Glossary of terms
Depreciation: The amount by which the value of improvement has decreased
over time as a result of wear and tear or change in taste. Depreciation can be
classified as physical or functional and curable or incurable.
Disclosure Statement: A schedule showing the face value of the loan, all costs
associated with issuing the loan to the borrower, and the effective annual rate
as required by the B.C. Mortgage Brokers Act.
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