| Farmer's Dwelling | A dwelling that is(a) located on or adjacent to the farm, and(b) occupied by a person who is actively involved in the day-to-day activities of that farm. Source: Classification of Land as a Farm Regulation 1995. | |
| Fee or Fee Simple | Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. | |
| Fee Simple Estate | Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. | |
| Fee Simple Interest | Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. | |
| Floating Home | A structure designed to float and to provide residential accommodation; Source: Manufactured Home Regulation 2003. | |
| Folio | A collection of data, identified by a roll number, that consists of ownership, actual value and other information required for assessment purposes. The data in a folio usually describes one parcel and any improvements on it. A folio may describe multiple parcels and their improvements, or a portion of a parcel and/or the improvements on such a parcel. Folio is synonymous with (Assessment) Roll Number. Source: BC Assessment 2021. | |
| Forced Sale Value | A forced sale is a description of the situation under which a sale takes place, resulting in a value that does not fully meet the definition of Market Value Source: Appraisal Institute of Canada. Canadian Uniform Standards of Professional Appraisal Practice [Internet]. 2020 [revised 01 Jan 2020; cited 2020 Nov 17]. Available from: https://www.aicanada.ca/about-aic/cuspap/. | |
| Foreshore | The land between mean high water and mean low water along a shore in its natural condition. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. | |
| Forfeiture | Forfeiture is the transfer of ownership of privately owned real property to the provincial Crown, due to the non-payment of rural property taxes. Source: BC Assessment 2021. | |
| Functional Obsolescence | A loss in value caused by a flaw in the structure, materials or design of the improvement when compared with the highest and best use and most cost-effective functional design requirements at the time of appraisal. May be caused by a deficiency or a super adequacy; some forms are curable and others are incurable. (Appraisal of Real Estate, 2nd Canadian Edition, 2002) Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. 449 p. | |
| Funeral Services | (a) arrangements and services related to the interment or cremation of human remains,
(b) care and preparation of human remains for purposes related to paragraph (a),
(c) bereavement rites and ceremonies, and (d) the supply of goods incidental to and as part of the arrangements, services, care, preparation and bereavement rites and ceremonies referred to in paragraphs (a) to (c), but does not include the sale of rights of interment or the disposition of human remains by interment or cremation; Source: Cremation, Interment and Funeral Services Act 2004. | |
| Furniture, Fixtures, and Equipment (FF&E) | The movable property of a business enterprise not classified as stock or inventory or leasehold improvements; frequently found in the ownership of hotels or motels, restaurants, assisted-living facilities, service stations, car washes, greenhouses and nurseries, and other service-intensive properties. Furniture, fixtures, and equipment frequently wears out much more rapidly than other components of those properties.
Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 4th Edition. Chicago: Appraisal Institute; 2002.
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| Going-Concern Value | An outdated label for the market value of all the tangible and intangible assets of an established and operating business with an indefinite life, as if sold in aggregate; more accurately termed the market value of the going concern or market value of the total assets of the business. Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. | |
| Goodwill | 1. Unidentifiable intangible assets. 2. The amount by which the acquisition price exceeds the fair value of identified assets. 3. That intangible asset arising as a result of name, reputation, customer loyalty, location, products, and similar factors not separately identified. (International Glossary of Business\ Valuation Terms) 4. That intangible asset arising as a result of elements such as name, reputation, customer loyalty, location, products, and related factors not separately identified and quantified. (ASA Glossary). Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. | |
| Goodwill Value | The value attributable to the elements of intangible assets above the identifiable tangible and intangible assets employed in a business. (ASA) Source: The Appraisal Institute. The Dictionary of Real Estate Appraisal. 6th Edition. Chicago: Appraisal Institute; 2015. | |
| Grant Rolls | Grants in Lieu of Taxes (GILT) and Payments in Lieu of Taxes (PILT) rolls (also known as “grant rolls”) are produced in April by BC Assessment in accordance with legislation and BC Assessment policy. Grant rolls are produced for use by taxing authorities as well as provincial and federal government ministries and Crown corporations responsible for GILT and PILT.
The Grant rolls provide a separate listing of properties on which GILTs or PILTs are paid. These rolls are similar to the assessment rolls except that they only report the values subject to a GILT or PILT. See Payment in Lieu of Taxes Act and Regulations. Source: BC Assessment 2021. | |
| Gross Building Area (GBA) | The total constructed area of a building. This area is computed by measuring to the outside finished surface of permanent outer building walls. It includes all enclosed floor areas of the building including basements, mechanical rooms etc. GBA is only quoted by Landlords and Property Managers when an entire building is leased to a single tenant. Source: BC Assessment 2021. | |
| Gross Leasable Area (GLA) | In general GLA will be equivalent to Floor Rentable Area. Floor Rentable Area is the gross measured area of a floor less the area of major vertical penetrations (e.g. ventilation shaft, elevator shafts & stairs). Total Building GLA is equivalent to Building Rentable Area or sum of all Floor Rentable Areas. Source: BC Assessment 2021. | |
| Gross Lease | A lease under the terms of which the lessor (landlord) receives stipulated rent and pays the expenses of operating and maintaining the leased property. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. | |
| Half Storey | The topmost (above grade) floor in a building that is resident over an existing storey with oblique walls or vertical walls less than 8 feet but greater than 4½ feet in height. This habitable space is available under the same roof as necessary to cover the storey below and should provide a ceiling height sufficient for the average person to stand comfortably. Access to the ½ storey is provided by a full staircase originating from the storey below. Source: BC Assessment 2021. | |
| Haul Road | Mine roads used for the transport of coal, aggregate, minerals or waste rock.
(These are the roads that connect the active mining areas to both the dumps and the processing plant. At a large mine that uses large haul trucks, haul roads are required to be two or three times the width of the largest vehicle using that road and have large side impact barriers. Haul roads are built to a necessary standard and grade.)
Source: BC Assessment 2021.
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| Heritage Site | Whether designated or not, land, including land covered by water, that has heritage value to British Columbia, a community or an aboriginal people; Source: Heritage Conservation Act 1996. | |
| Heterogeneous | Unlike; without interrelation. The opposite of homogeneous. BCA Note: A descriptor generally applied to single family residential neighbourhoods with a diversity of construction types, features, and age of housing. A heterogeneous neighbourhood is more commonly encountered in rural areas. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. | |
| High Water Mark | The visible high water mark of a stream where the presence and action of the water are so common and usual, and so long continued in all ordinary years, as to mark on the soil of the bed of the stream a character distinct from that of its banks, in vegetation, as well as in the nature of the soil itself, and includes the active floodplain; Source: Riparian Areas Regulation 2005. | |
| Highest and Best Use | The reasonably probable use of Real Property, that is physically possible, legally permissible, financially feasible, and maximally productive, and that results in the highest value. Source: Appraisal Institute of Canada. Canadian Uniform Standards of Professional Appraisal Practice [Internet]. 2020 [revised 01 Jan 2020; cited 2020 Nov 17]. Available from: https://www.aicanada.ca/about-aic/cuspap/. | |
| Homogeneous | Possessing the quality of being alike in nature and therefore comparable with respect to the parts or elements; said of data if two or more sets of data seem to be drawn from the same population; also said of data if the data are of the same type (that is, if counts, ranks, and measures are not all mixed in together). BCA Note: A descriptor generally applied to single family residential neighbourhoods where there are several groups of homes that are all relatively or reasonably similar in age, construction, and features. A homogeneous neighbourhood is more commonly encountered in urban and suburban areas. Source: International Association of Assessing Officers. Glossary for Property Appraisal and Assessment. 2nd ed. Kansas City: International Association of Assessing Officers; 2013. | |
| Hotel RevPAR | Room revenue divided by rooms available. Hotel occupancy times average room rate will approximate a property’s RevPAR. Source: BC Assessment 2021. | |
| Housing Cooperative | An association providing accommodation for persons the majority of whom are members of the association and are ordinarily resident in the accommodation. Source: Cooperative Association Act 1999. | |
| Housing Unit | Residential sleeping accommodation where the resident:
i. controls access to the room or rooms the resident or resident’s family sleeps in,
ii. has access to private or shared bathroom facilities, and
iii. has access to private or shared cooking facilities. Source: BC Assessment 2021. | |
| Improvement Districts | Public corporate bodies which operate independently of regional districts or any other administrative jurisdiction. Improvement districts may provide such diverse services as fire protection, water service or dykes, sewers, utilities, street lighting, construction and operation of a hospital. Source: BC Assessment 2021. | |
