REAL ESTATE SERVICES NC II – TESDA COURSE MODULE

TESDA TRAINING REGULATIONS FOR REAL ESTATE SERVICES NC II COURSE

The TESDA Course in REAL ESTATE SERVICES NC II consists of competencies that a person must achieve to assist the real estate broker in performing sales/marketing, documentation, loans and property management functions.

This qualification will show performance of a prescribed range of functions involving known routines and procedures leading towards a successful job in real estate services.

Likewise, this qualification is packaged from the competency map of real estate services.

A student who has achieved this TESDA Course in REAL ESTATE SERVICES NC II is competent to be:

• Real Estate Salesperson

TRAINEE ENTRY REQUIREMENTS

Trainees or students wishing to gain entry into this course should possess the following requirements:

• Must have completed at least ten (10) years of basic education or Alternative Learning System (ALS) Certificate of Completion with Garde 10 equivalent holder
• Must have good communication skills
• Must be able to perform basic mathematical computation

REAL ESTATE SERVICES NC II – TRAINING AND REGULATION MODULE

Course Title: REAL ESTATE SERVICES
Level: NC II
Nominal Training Duration : Hours

• 37 Hours (Basic Competencies)
• 24 Hours (Common Competencies)
• 88 Hours (Core Competencies)

Total Training Duration: 149 hours + SIT 60 ours

This course is designed to enhance the knowledge, skills and attitude of REAL ESTATE SERVICES NC II in accordance with industry standards. This covers competencies that a person must achieve in performing functions for sales/marketing, sales documentation, loan processing and property management.

COMPETENCIES REQUIRED IN REAL ESTATE SERVICES NC II

To obtain this course, all units prescribed for this qualification must be achieved.

These units of competency comprising this qualification include the following:

UNIT CODE	CORE COMPETENCIES (88 Hours)
SOC333301	Perform sales/marketing function
SOC333302	Perform sales documentation function
SOC333303	Perform loan processing function
SOC333304	Perform property/management function
UNIT CODE	COMMON COMPETENCIES (24 Hours)
SOC333201	Apply knowledge in real estate service practice
SOC333202	Perform industry calculation in real estate operations
SOC333203	Perform workplace security and safety
SOC333204	Provide effective customer service
SOC333205	Contribute to quality system
SOC333206	Identify legal and ethical requirements of property management to complete agency work
SOC333207	Perform computer operations
UNIT CODE	BASIC COMPETENCIES (37 Hours)
400311210	Participate in workplace communication
400311211	Work in a team environment
400311212	Solve/address general workplace problems
400311213	Develop career and life decisions
400311214	Contribute to workplace innovation
400311215	Present relevant information
400311216	Practice occupational safety and health policies and procedures
400311217	Exercise efficient and effective sustainable practices in the workplace
400311218	Practice entrepreneurial skills in the workplace

This section gives the details and contents of the units of competency required in REAL ESTATE SERVICES NC II. These units of competency are categorized into basic, common and core competencies.

CORE COMPETENCIES

UNIT OF COMPETENCY : PERFORM SALES/MARKETING FUNCTION
UNIT CODE : SOC333301

This unit involves the industry knowledge, technical skills and required attitude to perform service for and in behalf of a real estate broker

1. Participate in Project Orientation and Accreditation
   • Legal laws and regulations are familiarized
   • Requirements are met in accordance with established procedures
   • Documents are familiarized in accordance with established standards
   • Documentation process and procedures are familiarized in accordance with established standard operating procedures (SOP)
   • Geographic location principle related to real estate is familiarized in accordance to standard operating procedures(SOP)
   • At least ten (10) names of prospective buyers are submitted in accordance with accreditation procedures
2. Conduct prospecting activities / Saturation activities
   • Personalized materials are prepared in accordance with standard operating procedures
   • Schedule of tripping is confirmed with client in accordance with established procedures (SOP)
   • Manning activities are scheduled in accordance with established standard procedure (SOP)
3. Prepare marketing tools
   • Prospect is assessed in accordance with client’s availability
   • On-line Marketing is conducted to prospect in accordance with established procedure
   • Updated presentation materials are prepared in accordance with kind of prospect
   • Use of gadget where appropriate
   • Amortization computation table is ready for use whenever necessary.
4. Qualify the buyers financial capability, authority and need
   • Buyers checklist of requirements is collected in accordance with established standard
   • Buyers interest to purchase the property is established in accordance with established standard
   • Prospect’s capability to pay is evaluated in accordance with standard operating procedures
5. Conduct tripping / ocular or site inspection
   • Property details are familiarized in accordance with established standard
   • Availability chart inventory is familiarized as per brokers confirmation
   • Tripping activity is arranged in accordance with established procedures
   • Readiness to handle objections according to established standards.
6. Facilitate transaction deal
   • Requirements submitted are evaluated in accordance to established procedures.
   • Contract to sell or deed of absolute sale is signed if requirements are met and follow standard operating procedures.
   • Payments are collected in accordance with agreed payment terms and conditions.
   • Signed documents are delivered to clients’ in accordance with established procedures.
7. Perform after sales service
   • Documents needed for Transfer of title are prepared according to established standard procedure/ guidelines
   • Computation for additional fees and charges covering processing fees and appropriate taxes are prepared in accordance with existing standards.

UNIT OF COMPETENCY: PERFORM SALES DOCUMENTATION FUNCTION
UNIT CODE : SOC333302

This unit involves the knowledge, skills and attitude required to market and document the transactions.

1. Organize data sourced from prospecting activity
   • Client’s data/ information are recorded following client’s information sheet.
   • Data is analyzed and presented to Broker for evaluation.
   • Data is filed according to established procedure.
2. Sort the prospects in accordance with client’s needs and financial capability
   • Data is arranged according to location / client’s requirements.
   • Arrange according to brokers priority/ evaluation.
   • Schedule of tripping is planned according to the availability of client and site.
   • Schedule with client is arranged and coordinated following established guidelines.
   • Feedback result is gathered for documentation.
   • Client/prospect appointment slip is checked as per Broker’s monitoring activities.
3. Booked Sale documentation
   • Requirements are met in accordance with established procedures
   • Required documents are familiarized in accordance to mode of payment and established standards
     • Cash
     • Installment
   • Legal laws and regulations are familiarized
   • Documentation and procedures are familiarized in accordance with established standard operating procedures (SOP)
   • Geographic location principle related to real estate is familiarized in accordance to standard operating procedures(SOP)
4. Assist buyer regarding chosen financing options
   • Checklist of requirements is collected in accordance with established standard
   • Buyers capacity to purchase the property is established in accordance with established standard and according to financial capability.
   • Buyers capability to pay is evaluated in accordance with standard operating procedures
   • Signed Requirements for submission to financial institutions are assisted in accordance with established procedures
   • Signed documents are collected with the attached requirements as per established procedure
5. Collect loan requirements
   • Borrower’s requirement are coordinated in accordance with established standard
   • Borrowers requirements is collected in accordance with financing institutions established standard
   • Requirements collected are evaluated for completeness in accordance with to checklist requirements
   •  Requirements collected are submitted according to established standards.

UNIT OF COMPETENCY : PERFORM LOAN PROCESSING FUNCTION
UNIT CODE : SOC333303

This unit involves the knowledge, skills and attitude required to Illustrate the loan processing with financing institutions and the governing laws involved.

1. Coordinate with broker and borrower regarding financing options
   • Borrower is advised on financing options
   • Documents for submission is facilitated according to the brokers advise
   • Documents submitted are evaluated in accordance with pre qualification requirements/ checklists provided by the financing institutions and evaluation procedures
2. Submit loan application to financing institutions
   • Loan application requirements is submitted in accordance with the checklist
   • Notice of loan approval is secured from financing institution
   • Loan documents is coordinated with the borrower for signing
   • Letter of guarantee is coordinated with financing institutions before signing of Deed of Absolute Sale
   • Documents for processing is coordinated with appropriate government agency (BIR, Local Tax Municipal, Register of Deeds and Municipal Assessor)
   • Completed Loan documents is submitted with the new Transfer Certificate of Title to financing institutions
   • Follow-up of release of loan is coordinated at financing institutions
3. Advice for payment of appropriate fees
   • Appropriate fees are paid in accordance with the financing institutions payment procedures
   • Payment charges is coordinated to borrower prior to release of Transfer certificate of title.
   • Payment to different government agencies requirements (BIR, Local Tax Municipal, Register of Deeds and Municipal Assessor) is coordinated

UNIT OF COMPETENCY : PERFORM PROPERTY MANAGEMENT FUNCTION
UNIT CODE : SOC333304

This unit involves the knowledge, skills and attitude required in the presentation, preservation, delivery of the rent/lease and sale of the property/properties.

1. Coordinate the turn-over activities
   • Move in /turn over Compliance of buyer for per policies and
     guidelines set-forth by the property owner/developer
   • Punch listing activities are arranged with the property owner/developer in accordance with the specifications in the deliverables as stated in the contract
   • Outcome of the punch listing activity will be coordinated with the property owner/developer for rectification and proper action.
   • If rectification of punch list items are acceptable to both parties, actual turn over and acceptance of the property is scheduled in accordance with established procedures
2. Assist the broker as to the well-being and conditions of the property
   • Issues and concerns as to well-being of properties, restrictions, construction, development between buyer investor and broker is facilitated in accordance with established procedures
   • Legality of ownership and documents needed in the sales process is verified in accordance with section 29 of RA 9646
   • Farming, listing, negotiating with FSBO (For Sale by Owner),and advertising
   • The broker is assisted in accepting inquiries, presenting, scheduled tripping and closing.
   • Contract signing is coordinated in accordance with established procedures.
3. Coordinate refurbishment or renovation, retrofitting of property/ies.
   • Rehabilitation/ refurbishment is coordinated upon brokers recommendations and in accordance with unit owners agreed conditions/ requirements
   • Permits and bond requirements facilitated according to established policies of condominium, commercial and residential units
   • Documentation for refurbishment/ renovation is coordinated with property management department
   •  Turn key is coordinated with the unit owner and the broker according to established specifications in the contract

COMMON COMPETENCIES

UNIT OF COMPETENCY: APPLY KNOWLEDGE IN REAL ESTATE SERVICE PRACTICE
UNIT CODE : SOC333201

This unit involves the knowledge, skills, and attitude required to apply real estate sales practice. It includes identifying major areas of the workplace in terms of workload, ethical practices, and personal daily routine.

1. Identify major areas of work
   • The flow of work and the workplace procedures are identified
   • Organizational structure of the workplace and the relationship of structure to each occupation and classification grouping is outlined
   • Individual responsibilities under industrial agreements are identified and acted on in the conduct of assigned duties
   • Workplace hazards are identified and related hazard minimization procedures followed
   • Workplace emergency procedures are identified and followed in real and simulated emergency situation
2. Organize and accept responsibility for assigned workload
   • Priorities, schedules and deadlines are established in consultation with concerned parties
   • Work activities are planned each progress of work is communicated to those personal work plans and timelines may be affected
   • Work is completed according to the expected to workplace standards and guidelines, instructions, directions or instructions/ information
   • Additional support to improve work is communicated clearly to appropriate personnel
3. Apply ethical practices
   • Workplace procedures, regulations and legislation appropriate to the position are identified and followed
   • Commitments and undertakings to clients, colleagues and supervisors are met
   • Required confidentiality is maintained
   • Appropriate codes of acceptable and ethical work practices are applied
   • Workplace security policies are identified
4. Plan and organize assigned daily routine
   • Daily routine is planned to taking into account rosters, industrial agreements and workplace procedures
   • Clarification of assigned tasks is sought when appropriate
   • Achievable time and other performance measures/criteria are established

UNIT OF COMPETENCY: PERFORM INDUSTRY CALCULATION IN REAL ESTATE OPERATIONS
UNIT CODE : SOC333202

This unit involves the skills and knowledge required to carry out basic business mathematics. It specifically includes carrying out required mathematical operations in preparing contracts for accurate information on area, contract price, taxes and other charges related to sales or lease.

1. Carry out calculations
   • Items are counted singly and /or batches and sorted numerically, as required in workplace tasks
   • Calculations needed to complete work tasks are performed using the four basic processes of addition, subtraction, multiplication and division or any appropriate
   • Calculations involving fractions, percentages and mixed numbers, and using the four basic processes, are performed as required to complete workplace procedures
   • The functions of a calculator, numeric keypad or computer are used to perform mathematical operations
   • Numerical information is self-checked and corrected for accuracy
2. Prepare estimates
   • Quantities of materials and resources required to complete a work task are estimated
   • The time needed to complete a work activity is estimated
   • Acceptable estimates for work completion are made
3. Interpret graphical representations of mathematical information
   • Information represented in symbols, diagrams, logo and other visual materials is recognized, interpreted and acted upon in workplace task

UNIT OF COMPETENCY: PERFORM WORKPLACE SECURITY AND SAFETY
UNIT CODE : SOC333203

This unit involves the skills and knowledge required to follow security and safety procedures in the workplace. It includes checking and maintaining the security of any files/documents.

1. Maintain safety and security of data
   • Documents are secured within specified locations, , in accordance with workplace and applicable safety and security regulations
   • Seals, tamper proof packaging, locks and other security measures on documents are checked and maintained in accordance with workplace safety and security procedures
   • Signs of pilferage , theft and interference are recognized and reported in accordance with workplace safety and security procedures
   • Signs of suspicious and unscrupulous documents are recognized and reported promptly to designated personnel
   • Any breaches of security requirements are reported promptly to designated personnel in accordance with workplace safety and security procedures
2. Identify a safety and security threat or situation
   • Security threat or situation is promptly identified and assessed and response is prioritized in accordance with the workplace security program and procedures
   • Implications of the security threat or situation are evaluated in accordance with workplace safety and security program and procedures
3. Respond to a safety and security threat or situation
   • Response to an identified safety and security threat or situation is in accordance with workplace security procedures, received instructions, regulatory requirements and emergency response plan.
   • Security threats or incidents are handled appropriately in accordance with established response plan and within limits of responsibility using available communications in the work area.

UNIT OF COMPETENCY: PROVIDE EFFECTIVE CUSTOMER SERVICE
UNIT CODE : SOC333204

This unit involves the skills and knowledge required to provide effective customer service skills to relevant workplace operations. It includes dealing with customer inquiries and monitoring customer satisfaction.

1. Deal with customer inquiries
   • Customer inquiries are dealt with courteously and efficiently both by phone and face to face
   • Questions are used to clarify the customer’s needs or concerns
   • Assistance from other staff is sought when a customer’ s inquiry cannot be fully answered
   • Knowledge of products, services and/or operations is used to answer customer queries or to respond to customers’ needs
2. Monitor customer satisfaction
   • Customer requirements are dealt with according to workplace procedures
   • Appropriate feedback is provided to managers and internal and/or external customers
   • Customer inquiries and associated action are recorded and reported in accordance with workplace procedures

UNIT OF COMPETENCY: CONTRIBUTE TO QUALITY SYSTEMS
UNIT CODE : SOC333205

This unit involves the skills and knowledge required to apply quality procedures within work activities. It includes applying quality concepts to work, planning and evaluating improvements in work processes and implementing improvements confirmed through tests and evaluation.

1. Apply quality concepts
   • Responsibility is taken for quality of own work when providing services or products to meet l customer needs
   • Work is completed in accordance with workplace standards as defined in enterprise policies and procedures
   • Basic quality concepts are applied to work activities
2. Test and evaluate improvements
   • Improvements to work processes are tested and evaluated
   • Evaluation of improvements to work processes are checked for improvement outcomes and compliance with workplace requirements
3. Implement improvements
   • Improvement initiatives tested and confirmed as successful are implemented in accordance with enterprise procedures
   • Work is completed in accordance with workplace procedure

UNIT OF COMPETENCY: IDENTIFY LEGAL AND ETHICAL REQUIREMENTS OF PROPERTY MANAGEMENT TO COMPLETE AGENCY WORK
UNIT CODE : SOC333206

This unit involves the skills and knowledge required to meet the core legal and ethical requirements associated with property management. This includes awareness of the legislation dealing with the leasing and management of property, the role and responsibility of agency personnel in property management, the recording of property management transactions and the completion of property management documentation.

1. Apply knowledge of property management
   • Purpose of property management and relationship with asset management are identified in line with agency practice.
   • Roles and responsibilities of government agencies regulating the lease and management of property are identified in relation to agency practice.
   • Legislation regulating the lease and management of properties is identified in the context of agency practice.
   • Types of tenancies are identified in line with legislation.
   • Principles of property management are identified in the context of legislative requirements and agency practice.
   • Ethical and conduct standards and key principles of consumer protection, equal employment opportunity and privacy legislation in relation to property management are identified in the context of legislative requirements and agency practice.
2. Develop knowledge of property management process
   • Need for demonstrating effective communication strategies in establishing rapport with clients, determining client needs, providing accurate advice, addressing client concerns and dealing with conflict is identified in line with agency practice.
   • Listing opportunities are identified and assessed in the context of business ethics requirements and agency practice.
   • Authority documents and other agency documents for property management are identified in line with standard business practice requirements and agency practice.
   • Strategies for marketing property are identified and assessed in the context of standard business practice requirements and agency practice.
   • Property leasing process is identified in the context of standard business practice requirements and agency practice.
   • Statutory and agency leasing documents are identified, completed and stored in line with standard business practice requirements and agency practice.
   • Procedures for managing leased properties are identified and assessed in line with standard business practice requirements and agency practice.
   • Procedures for terminating leases and vacating leased properties are identified in line with standard business practice requirements and agency practice.
   • Statutory and agency documents to terminate a tenancy are identified, completed and stored in line with standard business practice requirements and
3. Handle moneys
   • Processes for receiving, recording, lodging and releasing bonds or security deposits are identified in line with standard business practice requirements and agency practice.
   • Processes for receiving, recording, processing and disbursing trust monies are identified in line with standard business practice requirements and agency practice.
   • Processes for preparing and forwarding financial statements to landlord are identified in the context of standard business practice requirements and agency practice.
4. Identify roles and responsibilities of agency personnel in property management
   • Roles and responsibilities of agents in leasing and managing property are identified in line with standard business practice requirements and agency practice.
   • Agent commission and management fees are identified and calculated in compliance with standard business practice requirements and agency practice.
   • Strategies for resolving disputes between landlord and tenant are identified and evaluated in line with standard business practice requirements and agency practice.
   • Effective communication strategies for managing conflicts involving clients are identified and evaluated in line with standard business practice requirements and agency practice.
5. Use key register
   • Key register system is accessed and maintained in line with agency practice.
   • Security of register and keys is maintained in line with agency practice.

UNIT OF COMPETENCY: PERFORM COMPUTER OPERATIONS
UNIT CODE : SOC333207

This unit covers the knowledge, skills and attitudes and values needed to perform computer operations which includes inputting, accessing, producing and transferring data using the appropriate hardware and software

1. Plan and prepare for task to be undertaken
   • Requirements of task are determined
   • Appropriate applicable software is selected according to task assigned and required outcome
   • Task is planned to ensure Occupational Safety and Health Standards guidelines and procedures are followed
2. Input data into computer
   • Data are entered into the computer using appropriate program/ application in accordance with company procedures
   • Accuracy of information is checked and information is saved in accordance with standard operating procedures
   • Inputted data are stored in storage media according to requirements
   • Work is performed within ergonomic guidelines
3. Access information using computer
   • Correct program/ application is selected based on job requirements
   • Program/application containing the information required is accessed according to company procedures
   • Desktop icons are correctly selected, opened and closed for navigation purposes
   • Keyboard techniques are carried out in line with OS & HS requirements for safe use of keyboards
4. Produce/output data using computer system
   • Entered data are processed using appropriate software commands
   • Data are printed out as required using computer hardware/peripheral devices in accordance with standard operating procedures
   • Files and data are transferred between compatible systems using computer software, hardware and peripheral devices in accordance with standard operating procedures
5. Maintain computer equipment and systems
   • Systems for cleaning, minor maintenance and replacement of consumables are implemented
   • Procedures for ensuring security of data, including regular back-ups and virus checks are implemented in accordance with standard operating procedures
   • Basic file maintenance procedures are implemented in line with the standard operating procedures

BASIC COMPETENCIES

UNIT OF COMPETENCY : PARTICIPATE IN WORKPLACE COMMUNICATION
UNIT CODE : 400311210

This unit covers the knowledge, skills and attitudes required to gather, interpret and convey information in response to workplace requirements.

1. Obtain and convey workplace information
   • Specific and relevant information is accessed from appropriate sources
   • Effective questioning , active listening and speaking skills are used to gather and convey information
   • Appropriate medium is used to transfer information and ideas
   • Appropriate non- verbal communication is used
   • Appropriate lines of communication with supervisors and colleagues are identified and followed
   • Defined workplace procedures for the location and storage of information are used
   • Personal interaction is carried out clearly and concisely
2. Perform duties following workplace instructions
   • Written notices and instructions are read and interpreted in accordance with organizational guidelines
   • Routine written instruction are followed based on established procedures
   • Feedback is given to workplace supervisor based instructions/ information received
   • Workplace interactions are conducted in a courteous manner
   • Where necessary, clarifications about routine workplace procedures and matters concerning conditions of employment are sought and asked from appropriate sources
   • Meetings outcomes are interpreted and implemented
3. Complete relevant work related documents
   • Range of forms relating to conditions of employment are completed accurately and legibly
   • Workplace data is recorded on standard workplace forms and documents
   • Basic mathematical processes are used for routine calculations
   • Errors in recording information on forms/ documents are identified and properly acted upon
   • Reporting requirements to supervisor are completed according to organizational guidelines

UNIT OF COMPETENCY: WORK IN TEAM ENVIRONMENT
UNIT CODE : 400311211

This unit covers the skills, knowledge and attitudes to identify role and responsibility as a member of a team.

1. Describe team role and scope
   • The role and objective of the team is identified from available sources of information
   • Team parameters, reporting relationships and responsibilities are identified from team discussions and appropriate external sources
2. Identify own role and responsibility within team
   • Individual role and responsibilities within the team environment are identified
   • Roles and responsibility of other team members are identified and recognized
   • Reporting relationships within team and external to team are identified
3. Work as a team member
   • Effective and appropriate forms of communications used and interactions undertaken with team members who contribute to known team activities and objectives
   • Effective and appropriate contributions made to complement team activities and objectives, based on individual skills and competencies and workplace context
   • Observed protocols in reporting using standard operating procedures
   • Contribute to the development of team work plans based on an understanding of team’s role and objectives and individual competencies of the members.

UNIT OF COMPETENCY : SOLVE/ADDRESS GENERAL WORKPLACE PROBLEMS
UNIT CODE : 400311212

This unit covers the knowledge, skills and attitudes required to apply problem-solving techniques to determine the origin of problems and plan for their resolution. It also includes addressing procedural problems through documentation, and referral.

1. Identify routine problems
   • Routine problems or procedural problem areas are identified
   • Problems to be investigated are defined and determined
   • Current conditions of the problem are identified and documented
2. Look for solutions to routine problems
   • Potential solutions to problem are identified
   • Recommendations about possible solutions are developed, documented, ranked and presented to appropriate person for decision
3. Recommend solutions to problems
   • Implementation of solutions are planned
   • Evaluation of implemented solutions are planned
   • Recommended solutions are documented and submit to appropriate person for confirmation

UNIT OF COMPETENCY : DEVELOP CAREER AND LIFE DECISIONS
UNIT CODE : 400311213

This unit covers the knowledge, skills, and attitudes in managing one’s emotions, developing reflective practice, and boosting self-confidence and developing self-regulation.

1. Manage one’s emotion
   • Self-management strategies are identified
   • Skills to work independently and to show initiative, to be conscientious, and persevering in the face of setbacks and frustrations are developed
   • Techniques for effectively handling negative emotions and unpleasant situation in the workplace are examined
2. Develop reflective practice
   • Personal strengths and achievements, based on self-assessment strategies and teacher feedback are contemplated
   • Progress when seeking and responding to feedback from teachers to assist them in consolidating strengths, addressing weaknesses and fulfilling their potential are monitored
   • Outcomes of personal and academic challenges by reflecting on previous problem solving and decision making strategies and feedback from peers and teachers are predicted
3. Boost self-confidence and develop self-regulation
   • Efforts for continuous self-improvement are demonstrated
   • Counter-productive tendencies at work are eliminated
   • Positive outlook in life are maintained.

UNIT OF COMPETENCY : CONTRIBUTE TO WORKPLACE INNOVATION
UNIT CODE : 400311214

This unit covers the knowledge, skills and Attitudes required to make a pro-active and positive contribution to workplace innovation.

1. Identify opportunities to do things better
   • Opportunities for improvement are identified proactively in own area of work.
   • Information are gathered and reviewed which may be relevant to ideas and which might assist in gaining support for idea.
2. Discuss and develop ideas with others
   • People who could provide input to ideas for improvements are identified.
   • Ways of approaching people to begin sharing ideas are selected.
   • Meeting is set with relevant people.
   • Ideas for follow up are review and selected based on feedback.
   • Critical inquiry method is used to discuss and develop ideas with others.
3. Integrate ideas for change in the workplace
   • Critical inquiry method is used to integrate different ideas for change of key people.
   • Summarizing, analyzing and generalizing skills are used to extract salient points in the pool of ideas.
   • Reporting skills are likewise used to communicate results.
   • Current Issues and concerns on the systems, processes and procedures, as well as the need for simple innovative practices are identified.

UNIT OF COMPETENCY : PRESENT RELEVANT INFORMATION
UNIT CODE : 400311215

This unit of covers the knowledge, skills and attitudes required to present data/information appropriately.

1. Gather data/ information
   • Evidence, facts and information are collected
   • Evaluation, terms of reference and conditions are reviewed to determine whether data/information falls within project scope
2. Assess gathered data/ information
   • Validity of data/ information is assessed
   • Analysis techniques are applied to assess data/ information.
   • Trends and anomalies are identified
   • Data analysis techniques and procedures are documented
   • Recommendations are made on areas of possible improvement.
3. Record and present information
   • Studied data/information are recorded.
   • Recommendations are analysed for action to ensure they are compatible with the project’s scope and terms of reference.
   • Interim and final reports are analysed and outcomes are compared to the criteria established at the outset.
   • Findings are presented to stakeholders.

UNIT OF COMPETENCY : PRACTICE OCCUPATIONAL SAFETY AND HEALTH POLICIES AND PROCEDURES
UNIT CODE : 400311216

This unit covers the knowledge, skills and attitudes required to identify OSH compliance requirements, prepare OSH requirements for compliance, perform tasks in accordance with relevant OSH policies and procedures

1. Identify OSH compliance requirements
   • Relevant OSH requirements, regulations, policies and procedures are identified in accordance with workplace policies and procedures
   • OSH activity non-conformities are conveyed to appropriate personnel
   • OSH preventive and control requirements are identified in accordance with OSH work policies and procedures
2. Prepare OSH requirements for compliance
   • OSH work activity material, tools and equipment requirements are identified in accordance with workplace policies and procedures
   • Required OSH materials, tools and equipment are acquired in accordance with workplace policies and procedures
   • Required OSH materials, tools and equipment are arranged/ placed in accordance with OSH work standards
3. Perform tasks in accordance with relevant OSH policies and procedures
   • Relevant OSH work procedures are identified in accordance with workplace policies and procedures
   • Work Activities are executed in accordance with OSH work standards
   • Non-compliance work activities are reported to appropriate personnel

UNIT OF COMPETENCY : EXERCISE EFFICIENT AND EFFECTIVE SUSTAINABLE PRACTICES IN THE WORKPLACE
UNIT CODE : 400311217

This unit covers knowledge, skills and attitude to identify the efficiency and effectiveness of resource utilization, determine causes of inefficiency and/or ineffectiveness of resource utilization and Convey inefficient and ineffective environmental practices

1. Identify the efficiency and effectiveness of resource utilization
   • Required resource utilization in the workplace is measured using appropriate techniques
   • Data are recorded in accordance with workplace protocol
   • Recorded data are compared to determine the efficiency and effectiveness of resource utilization according to established environmental work procedures
2. Determine causes of inefficiency and/or ineffectiveness of resource utilization
   • Potential causes of inefficiency and/or ineffectiveness are listed
   • Causes of inefficiency and/or ineffectiveness are identified through deductive reasoning
   • Identified causes of inefficiency and/or ineffectiveness are validated thru established environmental procedures
3. Convey inefficient and ineffective environmental practices
   • Efficiency and effectiveness of resource utilization are reported to appropriate personnel
   • Concerns related resource utilization are discussed with appropriate personnel
   • Feedback on information/ concerns raised are clarified with appropriate personnel

UNIT OF COMPETENCY : PRACTICE ENTREPRENEURIAL SKILLS IN THE WORKPLACE
UNIT CODE : 400311218

This unit covers the outcomes required to apply entrepreneurial workplace best practices and implement cost-effective operations

1. Apply entrepreneurial workplace best practices
   • Good practices relating to workplace operations are observed and selected following workplace policy.
   • Quality procedures and practices are complied with according to workplace requirements.
   • Cost-conscious habits in resource utilization are applied based on industry standards.
2. Communicate entrepreneurial workplace best practices
   • Observed Good practices relating to workplace operations are communicated to appropriate person.
   • Observed quality procedures and practices are communicated to appropriate person
   • Cost-conscious habits in resource utilization are communicated based on industry standards.
3. Implement cost-effective operations
   • Preservation and optimization of workplace resources is implemented in accordance with enterprise policy
   • Judicious use of workplace tools, equipment and materials are observed according to manual and work requirements.
   • Constructive contributions to office operations are made according to enterprise requirements.
   • Ability to work within one’s allotted time and finances is sustained.

GLOSSARY OF TERMS

• ABANDONMENT – The voluntary surrender of property rights, with no intention of reclaiming them and without vesting interest in another person. Non-use is not necessarily abandonment.
• ABSTRACT – A history of the ownership of a property, showing transfers in ownership and factors affecting ownership, such as mortgages. Abstract of Title
• ACCEPTANCE – The expression of the intention of the person receiving an offer (offeree, usually the seller) to be bound by the terms of the offer. The acceptance must be communicated to the offeror and must be in writing to be enforceable. The buyer has the right to revoke the offer anytime before the seller’s acceptance.
• ACCRETION – An increase in dry land by gradual deposit of waterborne, solid material and riparian land. Soil deposited by accretion is called alluvium. The owner of riparian land becomes owner of title to land formed by accretion. Antonym: erosion. Sudden removal of land because of strong current is called avulsion. Accretion is one mode of acquiring title or ownership to the land.
• ACCRUED DEPRECIATION – The difference between the present worth of improvements and the reproduction or replacement cost new, both measured on the appraisal date.
• ACRE A measure of land equaling 43,560 square feet; or 4,840 square yards
• AD VALOREM TAX – A tax on the value of the object or thing subject to taxation. Tax based on value.
• ADMINISTRATOR – A person appointed by the court to manage and settle the estate of a deceased person who has left no will.
• ADVERSE POSSESSION – Acquisition of title to real property owned by someone else, by open, notorious, and continuous possession for the statutory period of time. Burden to prove title is on the possessor, who does not have a marketable title until he obtains and records a judicial decree quieting title. Under Act 141 (Public Land Act) prescriptive period for acquisition by adverse possession is 30 years. However, under RA10023 (New Residential Free Patent Act) possession may only be 10 years.
• AFFIDAVIT – A written declaration, sworn before an officer who has authority to administer oaths like a notary public.
• CONTRACT TO SELL- A written agreement whereby the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms and conditions set forth in the agreement. This is perfection of a sale.
• AIR RIGHTS – The rights vested by a grant of an estate in real property to build upon, occupy, or use, in the manner and degree permitted, all or any portion of space above the ground or any other stated elevation within vertical planes, the basis of which corresponds with the boundaries of the real estate described in the grant. Use of air rights is subject to limitation by the police power of the State.
• ALIENATION – The voluntary transfer of real property from one person to another. Example: sale, exchange, assignment, donation.
• AMENITIES – Tangible and intangible benefits generated and received through exercise of rights to real property, not necessarily in the form of money.
• AMORTIZATION – Liquidation or gradual retirement of a financial obligation by periodic installments. Usually, it includes interest and principal.
• APPRAISAL – A written estimate plus written opinion of value; a conclusion resulting from the analysis of facts. Valuation is just an estimate with no written opinion.
• APPRAISER – One qualified by education, training, and experience who is hired to estimate the value of real and personal property based upon experience, judgment, facts, and the use of the formal appraisal processes. A person who is licensed to estimate value.
• APPRECIATION – An increased conversion value of property or mediums of exchange due to economic or related causes which may prove to be either temporary or permanent.
• APPURTENANCE – Something annexed to another principal thing and which passes as incident to it, for example a right of way passing with a principal property.
• ASSETS – All valuable things owned by a person, corporation, or other entity, encumbered or not.
• ASSIGNMENT (OF LEASE) – A transfer to another of rights, interest, or claim in or to real or personal property. The party who assigns or transfers his interest is the assignor, and the assignee is the one to whom the assignment is made.
• ASSUMPTION OF MORTGAGE – The taking of title to property by a grantee wherein he assumes liability for payment of an existing note secured by a mortgage or deed of trust against the property.
• ATTACHMENT – The legal process of seizing the real or personal property of a defendant in a law suit, by levy or judicial order, and holding it in the custody of the court as security for satisfaction of the judgment.
• ATTORNEY- IN FACT – A person authorized to perform certain acts for another person, under power of attorney.
• BASE LINE AND MERIDIAN – Established lines used by surveyors to locate and describe land under the rectangular survey method of property description. The first north-south line is the principal meridian; the first east-west line is the base line, at right angles to the meridian.
• BASE MAP – A map with reference points on which land ownership data can be plotted.
• BEARING – The cardinal direction (North, South, East, West) of a line; e.g., North 50 degrees, 30 minutes West.
• BENCH MARK – A mark of known elevation affixed to a permanent reference or monument, such as an iron post or brass marker, usually embedded in cement or a concrete structure and used to establish elevations over other surveys in the area.
• BENEFICIARY – A person who receives and benefits from the gifts or acts of another, such as one who is designated to receive the proceeds from a will or trust.
• BLANKET MORTGAGE – A single mortgage which covers more than one piece of real estate.
• BOND – Any obligation under seal. A real estate bond is a written obligation, usually issued on security of a mortgage or a trust deed.
• COMPARABLE – Properties listed in an appraisal report which are substantially equivalent to the subject property, comparable in selling price, physical character, rental, income or similar measure.
• BREACH OF CONTRACT – Violation of any of the terms or conditions of a contract without legal excuse.
• BUNDLE OF RIGHTS – Beneficial interests or rights which attach to the ownership of real property, including the right to sell, lease, encumber, use, enjoy, exclude, will, etc. When purchasing real estate, one actually buys the rights previously held by the seller, except those which are reserved or limited in the sale.
• CAPITALIZATION – In appraising, determining value of property by considering net income and percentage of reasonable return on the investment. Formula: Value = Net Operating Income / Cap Rate
• CAPITALIZATION RATE – The percentage ratio between net income from investment and the value of the investment. Commonly expressed as “return on and return of” capital. Return on refers to “interest rate” while return of refers to “ recapture rate”.
• CASH VALUE – The actual money that an asset will bring on the open market without any lengthy delay. It is synonymous with MARKET VALUE or OBJECTIVE VALUE.
• CERTIFICATE OF TITLE – A document stating that title to a particular property is clear. It is prepared by an attorney or qualified person who has examined the abstract of title, but is not to be confused with title insurance. It is only an opinion that title is good. Usually given to a homeowner with the deed.
• CHATTEL – Personal property which is tangible and movable. The word “chattel” evolved from the word “cattle”, one of man’s early important possessions.
• COMMON ELEMENT – In a condominium, land and parts of buildings used by all owners for mutual convenience and safety. These are non alienable areas of a condominium project – sometimes called COMMON AREAS.
• COMMON EXPENSE – In a condominium, expenses of operation and sums declared by the by laws to be common expense. Differentiate regular assessment and special assessment in condominium project.
• COMMUNITY PROPERTY – Property accumulated through joint efforts of husband and wife, or by either one, during their marriage and owned in common. Without pre-nuptial agreement, married couple’s marriage settlement beginning August 3, 1988 (Family Code) falls under Absolute Community of Property.
• COMPOUND INTEREST – Interest paid both on the original principal and on interest accrued from the time it fell due.
• CONDEMNATION – In real property law, the process by which property of a private owner is taken for public use, with just compensation to the owner. Condemnation occurs under the right of eminent domain. In the Philippines it is popularly known as EXPROPRIATION.
• CONDITIONAL SALE CONTRACT – A contract whereby the owner retains title to the property until the purchaser has met all of the terms and conditions of the contract. Example: Contract to Sell. It is different from Conditional DEED of Sale. There is transfer of ownership here already because of the word DEED.
• CONDOMINIUM – Fee ownership of a unit (or right) in multi-unit building with joint ownership of common areas. It is different from Condominium Unit or Condominium Project.
• CONSIDERATION – An act or forbearance, or the promise thereof, which is offered by one party to induce another to enter into a contract; that which is given in exchange for something from another. Consideration is usually something of value, such as the purchase price in money, though it may be personal services or exchanged property. It is the price bargained for and paid for a promise.
• CONSTRUCTIVE EVICTION – Breach of a covenant of warranty or quiet enjoyment; for example, the inability of a purchaser or lessee to obtain possession by reason of a paramount outstanding title. An act by the landlord which deprives the tenant of the beneficial use and occupancy of the premises devised.
• CONSTRUCTIVE NOTICE – Often called legal notice, the conclusive presumption that all persons have knowledge of the contents of a recorded instrument. It is one of the purposes of registration.
• CONTRACT – An agreement, either oral or written to do or not to do certain things. In real estate, there are many different types of contracts, including listings, contracts of sale, options, mortgages, assignments, leases, deeds, escrow agreements, and loan commitments, among others.
• CONTRACT RENT – Payment for use of property, as specified in a lease.
• CONVEYANCE – The transfer of title to real property by means of a written instrument, such as a deed.
• COST OF REPRODUCTION – The normal cost of exact duplication of a property with the same or closely similar materials as of a certain date or period. Differentiate reproduction vs. replacement cost.
• COVENANT – A written agreement in a deed which pledges that either party will perform or abstain from specified acts on a certain property, or which specifies or forbids certain uses of the property.
• DEED – A legal instrument in writing, duly executed, sealed, and delivered, whereby the owner of real property (grantor) conveys to another (grantee) some right, title, or interest in real estate.
• DEED OF RESTRICTION – A provision in a deed controlling or limiting the use of the land or condominium units or project as a whole.
• DEFICIENCY JUDGMENT – At a foreclosure sale, the difference between the indebtedness sued upon and the sale price or market value of the real estate. Applicable to judicial foreclosure.
• DEFICIENCY PAYMENT – Additional compensation required in a final judgment in condemnation proceedings or in foreclosure sale (judicial foreclosure).
• DEPRECIATION – a. A lowering of value. A reduction; lessening. The decline in value of property. Loss in market value. Deterioration over a period of time. The opposite of appreciation.
  b. In appraising, depreciation is the reduction on value of a property as measured from the cost to replace it. It is the difference between the replacement cost and the market value.
  c. In accounting, it is a write-off (usually annually) of a portion of an asset on the records.
• EARNEST MONEY – d. The cash deposit made by a purchaser of real estate as evidence of good faith. Sometimes it is called RESERVATION MONEY in project selling. It is part of the purchase price. In brokers examination, it is opposite of OPTION MONEY where option money is not considered part of purchase price.
• ECONOMIC LIFE – e. The period over which a property will yield a return on the investment, over and above the economic or ground rent due to land.
• ECONOMIC OBSOLESCENCE – f. Impairment of desirability or useful life arising from economic forces, such as changes in optimum land use, a legislative enactment which restrict or impair property rights, and changes in supply-demand relationships. In appraisal, this is an incurable depreciation. See also FUNCTIONAL OBSOLESCENCE ( maybe curable or incurable).
• EFFECTIVE AGE – g. Age in years, indicated by the condition and utility of a structure.
• EMINENT DOMAIN – h. The right of the government to take private property for a necessary public use, with just compensation paid to the owner. Through eminent domain, the state may acquire land (either fee, leasehold, or easement) for streets, parks, public buildings, public rights-of-way, and the like. The state may delegate the power of eminent domain to local governments and to public corporations and associations such as school districts. No private property is exempt from this exercise of government power.
• ENCROACHMENT – i. Trespass; the building of a structure or any improvements partly or wholly intruding upon the property of another.
• ENCUMBRANCE – Any claim, lien, charge or liability attached to and binding upon real property which may lessen the value of the property but will not necessarily prevent transfer of title. There are two general classifications of encumbrances:
  (1) those that affect the title, such as judgments, mortgages, mechanic’s liens and other liens which are charges on property used to secure a debt or obligation; and
  (2) those that affect the physical condition of the property such as restrictions, encroachments, and easements.
• EQUITY – j. In real estate, the interest or value of the real estate over and above the amount of the indebtedness thereon. In real estate : Formula is : Selling Price – Loan Value = Buyer’s Equity
• ESCALATION CLAUSE – k. A clause in a lease which causes a rent increase, contingent on a specific action.
• ESCHEAT – l. The reverting of property to the state by reason of failure of person legally entitled to hold or when heirs capable of inheriting are lacking.
• ESCROW – m. In real estate, it is the state or condition of a deed which is conditionally held by a third party, called the escrow agent, pending the performance or fulfillment of some act or condition.
• ESTATE – n. In real estate it refers to the degree, quantity, nature, and extent of interest which a person has in real property, such as a fee simple absolute estate, an estate for years.
• ESTOPPEL – o. A legal doctrine which prevents one from asserting rights that are inconsistent with a previous position or representation.
• EVICTION – p. Dispossession by process of law; the act of depriving a person of the possession of lands he has held pursuant to a judgment of the court.
• EXCHANGE – q. Disposal of any real interest by exchanging it for another real interest of equal value instead of cash.
• EXECUTOR – r. An individual or institution designated in a will and appointed by a court to settle the estate of the testator.
• EXPERT WITNESS – s. Persons with particular knowledge or skill which enables them to give an opinion on the facts in dispute.
• FAIR MARKET VALUE – t. Legal term synonymous with MARKET VALUE.
• FEE – u. When applied to property, an inheritable estate in land.
• FEE SIMPLE – v. The most comprehensive ownership of real property known to law; the largest bundle of ownership rights possible in real estate. Fee simple title is sometimes referred to as “the fee”.
• FIRST MORTGAGE – w. The mortgage on property that is superior in right to any other mortgage. Also called senior mortgage. However, government liens like taxes though not annotated in the title are superior to any other kind of lien
• FIXTURE – x. A chattel which is affixed to and becomes a part of real property.
• FORECLOSURE – Procedure whereby property pledged as security for a debt is sold to pay the debt in event of default in payments or terms.
• GRADUATED LEASE – A lease that provides for the varying rental rate, often based upon future determination; sometimes rent is based upon result of periodic appraisals; used largely in long-term leases.
• GRANT – The act of conveying or transferring real property, the operative words in a conveyance of real estate are to “grant, bargain, and sell”. The grantor (the person who conveys the real estate) delivers the grant, in the form of a deed, to the grantee.
• GRANTEE – Entity to whom a grant is made, or to whom real estate is conveyed. The buyer.
• GRANTOR – Entity who makes a grant, conveys real estate by deed. The seller.
• GROSS INCOME – The projected annual income from operation of a business or from management of a property. Differentiate potential gross income and effective gross income
• GROSS RENT MULTIPLIER – Ratio of sales price to monthly rental income for single family residential properties.
• GROUND LEASE – A lease to use land for a stated period; may be secured by improvements which the tenant will provide.
• HECTARE – A metric surface measure: 10,000 square meters or 2.471 acres.
• IMPROVEMENTS – An addition to land which costs labor or capital (buildings, pavements, etc.), more or less permanently attached. More than repair or replacement.
• INSTALLMENT CONTRACT – Purchase of real estate upon an installment basis; upon default, payments are forfeited. Often called a LAND CONTRACT, the deed to the property is not given to the purchaser until either all or a certain portion of the purchase price has been paid. It is often called Contract to Sell.
• INTEREST RATE – The rate of return on an investment, specifically, the rate charged on borrowed money.
• INTESTATE – A person who dies having made no will, or one defective in form; in which case, his estate descends to his heirs at law or next of kin.
• JUNIOR LIEN – A lien placed upon property after a previous lien has been made and recorded. See also SENIOR LIEN.
• JUST COMPENSATION – Market value paid for real estate taken in a condemnation action plus consequential damage minus consequential benefits.
• LAND MANAGEMENT – Planning and execution of programs to use, improve and maintain land and water areas for the greatest net public benefit, while supporting the assigned mission. Includes forest and wildlife management, agriculture and grazing leasing, outdoor recreation, etc.
• LAND SURVEYING – Location and identification of a parcel of land by a professional surveyor or engineer.
• LEASE – A written document by which the owner transfers the rights of use and occupancy of land and/or structures to another person or entity for a specified period of time in return for a specified rental.
• LEASEHOLD – The interest or estate which a lessee has in real property by virtue of his lease. See also leased fee estate, sub-leasehold and sandwich lease.
• LEGAL DESCRIPTION – A statement containing a designation by which land is identified according to a system set up by law or approved by law.
• LIEN – A hold or claim which one person has upon the property of another as a security for some debt or charge.
• LIS PENDENS – A public notice, filed against specific lands, that an action at law is pending that may affect the title to the land.
• MARKET PRICE – The price paid regardless of pressures, motives, or intelligence.
• MARKET VALUE – The price at which a willing seller would sell and a willing buyer would buy, neither being under abnormal pressure.
• MORTGAGE – A legal instrument pledging a described property for repayment of a loan under certain terms.
• MORTGAGEE – one to whom a mortgage is made; the lender.
• MORTGAGOR – One who makes a mortgage, the borrower.
• NEGOTIABLE – A promissory note, or similar instrument, is said to be negotiable if title to the instrument, and the money it represents, can be transferred by mere endorsement and delivery by the holder, or by delivery only.
• NET INCOME – in general, synonymous with net earnings, but considered a broader and better term; the balance remaining, after deducting from the gross income all operating expenses, maintenance, taxes, and losses pertaining to operating properties excepting interest or other financial charges on borrowed or other capital.
• NET LEASE – A lease agreement whereby the lessee pays all property charges (taxes, insurance, maintenance) in addition to rent. Local market customs and terms vary, in some areas, “net, net” and “net, net, net” are used.
• OBLIGOR – One who places himself under a legal obligation to an obligee.
• OBSOLESCENCE – As applied to real estate it is the loss of value due to structural, economic, or social changes becoming outmoded.
• OPEN-END MORTGAGE – A mortgage containing a clause that permits the mortgagor to borrow money after the loan has been reduced without rewriting the mortgage.
• OPTION – A privilege, acquired for a consideration, of demanding within a specified time the carrying out of a transaction upon stipulated terms. The optionor grants an option to an optionee.
• PARTITION – The dividing of common interests in real property owned jointly by two or more persons. It sometimes happens that one of several tenants in common or joint tenants desires to sell the property while the other tenants think it best to hold on to the investment. If the parties cannot reach an agreement, an action in partition is often the solution. The main purpose is to provide a means by which people, fording themselves in an unwarranted common relationship, can free themselves from the relationship. See CONDOMINIUM CONCEPT.
• PATENT – An instrument by which the Federal Government conveys public land to an individual.
• PERCENTAGE LEASE – A lease whereby rental is a percentage of gross or net income from sales or services. Such a lease often guarantees a minimum or maximum rent, regardless of business volume.
• PERMIT – A privilege, revocable at will, granted to another Federal agency to use real property for a specific purposes; confers no possessory interest.
• PERSONAL PROPERTY – All physical objects of a personal or movable nature subject to ownership, except real estate (real property). See also PROPERTY and REAL PROPERTY.
• PLAT – Map of town, section, or subdivision, showing location and boundaries of individual properties.
• PLOT – A piece of land.
• PREPAYMENT PENALTY – Penalty for the payment of a mortgage or deed of trust note before it actually becomes due.
• PRESCRIPTION – The acquiring of aright in property, usually in the form of an intangible property right such as an easement or right-of-way, by means of adverse use of property that is continuous and uninterrupted for the prescriptive period.
• PRICE – The amount paid in legal tender, goods, or services; the consideration; purchase price. The terms for which a thing is done.
• PRINCIPAL – Amount of a loan balance. In a mortgage payment of principal and interest, the principal repays the loan.
• PROPERTY – The rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. These rights include the right to possess, to use, to encumber, to transfer and to exclude, commonly called the bundle of rights. In modern understanding, however, property has come to mean the thing itself to which certain ownership rights are attached. Property is either real or personal.
• PUBLIC DOMAIN LANDS – Land or interest in land owned by the Philippine Government
• QUIET TITLE – Court action brought to establish title and to remove a cloud on the title.
• QUITCLAIM DEED – A deed of conveyance with conveys to the grantee without warranty of title whatever interest, title, or claim the grantor possesses.
• REAL PROPERTY – Land and anything built on, growing on, or affixed to land. See also PROPERTY, PERSONAL PROPERTY.
• REALTY – A term sometimes used as a collective noun for real property or real estate.
• RESCISSION OF CONTRACTS – The abrogating or annulling of contracts. the revocation or repealing of a contract by mutual consent by parties to the contract, or for cause by either party to the contract.
• REDEMPTION – The right to redeem property during the foreclosure period; the right of an owner to redeem his property after a sale for taxes. Often referred to as Equity of Redemption.
• RENT – A compensation, either in money, provisions, chattels, or labor, received by the owner of real estate from the occupant.
• REPLACEMENT COSTS – Cost of a building with equivalent utility or similar features but with modern materials and eliminating deficiencies of the building it replaces.
• RIGHT-OF-WAY – The right or privilege, acquired through accepted usage or by contract, to pass over a designated portion of the property of another. A right-of-way may be private, as in an access easement given a neighbor, or public, as in the right-of-way to use the highways and streets.
• SALE-LEASEBACK – A situation where the owner of a piece of property wishes to sell the property and retain occupancy by leasing it from the buyer.
• SALES CONTRACT – A contract by which buyer and seller agree to the terms of the sale.
• SITE – A parcel of land, sufficiently improved to be used as a building lot or for other purposes requiring an improved site. Unimproved lot is rawland.
• SUBDIVISION – Any land which is divided or is proposed to be divided for the purpose of disposition into two or more lots, parcels, units, or interests.
• SURVEY – The act by which the quantity and boundaries of a piece of land are ascertained; the paper containing a statement of the courses, distance, and quantity of land is also called a survey.
• TAX DEED – A deed given where property has been purchased at a sale to the public of property for nonpayment of taxes.
• TAX LIEN – A government claim for unpaid real estate tax.
• TAX SALE – A sale of property, usually at auction, for nonpayment of taxes assessed against it.
• TITLE – The right to or ownership of lands. Also, the evidence of ownership. Title to property encompasses all the bundle of rights an owner possesses.
• TRADE FIXTURES – Articles of personal property annexed to real property but which are necessary to the carrying on of a trade and are removable by the owner. It is considered personal property. Fixture is real property.
• UTILITY – The usefulness of a property; its ability to satisfactorily function for the purpose for which it was intended. It is the criterion of value.
• VALUE – Ability to command goods, including money, in exchange; the quantity of goods, including money, which should be commanded or received in exchange for the thing valued; utility; desirability. As applied to a property value may be broadly defined as “the present worth of all the rights to future benefits arising from ownership”.
• WAIVER – The renunciation, abandonment, or surrender of a right, claim, or privilege.
• WARRANTY DEED – A deed that contains a covenant that the grantor will protect the grantee against any claimant.
• ZONING – The public regulation, through police power, of the character and extent of real estate use. Uniform restrictions on improvements, building height, density of population, and other factors regulate the use and development of private property.