Administrator 
A person who is appointed by a probate court to settle the affairs of an individual dying without a will.
 
Advertising  
Purchased space in newspaper, magazine or other medium used to attract public attention to a commodity for sale or lease.
 
Agency fee 
Fees that are charged to the vendor/landlord upon successful closing of transactions and signing of Sale and Purchase Agreement / Tenancy Agreement.
 
Anchor tenant 
A major department store in a shopping center. Also called key tenant.
 
Appraisal  
Estimate and opinion of value; a conclusion resulting from analysis of facts.
 
Asking Price
The listed price of a property, which may not be the selling price depending on the owner’s willingness to negotiate.

Assessment  
1. A monthly fee paid by cooperative and condominium members to cover maintenance costs for the property.
2. A special real estate tax levied by the government to finance improvements in an area.
 
Auction  
A public sale of property to the highest bidder after successive increased bids are made. 
 
Base Rate
The lowest rate of interest charged by the bank when it lends you money for purchase of a property.

Broker
Also known as a ‘mortgage broker’, this person advises the buyer on mortgages and loans.

Bulk purchasing  
A method of cutting operation costs for a property in which supplies are purchased in large quantities. Also called volume buying. 
 
Capped Rate
The maximum payable interest rate imposed on a loan for a period of time, usually for the first few years.

Caveat  
An entry made on the register document of title which gives notice of the caveator's claim to title or an interest therein.
 
Certificate of Fitness for Occupation (CFO)
A certificate or permit issued by a government authority indicating that the building is fit for use or occupancy according to the laws that the authority enforces.
 
Client referral  
An existing client that has provided you with leads, introductions, and/or has vouched for you.
 
Co-brokerage  
The joint effort by multiple registered estate agents in concluding a real estate dealing.
 
Condominium
A residential building in which units of property is owned by individuals and common grounds, facilities and structures are jointly owned by the unit owners.

Competitive market analysis  
A form to display properties recently sold, properties for sale and expired properties.
 
Confidentiality  
The fiduciary duty that requires the agent to keep secret any information that his or her principal consider to be private.

Covenant
Terms, conditions and restrictions noted on a tenancy agreement. This includes obligations and promises made by either the Landlord or the tenant.
 
Conveyance  
A document which transfers the ownership of a property with an unregistered title from the seller to the buyer. 

Draft contract  
The wording suggested for the contract. It can be amended several times before the final wording is agreed and accepted.
 
Default
Failure to make payment as agreed on a loan.

Demised Premises
Premises which are the subject of a lease.

Detached
A stand-alone property, separated from other properties.

Disbursement
Fees paid by a solicitor (or real estate agent) on behalf of the buyer.

Duplex
An apartment spread over two floors.

Earnest money  
Down payment made by a purchaser of real estate as evidence of good faith.
 
En Bloc
A collective sale allowing the owners of a property to sell the whole property together instead of respective units within the property individually.

Encumbrance  
Anything that affects or limits the fee-simple title to property, such as mortgages, easements or restrictions of any kind.
 
Ethics  
Principals of conduct, justness and fairness that address the duties an individual or member of a profession owes to the public, to clients or patrons and to other professionals.

Factory
A building or a group of buildings used for manufacturing.

Fixtures and Fittings
Items included in a sale or lease of a property to be agreed by both parties before signing of agreement.

Floorplan
An architect's drawing of the layout of a property showing the dimensions and spatial relationships between rooms, entrances, etc.

Freehold  
An estate for an unlimited duration or in perpetuity.

 
Inventory
A list detailing every item contained within a rental property and it’s condition. All parties usually inspect and sign the list on the day the tenant moves in.

Lease  
Is where the registered proprietor grants the right of exclusive possession over his land to another for a duration in excess of three years in return for payment of rental.
 
Leasehold  
An estate for a term of years not exceeding ninety nine and upon the expiry of which the property automatically reverts back to the State Authority.
 
Letter of appointment  
An employment contract between principal and agent authorizing the agent to perform services for the principal involving the latter's property; "Letter of Appointment" contracts are entered into for the purpose of securing person to buy, lease or rent property. Employment of an agent by a prospective purchaser or lessee to locate property for purchase or lease may be considered a listing.
 
Letter of offer and acceptance  
Contract to purchase from a buyer to a seller.
 
Liens  
A special encumbrances that make the property security for the payment of a debt or obligation, such as mortgages and taxes.
 
Listing presentation  
A preplanned presentation delivered to a property owner for the purpose of obtaining a listing.

Loft Apartments
A large open space created or converted for residential use.

Mansion
A very large and expensive house.
 
Maintenance Fee
The monthly fee paid by the owners of condominiums, townhouses, and other commonly owned properties with the purpose of covering the cost of repair and maintenance of common areas within the property or estate.

Market Value
The best price for a property in the market. The selling price may be higher or lower than the market value depending on the negotiation between the owner and the buyer.

Negotiators  
The sales personnel representing on behalf of the company to liaise or negotiate real estate dealings or transaction with the Company's customers and clients.

Semi-Detached
A property that is joined to another house on one side.

Serviced Apartments
A furnished, self-contained apartment with provided daily amenities for short-term stay.

Studio
An apartment with one room, or an open-plan living area that usually incorporates cooking facilities and separate bathroom.

Offer price  
Contract price to purchase from a buyer to seller.

Penthouse
A luxurious apartment on the top floor of a condominium, apartment building or hotel.

Plot
A piece of land that has been marked, or measured, for an individual house or flat to be built, or an individual property unit within a wider new property development.

Power of attorney  
Instrument authorizing a person to act as the agent of the person granting it, and a general power authorizing the agent to act generally on behalf of the principal. A special power limits the agents to a particular act -for example, a landowner may grant an agent special power of attorney to convey a single, specific parcel of property. Under the provisions of a general power of attorney, the agent having the power may convey any or all property of the principal granting the general power of attorney.
 
Prime Location
The most sought after location.

Prime Property
A property of particular interest to investors.

Prospecting  
Contacting people for the purpose of finding someone who wants to sell and buy. 
 

Qualifying  
A procedure to determine if a buyer/tenant is ready, willing and able to buy/rent. 
 

Redemption  
Paying off a loan.
 
Registered estate agent  
The company/individual which is registered with the Board of Values, Appraiser and Estate Agency.

Rent Review
Clauses in a tenancy agreement providing for a periodical review of the rent, specifying the basis of which the review will be conducted on; the prevailing market rate at the time of the review or, an increase in rent as agreed by both parties.

Repossession
When the bank takes possession of a property, due to non-payment of a loan.

ROI
Return On Investment – how much you get out of an investment in comparison to how much you have put in.

Sale and leaseback  
An arrangement whereby an investor purchases real estate owned and used by a business and then leases it back to that business. 
 
Sale and purchase agreement  
Contract signed by the vendor and purchaser which stated all the terms and conditions of purchasing a property.

Sinking Fund
An account set up by the Landlord or property management company to provide funds for major repair and maintenance that may be required for common areas of a property.

Solicitor
Legal professional who acts on behalf of an owner or buyer, and handles all the documents in relation to the purchase or sale of a property.

Squatter  
A person who without permission occupies the property of another and claims title to it. A person in adverse possession.
 
Stamp duty  
The tax on certain legal documents.
 
Subletting  
Partial transfer of a tenant's right in a rental property to a third party. 
 
Tenancy  
Similar to a lease except that it is created for a term not exceeding three years. It cannot be registered but can be endorsed on the title deed.
 
Tenancy agreement  
Contract signed by landlord and tenant with stated all the terms and conditions of rent of a property.

Terraced House
A property attached to a row of connected houses.

Termination
The coming or bringing to an end of a lease, by mutual agreement, by the effluxion of time, or by the exercise of a right of one of the parties.

Timeshare
A property usually used as a holiday home, owned by several individuals, each of whom are able to use the property for a specified period of a year.

Title  
Instrument that proves legal ownership of land.
 
Townhouse
A house in a city, usually an expensive one located in a fashionable area.

Trustee  
One who holds property in trust for another to secure the performance of an obligation.

Valuation
The process of determining the value of a property conducted by a registered real estate agent or an independent expert.

Vendor
The seller of a property.

Villas
A house usually located in the country or near the sea.

Waiver
The act of voluntarily giving up, or intentionally relinquishing, a claim, benefit or interest. A landlord waives his right of forfeiture, when a tenant is in breach of covenant, if he knows of the breach and accepts or demands rent or unequivocally recognises the continued existence of the lease.

Warehouse
A building for storing goods before distribution.

Yield
Income generated from a property, stated as a percentage of the amount invested.