Ame
nit
iesar
ede
fine
dase
leme
ntsofc
omf
ortandc
onv
eni
enc
e,most
c
ommonl
yinr
efe
renc
etoahome
,ve
hic
le,r
esor
t,orr
ent
al.A hott
uband
r
oom se
rvi
ce ar
etwo e
xampl
es ofhot
elame
nit
ies.Saf
e dr
inki
ng wat
er,
sani
tat
ion,housi
ng,an al
l
-we
athe
rroad t
othe v
il
lage
,el
ect
rif
icat
ion,f
uel
,
 c
onne
cti
vi
ty,a he
alt
hcar
ece
nte
r,a sc
hool
,a pl
aygr
ound,and r
ecr
eat
ional
f
aci
l
iti
es,
amongot
hert
hings,
arei
ncl
ude
dint
hesc
opeofbasi
came
nit
ies.

61
.RAW LAND

 Raw l
and has e
mer
ged as t
hel
and i
ndust
ry'
sri
si
ng st
ar.Pe
opl
euse
dto
di
sre
gar
draw l
and,be
li
evi
ng t
hat i
tsl
ack of de
vel
opme
nt r
ende
redi
t
wor
thl
ess,and i
nst
ead i
nve
sti
n de
vel
ope
dland.Howe
ver
,landowne
rshav
e
r
eal
i
zedi
nre
centye
arst
hatr
aw l
andi
sal
ow-
mai
nte
nanc
ewayt
osav
efor
r
eti
reme
nt.
Today,
we'
l
llookatt
hisl
andt
ypeandhow youc
anmaket
hemost
mone
ybypur
chasi
ngr
aw l
and.
Raw l
andi
sapr
ope
rtyi
nit
spur
estf
orm.
The
l
and has ne
ver be
en c
ult
ivat
ed f
or c
rops or l
i
vest
ock.T
her
e ar
e no
e
nhanc
eme
ntsl
i
kewal
kingpat
hs,
house
s,orf
enc
es.

62.
RICELAND

 Ri
cel
andi
sde
fine
dasanyl
andt
hati
sle
toragr
eedt
obel
etast
hesubj
ectof
at
enanc
yagr
eeme
ntandi
suse
dei
the
rwhol
l
yorpr
imar
il
yfort
hec
ult
ivat
ion
ofpaddy,suc
hlandbe
ingf
itf
orc
ult
ivat
ionofpaddyatt
het
imeofl
ett
ing
ac
cor
dingt
onor
malagr
icul
tur
alst
andar
ds,
butdoe
snoti
ncl
udeanyl
andt
hat
i
spar
tofanye
stat
eandi
suse
dpr
imar
il
ybyt
heowne
r(oranype
rson
c
lai
mingt
itl
ethr
ought
heowne
r)f
ort
hec
ult
ivat
ionofanyc
ropot
hert
han
paddy.

63.
FARM LAND

 F
arm l
andi
sar
eale
stat
eni
chet
hatde
alswi
tht
hebuyi
ngandse
ll
ingof
ar
abl
eland.T
hisni
chene
cessi
tat
est
her
eale
stat
eage
nthav
ing e
xte
nsi
ve
knowl
edgeoft
hel
and and f
armi
ng i
ndust
rie
s.A f
arm-
spe
cif
icr
eale
stat
e
age
ntorbr
oke
rmustbef
ami
l
iarwi
tht
hef
oll
owi
ng:f
armr
egul
ati
onsi
nthe
c
ity,
count
y,andst
ate
.Theage
ntmustbef
ami
l
iarwi
thf
arm P&Lst
ate
ment
s.
F
arml
andc
anbev
eryl
arge
,wi
thsomef
armsc
ove
ringmor
ethan1
00ac
res.
T
ode
ter
minet
hemar
ketv
alueoft
hepr
ope
rty,t
heage
ntmustbef
ami
l
iar
 wi
thl
i
vest
ockf
armsandc
roppr
oduc
ingf
arms.

64.
VEST
EDRI
GHT
S

 A v
est
ed r
ight i
s a pr
ope
rty i
nte
rest t
hat be
longs c
ompl
ete
ly and
unc
ondi
ti
onal
l
yto a pe
rson and c
annotbe i
mpai
red ort
ake
n away (
for
e
xampl
e,t
hroughr
etr
oac
tiv
ele
gisl
ati
on)wi
thoutt
heowne
r'sc
onse
nt.I
nre
al
e
stat
e de
vel
opme
nt,t
he v
est
edr
ight
s doc
tri
ne i
s use
d by c
our
ts and
l
egi
sl
atur
est
ode
ter
minewhe
the
rloc
algov
ernme
ntsshoul
d beal
l
owe
dto
e
nfor
cene
wlye
nac
tedz
oni
ngor
dinanc
esagai
nstl
andowne
rs.Ast
hesc
ope
andc
ostofr
eale
stat
ede
vel
opme
ntpr
oje
ctsgr
ow,andz
oni
ngr
egul
ati
ons
be
comemor
ecompl
exandse
nsi
ti
vet
oenv
ironme
ntalc
onc
erns,t
hev
est
ed
r
ight
sde
bat
ewi
l
lre
mai
nac
ont
ent
iousi
ssuei
nlandusel
aw.

65.
INVEST
MENT

 Ani
nve
stme
nti
sanasse
tori
tem pur
chase
dwi
tht
hei
nte
nti
onofe
arni
ng
i
ncomeori
ncr
easi
ngi
nval
ue.
Ani
ncr
easei
nthev
alueofanasse
tov
ert
imei
s
r
efe
rre
dtoasappr
eci
ati
on.
W he
nape
rsonbuysagoodasani
nve
stme
nt,
the
i
nte
nti
oni
snott
oconsumet
hegoodbutr
athe
rtousei
ttoc
reat
ewe
alt
hin
t
hef
utur
e.Ani
nve
stme
nti
sal
wayst
heout
layofsomec
api
talt
oday—t
ime
,
e
ffor
t,mone
y,oranasse
t—i
nthehopeofal
arge
rpayof
fint
hef
utur
ethan
whatwasi
nit
ial
l
yputi
n.

66.
RESI
DENT
IALAREA

 Re
side
nti
alar
easi
ncl
udeawi
der
angeofpossi
bledwe
ll
ings,f
rom house
sto
house
boat
s,andne
ighbor
hoodt
ype
srangi
ngf
rom t
hepoor
estsl
um t
othe
we
alt
hie
stsubur
bansubdi
vi
si
on.
Manyoft
hesear
enotspe
cif
ical
l
yre
ale
stat
e,
whi
chi
sa l
egalde
fini
ti
on de
scr
ibi
nga st
ateofowne
rshi
p:r
esi
dent
ialr
eal
e
stat
eeme
rge
s whe
nland sanc
tione
dforr
esi
dent
ialusei
s pur
chase
d by
some
one
,whi
chbe
come
sre
alpr
ope
rty.Re
side
nti
alr
eale
stat
ecannotbeuse
d
f
orc
omme
rci
alori
ndust
rialpur
pose
s,ac
cor
dingt
oloc
alz
oni
ngor
dinanc
es.
 Suc
hlawsv
arybyl
ocat
ionandc
anl
i
mitt
henumbe
rofbui
l
dingst
hatc
anbe
bui
l
tonasi
ngl
ebl
ockaswe
llast
het
ype
sofmuni
ci
palse
rvi
cest
hatc
anbe
pr
ovi
dedt
othosebui
l
dings.

67
.COMMERCI
ALAREA

 Comme
rci
alr
eale
stat
e(CRE)i
spr
ope
rtyt
hati
suse
dex
clusi
vel
yforbusi
ness-
r
elat
edpur
pose
sort
opr
ovi
dea wor
kspac
erat
hert
han asa l
i
ving spac
e,
whi
chwoul
dinst
eadc
onst
itut
ere
side
nti
alr
eale
stat
e.Mostof
ten,c
omme
rci
al
r
eale
stat
eisl
ease
dtot
enant
stoc
onduc
tinc
ome
-ge
ner
ati
ngac
tiv
iti
es.T
his
br
oadc
ate
gor
yofr
eale
stat
ecani
ncl
udee
ver
ythi
ngf
rom asi
ngl
est
ore
front
t
oahugeshoppi
ngc
ent
er.Comme
rci
alr
eale
stat
einc
lude
sse
ver
alc
ate
gor
ies,
suc
h as r
etai
l
ers ofal
lki
nds—of
fic
e spac
e,hot
els& r
esor
ts,st
rip mal
l
s,
r
est
aur
ant
s,andhe
alt
hcar
efac
il
it
ies.

68.
RURALAREA

 Rur
alar
eaorr
uralr
esi
dent
ialpr
ope
rty,ac
cor
dingt
ore
ale
stat
epr
ofe
ssi
onal
s,
i
sapi
eceofl
andz
one
dforr
esi
dent
ialuset
hati
sloc
ate
dinal
essde
nse
ly
popul
ate
dar
eat
hanc
iti
es.T
hisc
ani
ncl
udeagr
icul
tur
alorf
armi
ngar
eas.I
n
manyse
nse
s,i
tist
hedi
rec
topposi
teofc
ityorur
banpr
ope
rty.I
tiswi
sef
or
owne
rst
obui
l
dapr
ope
rtypl
anf
ort
hei
rrur
alpr
ope
rty.I
dent
ifyt
hepr
ope
rty
f
eat
ure
s(f
arm bui
l
dings,yar
ds,yar
ds,f
enc
es)andl
andmanage
mentuni
ts
(
soi
ltype
,sl
ope
,ve
get
ati
on,
andwat
err
esour
ces)
.Uset
opogr
aphi
cmaps,
aer
ial
phot
ogr
aphs,and sat
ell
i
tei
mage
ryt
o he
lpi
dent
ifyf
eat
ure
sli
ke dams,
dr
ainagel
i
nes,
vege
tat
iont
ype
s,ande
rosi
on.

69.
URBANAREA

 Anur
banar
ea,al
soknownasabui
l
t-upar
ea,i
sahumanse
ttl
eme
ntwi
tha
hi
ghpopul
ati
onde
nsi
tyandbui
l
t-e
nvi
ronme
nti
nfr
ast
ruc
tur
e.Ur
banar
easar
e
f
orme
d as a r
esul
t of ur
bani
zat
ion and ar
ecl
assi
fi
ed as c
iti
es,t
owns,
c
onur
bat
ions,orsubur
bsbyur
banmor
phol
ogy.I
nur
bani
sm,t
het
ermr
efe
rs
 t
orur
alar
eassuc
hasv
il
lage
sandhaml
ets,whe
reasi
n ur
ban soc
iol
ogyor
ur
ban ant
hropol
ogy,i
tre
fer
stot
henat
urale
nvi
ronme
nt.Dur
ingt
heur
ban
r
evol
uti
on,t
hec
reat
ionofe
arl
ypr
ede
cessor
sofur
banar
easr
esul
tedi
nthe
c
reat
ionofhumanc
ivi
l
izat
ionwi
thmode
rnur
banpl
anni
ng,whi
ch,al
ongwi
th
ot
herhuman ac
tiv
iti
essuc
h asr
esour
cee
xpl
oi
tat
ion,r
esul
tedi
n a human
i
mpac
tont
hee
nvi
ronme
nt.

7
0.SI
NGLEDET
ACHEDHOUSE

 Si
ngl
ede
tac
hedhouseme
anst
hatt
hehousei
sde
tac
hedf
rom anysi
deoft
he
l
ot.I
thasnoc
ommonwal
l
sandi
sbui
l
toni
tsownpar
celofl
and.I
tme
ans
t
hatt
her
eisanope
nspac
eont
hesi
despl
ust
hef
rontandbac
k,andyour
housei
sint
hemi
ddl
eoft
hel
ot.Be
stf
or:Gr
owi
ngandl
argef
ami
l
ies.I
tisa
si
ngl
edwe
ll
ingnotat
tac
hedt
oanyot
herdwe
ll
ingorst
ruc
tur
e(e
xce
pti
tsown
gar
ageorshe
d).Asi
ngl
e-de
tac
hedhousehasope
nspac
eonal
lsi
des,andhas
nodwe
ll
ingse
ithe
rabov
eitorbe
low i
t.

7
1.SI
NGLEAT
TACHEDHOUSE

 Si
ngl
eat
tac
hedme
ansonesi
deofyourhousei
sbui
l
tdi
rec
tlyont
heboundar
y

ofyourl
ot.You shar
ethi
sboundar
yli
newi
th a ne
ighbor
,soyou e
nd up

shar
ing a wal
las we
ll
...
.Be
cause t
he l
oti
tse
lfi
sre
lat
ive
ly smal
l
,si
ngl
e

at
tac
hedhouse
shav
emul
ti
plest
ori
est
omax
imi
zeyourspac
e.Si
ngl
eAt
tac
hed

Houseal
some
anst
hatahouseshar
esac
ommonwal
ltypi
cal
l
yonbot
hsi
des

oft
hepr
ope
rty.

7
2.ROW HOUSE

 Oneofase
rie
sofhouse
s,of
tenofsi
mil
arori
dent
icalde
sign,
sit
uat
edsi
deby

si
deandj
oi
nedbyc
ommonwal
l
s.Anyofal
i
neofi
dent
icalhouse
sjoi
nedal
ong
 t
hesi
desbyc
ommonwal
l
s.I
tisal
soav
ari
etyofr
esi
dent
ialbui
l
dingwhe
re

t
hei
ndi
vi
dualhouse
sli
ningst
ree
tshar
eadj
ace
ntwal
l
sinc
ommonandhav
ea

c
ont
inuousst
ret
chofr
oof
.

7
3.HOT
EL

 Hot
eli
sapl
acet
hathasr
oomsi
nwhi
chpe
opl
ecanst
aye
spe
cial
l
ywhe
nthe
y

ar
etr
ave
li
ng:apl
acet
hatpr
ovi
desf
ood,l
odgi
ng,andot
herse
rvi
cesf
orpayi
ng

gue
sts.Hot
elme
ansanyst
ruc
tur
eorspac
e,oranypor
tiont
her
eof
,whi
chi
s

oc
cupi
ed ori
nte
nde
d orde
signe
dforoc
cupanc
yby t
ransi
ent
sfordwe
ll
ing,

l
odgi
ngorsl
eepi
ngpur
pose
s,andi
ncl
ude
sanyhot
el,i
nn,t
our
istc
amp,t
our
ist

c
our
t,t
our
ist c
abi
n,mot
elor any pl
acei
n whi
ch r
ooms,l
odgi
ngs or

ac
commodat
ionsar
efur
nishe
dtot
ransi
ent
sforac
onsi
der
ati
on.

7
4.MOT
EL

 Amot
el,al
soknownasamot
orhot
elormot
orl
odge
,isahot
elde
signe
dfor

mot
ori
sts,usual
l
yhav
inge
achr
oom e
nte
reddi
rec
tlyf
rom t
hepar
kingar
ea

f
ormot
orv
ehi
cl
esr
athe
rthan t
hroughac
ent
rall
obby.Mot
elsdi
ffe
rfr
om

hot
elsi
nthe
irl
ocat
ional
onghi
ghways,asoppose
dtot
heur
banc
ore
sfav
ore
d

byhot
els,andt
hei
ror
ient
ati
ont
otheout
side(
inc
ont
rastt
ohot
els,whose

door
stypi
cal
l
yfac
eani
nte
riorhal
l
way)
.Mot
elsal
mostbyde
fini
ti
oni
ncl
udea

par
kingl
ot,whi
l
eol
derhot
elswe
renotusual
l
ybui
l
twi
thaut
omobi
l
epar
king

i
nmi
nd.
7
5.DUPLEX

 A dupl
exi
sahousewhi
chhasbe
endi
vi
dedi
ntot
wose
par
ateuni
tsf
ort
wo

di
ffe
rentf
ami
l
iesorgr
oupsofpe
opl
e.A t
wo-
fami
l
yhousec
an bec
all
eda

dupl
ex.Mostdupl
exe
sar
ebui
l
twi
tht
het
wohome
ssi
debysi
de,al
thoughyou

c
an al
sol
i
vei
n a dupl
exwi
th apar
tme
ntson t
wof
loor
s.T
heLat
in dupl
ex

me
ans "
twof
old,
"fr
om duo,"
two,
"and -
ple
x,"
toi
nte
rtwi
ne.
"Thewor
d was

c
oine
dint
heU.
S.ar
ound1
922.

7
6.CORNERLOT

 Ac
orne
rloti
sjusthow i
tsounds,
api
eceofpr
ope
rtyt
hatl
i
esont
hec
orne
rof

t
woi
nte
rse
cti
ngst
ree
ts,c
ausi
ngf
ront
ageon t
wosi
desoft
hehome
.A l
ot

l
ocat
edatt
hei
nte
rse
cti
onoft
woormor
est
ree
ts.Al
otabut
tingonac
urv
ed

st
ree
torst
ree
tsshal
lbec
onsi
der
edac
orne
rloti
fst
rai
ghtl
i
nesdr
awnf
rom

t
hef
ore
mostpoi
ntoft
hesi
del
otl
i
nest
othef
ore
mostpoi
ntoft
hel
ot(
oran

e
xte
nsi
on oft
hel
otwhe
rei
thasbe
enr
ounde
dbyast
ree
tradi
us)atan

i
nte
riorangl
eofl
esst
han1
35de
gre
es.

7
7.I
NNERLOT

 I
nne
rloti
sal
otbounde
dbyast
ree
tononl
yonesi
de— c
all
edal
soi
nsi
del
ot.

T
hesear
ehouse
sthatar
ebui
l
tinbe
twe
enot
herhouse
s.I
nte
rme
diat
euni
ts

ar
emor
ecommonl
ytr
ade
dint
hepr
ope
rtymar
ketgi
veni
tssuppl
yvol
ume
.

T
headv
ant
ageoft
hisi
sthenumbe
rofr
eadybuye
rsl
ooki
ngf
orani
nne
runi
t

t
her
efor
eyouwi
l
lhav
ele
ssofahassl
efi
ndi
ngabuye
rinc
ont
rastt
ose
ll
inga
 c
orne
runi
t.

7
8.APPART
ELLE

 An Appar
tel
l
e,al
so known as an Apar
tme
nt-
Hot
elorSe
rvi
ced Apar
tme
nt,

c
ombi
nest
hebe
stse
rvi
ceandqual
i
tyofahot
elwi
tht
hef
ree
dom andspac
e

ofapar
tme
ntl
i
ving.
Iti
sase
rvi
cedapar
tme
ntc
ompl
ext
hatuse
sahot
el-
styl
e

booki
ng syst
em.I
tis a hot
elt
hatr
ent
sfur
nishe
d apar
tme
nts orsui
tes

sui
tabl
eforhouse
kee
ping,onawe
ekl
yormor
epe
rmane
ntbasi
s,andusual
l
y

suppl
i
esal
lhot
else
rvi
ces.

7
9.VI
LLAS

 Av
il
lai
saf
anc
yvac
ati
onhomeandt
hiswor
dhasbe
enar
ounde
versi
nce

anc
ientRoman t
ime
stome
an "
count
ryhousef
ort
hee
li
te.
"InI
tal
i
an,v
il
la

me
ans"
count
ryhouseorf
arm.
"Mostv
il
lasi
ncl
udeal
argeamountofl
andand

of
tenbar
ns,gar
age
s,orot
herout
bui
l
dingsaswe
ll
.Av
il
lai
sal
argec
ount
ry

house of Roman t
ime
s,hav
ing an e
stat
e and c
onsi
sti
ng of f
arm and

r
esi
dent
ialbui
l
dings ar
range
d ar
ound a c
our
tyar
d.I
tis a de
tac
hed or

se
mide
tac
hedhousei
nar
esi
dent
ialdi
str
ict
,typi
cal
l
yonet
hati
sVi
ctor
ianor

Edwar
diani
nst
yle
.

80.
APART
MENT

 Anapar
tme
nt(
USEngl
i
sh)orf
lat(
Bri
ti
shEngl
i
sh)i
sapl
acet
oli
vet
hati
s

onl
ypar
tofal
arge
rbui
l
ding.Usual
l
yiti
sagr
oupofr
oomsononef
loorofa

hi
ghr
isebui
l
ding i
n ac
ity,whe
rel
and i
stooe
xpe
nsi
vef
orpe
opl
etohav
e
 se
par
atehouse
s.Anapar
tme
ntt
hatpe
opl
eowni
scal
l
edac
ondomi
nium or

"
condo"
.apar
tme
nthouse
,al
soc
all
edapar
tme
ntbl
ock,
orbl
ockoff
lat
s,bui
l
ding

c
ont
aini
ng mor
ethan one dwe
ll
ing uni
t,mostofwhi
ch ar
e de
signe
dfor

dome
sti
c use
,but some
time
sinc
ludi
ng shops and ot
her nonr
esi
dent
ial

f
eat
ure
s.

81
.MODELHOUSE

 Amode
lhome/housei
s,si
mpl
yput
,a“
sampl
ehome
”thatdi
spl
aysabui
l
der
's

c
reat
ivi
ty and c
raf
tsmanshi
p.Mode
ls ar
e bui
l
t wi
tht
he sol
e pur
pose of

de
monst
rat
ingt
opot
ent
ialhomebuye
rshow abui
l
der
'shouse
swi
l
llook,f
eel
,

f
low andf
unc
tion,whi
l
eusi
ngt
hel
ate
sthome
bui
l
dingt
echni
que
s,pr
oduc
ts

andf
eat
ure
s.I
tisal
soknownasAshow house
,al
soc
all
edamode
lhomeor

di
spl
ayhome
,isat
erm f
ora"
displ
ay"v
ersi
on ofmanuf
act
ure
dhome
s,or

house
sinasubdi
vi
si
on.T
heyar
euse
donne
wlybui
l
tde
vel
opme
ntst
oshow

t
hel
i
vingspac
eandf
eat
ure
sofhome
sav
ail
abl
e.

82.
CO-
OW NER

 Ac
o-owneri
sani
ndi
vi
dualorgr
oupt
hatshar
esowne
rshi
pinanasse
twi
th

anot
heri
ndi
vi
dualorgr
oup.Eac
hco-
ownerownsaper
cent
ageoft
heasset
,

al
thought
heamountmayv
aryac
cor
dingt
otheowne
rshi
pagr
eement
.The

r
ight
sofeac
hownerar
etypi
cal
l
ydef
inedi
nac
cor
danc
ewi
thac
ont
rac
tor

wr
itt
enagr
eeme
nt,whi
chof
teni
ncl
ude
sthet
reat
mentofr
eve
nueandt
ax

obl
i
gat
ions.T
her
e ar
eri
sks t
oco-
owner
shi
p,whi
chc
an i
ncl
ude shar
ed

r
esponsi
bil
i
tyf
ort
heot
herpar
ty’
srec
klessornegl
i
gentac
tions.
83.
CO-
BORROW ER

 Ac
o-bor
rowe
rissome
onewhoappl
i
esf
oral
oanorl
i
neofc
redi
twi
thanot
her

bor
rowe
r.T
hec
o-bor
rowe
rhase
qualac
cesst
othef
undst
iedt
othel
oan.
Bot
h

t
hec
o-bor
rowe
randpr
imar
ybor
rowe
rar
ere
sponsi
blef
orpayme
nts.Some

l
ende
rsr
efe
rtot
hesepar
tie
sasl
oanc
o-appl
i
cant
s.A c
ommone
xampl
eof

t
hisi
samar
rie
dcoupl
ethatappl
i
esf
oramor
tgageoraut
oloant
oge
the
r.

Bot
h oft
hem wi
l
lshar
ether
esponsi
bil
i
tyofmont
hlypayme
ntsandhav
e

ac
cesst
otheasse
tsat
tac
hedt
othel
oan.

84.
HLURB

 T
he Housi
ng and Land Use Re
gul
ator
y Boar
d(HLURB)i
sthe gov
ernme
nt

age
ncy mandat
edt
o pr
ovi
de assi
stanc
etol
ocalgov
ernme
ntuni
tsi
nthe

pr
epar
ati
on and appr
ovaloft
hei
rcompr
ehe
nsi
vel
and use pl
ans (
CLUPs)
,

r
egul
atehousi
ng,l
and usede
vel
opme
ntand home
owne
rsassoc
iat
ions.T
he

Housi
ngandLandUseRe
gul
ator
yBoar
d(HLURB)i
sthec
ount
ry’
spr
imar
y

gov
ernme
nt age
ncyt
aske
d wi
th pr
ovi
ding t
echni
calsuppor
tin mat
ter
s

i
ncl
udi
ng,but not l
i
mit
edt
o:housi
ng r
egul
ati
ons,l
and de
vel
opme
nt and

home
owne
rsassoc
iat
ions,andse
ttl
eme
ntofl
anddi
sput
es.HLURBope
rat
es

v
iaat
riad ofst
rat
egi
es:pol
i
cy de
vel
opme
nt,pl
anni
ng and r
egul
ati
on.I
ts

se
rvi
cesc
ate
rtohomebuye
rs,de
vel
ope
rs,home
owne
rsassoc
iat
ions,br
oke
rs

andl
ocalgov
ernme
ntuni
ts.
85.
SOCI
ALI
ZEDHOUSI
NG

 T
het
erm“
Soc
ial
i
zedHousi
ng”i
nthePhi
l
ippi
neshasunde
rgonedr
ast
icc
hange
s

i
nit
sde
fini
ti
ons.Or
igi
nal
l
yitwasuse
dasat
ermt
ode
scr
ibehousi
ngpr
oje
cts

wi
thdi
ffe
rentt
echni
calst
andar
dssoast
oensur
eaf
for
dabi
l
ityt
oav
erageand

l
ow-
inc
omef
ami
l
ies(
BP220)
.Soc
ial
i
zedHousi
ngr
efe
rst
ohousi
ngpr
ogr
ams

andpr
oje
ctsc
ove
ringhouse
sandl
otsorhomel
otsonl
yunde
rtake
nbyt
he

gov
ernme
nt or t
he pr
ivat
e se
ctor f
or t
he unde
rpr
ivi
l
ege
d and home
less

c
iti
zens whi
ch shal
linc
lude si
tes and se
rvi
ces de
vel
opme
nt,l
ong-
ter
m

f
inanc
ing,l
i
ber
ali
zedt
ermsoni
nte
restpayme
nts,andsuc
hot
herbe
nef
itsi
n

agr
eeme
ntwi
tht
hisAc
t.— Ur
banDe
vel
opme
ntandHousi
ngAc
t(UDHA)
,RA

7
279.

86.
LOW -
COSTHOUSI
NG

 I
tishousi
ngwhi
chi
sde
eme
daf
for
dabl
etot
hosewi
thahouse
hol
dinc
omeat

or be
low t
he me
dianas r
ate
d by t
he nat
ionalgov
ernme
nt or a l
ocal

gov
ernme
ntbyar
ecogni
zedhousi
ngaf
for
dabi
l
ityi
nde
x.Mostoft
hel
i
ter
atur
e

onaf
for
dabl
ehousi
ngr
efe
rst
omor
tgage
sandanumbe
roff
ormst
hate
xist

al
ong a c
ont
inuum –f
rom e
mer
genc
y home
less she
lte
rs,t
otr
ansi
ti
onal

housi
ng,
tonon-
mar
ketr
ent
al(
alsoknownassoc
ialorsubsi
diz
edhousi
ng)
,to

f
ormalandi
nfor
malr
ent
al,i
ndi
genoushousi
ng,ande
ndi
ngwi
thaf
for
dabl
e

homeowne
rshi
p.Low c
osthousei
sane
wconc
eptwhi
chde
alswi
the
ffe
cti
ve

budge
ting and use of t
echni
que
s whi
ch he
lpi
n r
educ
ing t
he c
ost of

c
onst
ruc
tion byt
heuseofl
ocal
l
yav
ail
abl
emat
eri
alsal
ong wi
thi
mpr
ove
d
 ski
l
lsandt
echnol
ogywi
thoutc
ompr
omi
si
ngt
hest
rengt
h,pe
rfor
manc
eand

l
i
feoft
hest
ruc
tur
e.

87
.HOUSI
NGLOAN

 Housel
oanorhomel
oansi
mpl
yme
ansasum ofmone
ybor
rowe
dfr
om a

f
inanc
iali
nst
itut
ionorbankt
opur
chaseahouse
.Homel
oansc
onsi
stofan

adj
ust
abl
e or f
ixe
dint
ere
st r
ate and payme
nt t
erms.he pr
ope
rtyi
s

mor
tgage
dtot
hel
ende
rasase
cur
ityt
il
lther
epayme
ntoft
hel
oan.
Ahome
-

pur
chase l
oan amounti
s ut
il
iz
edt
o buy a r
esi
dent
ialpr
ope
rty.F
inanc
ial

i
nst
itut
ionsusual
l
ypr
ovi
deupt
o80-
85%oft
hemar
ketv
alueoft
hehouseas

l
oanamount
.Thei
nte
restr
ateont
hesel
oansi
sei
the
rfi
xed,
float
ingorhybr
id.

88.LEASECONT
RACT

 Al
easei
sac
ont
rac
tout
li
ningt
het
ermsunde
rwhi
chonepar
tyagr
eest
ore
nt

anasse
t—Al
easeagr
eeme
nti
sanar
range
mentbe
twe
ent
wopar
tie
s–l
essor

andl
esse
e,bywhi
cht
hel
essoral
l
owst
hel
esse
ether
ightt
ouseapr
ope
rty

owne
dormanage
dbyt
hel
essorf
oraspe
cif
iedpe
riodoft
ime
,ine
xchangef
or

pe
riodi
cpayme
ntofr
ent
als.Ont
hisc
ase
,pr
ope
rty—owne
dbyanot
herpar
ty.

I
tguar
ant
eest
hel
esse
e,al
soknownast
het
enant
,useoft
hepr
ope
rtyand

guar
ant
eest
hel
essor
—thepr
ope
rtyowne
rorl
andl
ord—r
egul
arpayme
ntsf
or

aspe
cif
iedpe
riodi
nex
change
.
89.
NAT
IONALHOUSI
NGAUT
HORI
TY

 T
heNat
ionalHousi
ngAut
hor
ity(
NHA)i
sagov
ernme
ntage
ncyr
esponsi
blef
or

publ
i
chousi
ngi
nthePhi
l
ippi
nes.
Est
abl
i
she
donJul
y31
,197
5,i
tisor
gani
zedas

a gov
ernme
nt-
owne
d and c
ont
rol
l
edc
orpor
ati
on unde
rthe De
par
tme
ntof

HumanSe
ttl
eme
ntsandUr
banDe
vel
opme
ntasanat
tac
hedage
ncy.I
tist
he

sol
e nat
ionalage
ncy mandat
edt
oengage i
n housi
ng pr
oduc
tion f
or l
ow

i
ncomef
ami
l
ies.
The
ywe
ret
aske
dtode
vel
opandi
mpl
eme
ntac
ompr
ehe
nsi
ve

andi
nte
grat
edhousi
ngpr
ogr
am whi
chshal
lembr
ace
,amongot
her
s,housi
ng

de
vel
opme
nt and r
ese
ttl
eme
nt,sour
ces and sc
heme
s of f
inanc
ing,and

de
li
neat
ionofgov
ernme
ntandpr
ivat
ese
ctorpar
tic
ipat
ion.

90.
SQUAT
TERS

 Asquat
teri
ssome
onewhol
i
vesi
nanunuse
dbui
l
dingwi
thouthav
ingal
egal

r
ightt
odosoandwi
thoutpayi
nganyr
entoranypr
ope
rtyt
ax.Asquat
teri
s

some
onewhooc
cupi
esunuse
dland,
eit
hert
ofar
mitort
obui
l
dahouseoni
t,

wi
thouthav
ingal
egalr
ightt
odoso.T
heyar
ethepe
opl
ewhooc
cupi
esa

bui
l
dingwi
thoutal
egalr
ightt
obet
her
e.

91
.PROF
ESSI
ONALSQUAT
TERS

 Pr
ofe
ssi
onalSquat
ter
s"r
efe
rst
oindi
vi
dual
s orgr
oups who oc
cupy l
ands

wi
thoutt
hee
xpr
essc
onse
ntoft
hel
andowne
randwhohav
esuf
fic
ienti
ncome

f
or l
egi
ti
mat
e housi
ng.T
he pr
ofe
ssi
onalsquat
ter
s ar
ethose who make

squat
ting t
hei
rme
ans ofl
i
vel
i
hood.T
hey hav
e st
ore
s and shops and c
an
 af
for
dtopayr
entont
hel
otst
heyar
eoc
cupyi
ngbutpr
efe
rtosquatbe
cause

i
tisf
ree
.Manyoft
hem hav
eshant
iesi
ntwoormor
esquat
terc
oloni
est
hat

t
heyr
entoutt
opoorsquat
ter
s.T
heyst
ealwat
erande
lec
tri
ci
tywhi
cht
hey

se
llt
othe
irt
enant
sate
xor
bit
antpr
ice
s.

92.
PRI
VAT
EPROPERT
Y

 Pr
ivat
epr
ope
rtyi
sal
egalde
signat
ionf
ort
heowne
rshi
pofpr
ope
rtybynon-

gov
ernme
ntall
egale
nti
ti
es.Pr
ivat
epr
ope
rtyi
sdi
sti
ngui
shabl
efr
om publ
i
c

pr
ope
rty,whi
chi
sowne
dbyast
atee
nti
ty,andf
rom c
oll
ect
iveorc
oope
rat
ive

pr
ope
rty,whi
chi
s owne
d by a gr
oup of non-
gov
ernme
ntale
nti
ti
es.T
he

di
sti
nct
ionbe
twe
enpr
ivat
eandpe
rsonalpr
ope
rtyv
ari
esde
pendi
ngonpol
i
tic
al

phi
l
osophy,wi
thsoc
ial
i
stpe
rspe
cti
vesmaki
ngahar
ddi
sti
nct
ionbe
twe
ent
he

t
wo,whi
l
eot
her
sbl
endt
het
wot
oge
the
r.[
bet
tersour
cene
ede
d]Asal
egal

c
onc
ept
,pr
ivat
e pr
ope
rtyi
s de
fine
d and e
nfor
ced by a c
ount
ry'
s pol
i
tic
al

syst
em.

93.
PUBLI
CPROPERT
Y

 Publ
i
cpr
ope
rtyi
spr
ope
rtyt
hati
sde
dic
ate
dtopubl
i
cuse
.Thet
erm maybe

use
dei
the
rtode
scr
ibet
heuset
owhi
cht
hepr
ope
rtyi
sput
,ort
ode
scr
ibet
he

c
har
act
erofi
tsowne
rshi
p(owne
dcol
l
ect
ive
lybyt
hepopul
ati
on ofast
ate
).

T
hisi
sinc
ont
rastt
o pr
ivat
e pr
ope
rty,owne
d by an i
ndi
vi
dualpe
rson or

ar
tif
ici
ale
nti
ti
est
hatr
epr
ese
ntt
hef
inanc
iali
nte
rest
sofpe
rsons,suc
h as

c
orpor
ati
ons.St
ate owne
rshi
p,al
so c
all
ed publ
i
c owne
rshi
p,gov
ernme
nt

owne
rshi
porst
atepr
ope
rty,ar
epr
ope
rtyi
nte
rest
sthatar
eve
ste
dint
he
 st
ate
,rat
hert
hanani
ndi
vi
dualorc
ommuni
ti
es.

94.ROAD

 Ar
oadi
sal
ongpi
eceofhar
dgr
oundwhi
chi
sbui
l
tbe
twe
ent
wopl
ace
sso

t
hatpe
opl
ecandr
iveorr
idee
asi
l
yfr
om onepl
acet
otheot
her
.A r
oadi
sa

wi
deway l
eadi
ng f
rom onepl
acet
oanot
her
,typi
cal
l
y onewi
th a usual
l
y

pr
epar
ed sur
fac
e whi
chv
ehi
cl
esc
an use
.Roads c
onsi
st of one or t
wo

r
oadways(
Bri
ti
shEngl
i
sh:
car
riage
ways)
,eac
hwi
thoneormor
elane
sandany

assoc
iat
edsi
dewal
ks(
Bri
ti
shEngl
i
sh:pav
eme
nt)andr
oadv
erge
s.Abi
kepat
h

-ar
oadf
orusebybi
cyc
les-mayormaynotr
uni
npar
all
elwi
thot
herr
oads.

Ot
hername
sfora r
oad i
ncl
ude
:par
kway;av
enue
;fr
eeway,mot
orway or

e
xpr
essway;t
ollway;i
nte
rst
ate
;hi
ghway;t
hor
oughf
are
;orpr
imar
y,se
condar
y,

andt
ert
iar
yloc
alr
oad.

95.
ALLEY

 Anal
l
eyi
sanar
row passagebe
twe
enbui
l
dingsorot
herst
ruc
tur
es.T
hewor
d

al
l
eywayme
anst
hesamet
hing.Al
l
eyc
an al
sor
efe
rtoanar
row pat
hor

passagebe
hindar
ow ofhouse
s,suc
hasonet
hatal
l
owsac
cesst
ogar
age
s

and bac
k yar
dsAn al
l
eyi
s a nar
row passage be
twe
en bui
l
dings orot
her

st
ruc
tur
es.
Thewor
dal
l
eywayme
anst
hesamet
hing.
All
eyc
anal
sor
efe
rtoa

nar
row pat
horpassage
.Ane
xampl
eofanal
l
eyi
sthel
aneonet
hrowst
he

bowl
i
ngbal
ldowni
nor
dert
ohi
tthepi
ns.
96.
TRESPASSI
NG

 T
respassi
san ar
eaofc
rimi
nall
aw ort
ortl
aw br
oadl
ydi
vi
dedi
ntot
hre
e

gr
oups:t
respasst
othepe
rson,t
respasst
ochat
tel
s,andt
respasst
oland.

T
respasst
othepe
rsonhi
stor
ical
l
yinv
olv
edsi
xse
par
atet
respasse
s:t
hre
ats,

assaul
t,bat
ter
y,woundi
ng,mayhe
m (
ormai
ming)
,andf
alsei
mpr
isonme
nt.

T
respassi
ngi
sto e
nte
runl
awf
ull
yonsome
one
'spr
ope
rty.I
tisanunl
awf
ul

ac
tcausi
ngi
njur
ytot
hepe
rson,pr
ope
rty,orr
ight
sofanot
her
,commi
tte
d

wi
thf
orc
eorv
iol
enc
e,ac
tualori
mpl
i
ed.

97
.ENCROACHMENT

 Ane
ncr
oac
hmenti
ssome
thi
ngt
hati
ntr
ude
sandhast
hepowe
rtoi
nfl
uenc
e

what
eve
rite
ncount
ers.Some mi
ght c
onsi
dert
ext me
ssagi
ng t
o be an

enc
roac
hment of i
mpe
rsonal t
echnol
ogy on t
rue
,he
art
fel
tint
erac
tions.

Enc
roac
hmentc
arr
iest
hese
nseofsome
thi
ngsl
owl
ycr
eepi
ngi
ntosome
thi
ng

e
lse
'sspac
e,e
ithe
rli
ter
all
yorf
igur
ati
vel
y.An e
ncr
oac
hme
ntc
an beoft
he

physi
calv
ari
ety,suc
h as t
he e
ncr
oac
hme
nt of ne
w de
vel
opme
nt i
ntoa

be
aut
ifulc
oast
alar
ea. Enc
roac
hment t
ypi
cal
l
y has a sl
i
ght
ly a ne
gat
ive

me
ani
ng,hi
nti
ngatsome
thi
ngt
hati
ntr
ude
sonsome
thi
ngandt
henspoi
l
sit

i
nsomeway.

98.HOUSECONST
RUCT
IONSPECI
FI
CAT
ION

 HouseConst
ruc
tionspe
cif
icat
ions,al
soknown,asspe
cs,de
tai
lthewor
kand

wor
kmanshi
pne
ede
dtoc
ompl
eteac
onst
ruc
tionpr
oje
ct.Andt
her
e’snoway

t
oge
tar
oundt
hem.Asr
equi
reddoc
ume
ntsdur
ingt
hede
signphase
,the
y’r
e
 par
t ofa f
ormalpr
oce
ss.Ac
cor
ding t
othe Di
cti
onar
y ofAr
chi
tec
tur
e&

Const
ruc
tion aspe
cif
icat
ion i
s,“
awr
itt
en doc
ume
ntde
scr
ibi
ngi
n de
tai
lthe

sc
opeofwor
k,mat
eri
alst
obeuse
d,me
thodsofi
nst
all
ati
on,andqual
i
tyof

wor
kmanshi
pforapar
celofwor
ktobepl
ace
dunde
rcont
rac
t;usual
l
yut
il
iz
ed

i
nconj
unc
tionwi
thwor
king(
cont
rac
t)dr
awi
ngsi
nbui
l
dingc
onst
ruc
tion.
”

99.
TIMESHARE

 At
ime
shar
eisashar
edowne
rshi
pmode
lofv
acat
ion r
eale
stat
ein whi
ch

mul
ti
ple pur
chase
rs own al
l
otme
nts of usage
,typi
cal
l
y i
n one
-we
ek

i
ncr
eme
nts,i
nthesamepr
ope
rty.T
het
ime
shar
emode
lcan beappl
i
edt
o

manydi
ffe
rentt
ype
sofpr
ope
rti
es,suc
hasv
acat
ionr
esor
ts,c
ondomi
niums,

apar
tme
nts,andc
ampgr
ounds.Le
gal
l
yspe
aki
ng,at
ime
shar
eisawayf
ora

numbe
r ofpe
opl
eto shar
e owne
rshi
p ofa pr
ope
rty,usual
l
yav
acat
ion

pr
ope
rtysuc
hasac
ondomi
nium uni
twi
thi
nar
esor
tar
ea.
Eac
hbuye
rusual
l
y

pur
chase
sac
ert
ainpe
riodoft
imei
napar
tic
ularuni
t.T
ime
shar
est
ypi
cal
l
y

di
vi
det
hepr
ope
rtyi
ntoone
-tot
wo-
wee
kpe
riods.

1
00.
OPENHOUSE

 I
nre
ale
stat
e,an ope
n housei
sa sc
hedul
edt
imewhe
n a houseorot
her

dwe
ll
ingi
sde
signat
edt
obeav
ail
abl
eforv
iewi
ngbypot
ent
ialbuye
rs.Usual
l
y,

t
heowne
rsorr
ent
ersv
acat
ethehousewhe
nthebr
oke
rhol
dsanope
nhouse
.

Al
though ope
n house
s don'
tse
llhome
s on t
hei
rown,t
hey se
rvea v
ery

i
mpor
tantpur
pose
:eye
bal
l
s.Onet
hingt
heyar
ere
all
ygoodf
ori
sge
tti
nga

f
eelf
orahome
.Buye
rswhomi
ghtbel
ooki
ngatmul
ti
plehouse
sint
heday
c
anf
igur
eoutwhe
the
rthe
ywantt
osc
hedul
eashowi
ngt
hrought
hei
rre
al

e
stat
eage
nt.