|
Terminology Standards
Quick Reference Guide, First Edition, August 1, 2001
Terminology Standards with Detailed Discussion and Calculations, First Edition, August 1, 2001
We welcome your comments on the above standards. Please contact Carolyn Lane, Director, Research & Communicaitons at clane@realpac.ca or at (416) 642-2700 ext. 223.
Please refer to REALpac's Privacy Policy regarding the use of information you volunteer to supply to RealPac.
History
In early 1999, a joint committee was formed between REALpac and the Appraisal Institute of Canada (AIC) to develop standard definitions of terms that are often used in the commercial real estate industry but which are not always defined in the same way or used in the same context.
REALpac and AIC believe that the development of standard definitions, that can be adopted on a voluntary basis within the industry, is important for increasing consistency in the use of terms and improving the integrity and image of the real estate industry.
The Terminology Standards Committee, in conjunction with members of REALpac and AIC, identifies and prioritizes terms to be defined. Once the Committee drafts a definition, it is circulated widely within the industry for comment. The comments are reviewed carefully and the Committee revises the definition. If required, the revised definition is circulated for comment. Once finalized by the Committee, the definition is published and is available for use on a voluntary basis.
The Committee is working on standard definitions of "Yield" and "Shadow Space". Additional terms may be considered in the future, including:
- Vacancy rate
- Absorption rate
- Net absorption rate
- Internal rate of return
- "A", "B", and "C" class space
|
