Glossary

E

EASEMENT – A right which a person has to use land belonging to another in a particular manner not involving the taking of any part of the natural produce of that land — or of any part of its soil; or a right to prevent the owner of that land from using that land in a particular manner. The most usual easements are rights of way, easements for light and easements for the flow of water over and through another’s land.

ECONOMIC RENT – In real estate the term refers to the market rental, i.e. the rental income that a property would most probably command on the open market at a given time. It represents a rental rate that comparable properties are bringing.

EDWARDIAN RESIDENCE – Architectural style that flourished during 1901 — 1916. Characteristics of the style include: chunky building, solid and compact constructed out of common red bricks with bold horizontal lines at floor levels, the cornice and parapets were plastered in flat planes and painted. Verandahs were discarded and walls carried up to form parapets to reveal the baldness of the building. Cast iron in all forms was not used.

EFFECTIVE AGE – A building’s physical condition, not its actual age, determines its effective age. Generally the better the condition, the lower the effective age of a building, e.g. some well maintained 35 year-old buildings may be assigned an effective age of 20 or 25 years.

EFFECTIVE DATE – The date something commences or closes. The origination date.

ENCROACHMENT – An unlawful gaining upon the possession of a neighbour. An encroachment is usually in the form of a fence, or portion of a building, erected by one person upon land of an adjoining neighbour; or a structure overhanging the land of a neighbour. An encroachment may similarly occur upon a street.

ENVIRONMENTAL IMPACT STUDY – An investigation designed to assess the comprehensive and long-rang environmental effects of a proposed land use upon society.

EQUITY – The difference between the market value of the property and what is still owing on the mortgage. This will increase as the loan is repaid, or the property's market value increases.

ESTATE AGENT – One who deals on behalf of clients in negotiating the sale, purchase or leasing of land and buildings, in arranging mortgages, and in advising on market values and other aspects of property.

ETHICS – The philosophy of human conduct with emphasis upon the determination of right and wrong. The basic principles of right action. The standards of character set up by a profession to ensure that its members are worthy of confidence. Professional rules defining unfair and wrong acts of individuals in relationship to the professional group, to each other, to clients, and to the public.

EVALUATION – To find or fix the value; to estimate.

EVICTION – The act of disposing a person from property. Forcing out e.g. where a tenant does not comply with a condition of lease, the landlord is entitled to forfeit the lease and re-take possession of the property. Where this cannot be achieved by mutual agreement then the tenant is forcibly evicted by legal process.

EXCHANGE – The trading of an equity in a piece of property for the equity in another piece of property. If a licensed estate agent negotiates the exchange that person will normally treat each transaction as a sale and charge a commission accordingly.

EXCLUSIVE AGENCY – Another name for sole agency.

EXCLUSIVE AGENCY AGREEMENT – An agreement which entitles one agent only to sell the property.

EXISTING MORTGAGE – A loan of money secured by way of a registered mortgage on the security of a property. Generally when a property is sold or in any way disposed of, the mortgage is to be discharged. In some cases the mortgage may be transferred to the new owner.

EXTENSION OF LEASE – An agreement extending or renewing the terms of a lease for a period beyond the expiration date.

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