Glossary of terms
Easement: A limited right of use of another's land by a landowner for the
benefit of his land. The land receiving the benefit is called the dominant
tenement and the land granting the benefit is called the servient tenement.
Economic Life: The time span over which a property is employed in its Highest
and Best Use
Effective Annual: An annual interest rate that is compounded once a year. This
is the rate used for disclosure purposes under the B.C. Mortgage Brokers Act.
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