Real Estate Terminology

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A valuer, a person who conducts valuation/appraisal; specifically, one who possesses the necessary qualifications, ability and experience to execute or direct the valuation/appraisal of real or personal property.

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Appraiser

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An official in the local government unit, who performs appraisal and assessment of real properties, including plants, equipment, and machineries, essentially for taxation purposes.

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Assessor

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The land and all those items which are attached to the land; it is the physical, tangible entity, together with all additions or improvements on, above or below the ground.

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Real estate

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The development of land for residential, commercial, industrial, agricultural, institutional and recreational purposes, or any combination of such including, but not limited to, tourist resorts, reclamation projects, building or housing projects, whether for individual or condominium ownership, memorial parks and others of similar nature.

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Real estate development project

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Any natural or juridical person engaged in the business of developing real estate development projects for his/her or its own account and offering them for sale or lease.

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Real estate developer