-
An Assessment Of The Performance Of Mortage Institute Of Real Estate Development
[A CASE OF FEDERAL MORTAGE BANK OF NIGERIA IBADAN BRANCH]
CHAPTER ONE -- [Total Page(s) 3]
Page 3 of 3
-
-
-
1.7 DEFINITION OF TERMS
i. ASSESSMENT: An assessment can be defined evaluating or estimating of a nature, quality or ability of someone or something. It is also the process of designing, defining, selecting, collecting, analyzing, interpretation and using information to increase student’s learning and development by Erwin 1991.
ii. MORTGAES: A mortage is a form of security for money lent. An interest will be reconvened when the loan is repaid. A mortgage deed usually provides for repayment at a fixed date, often six months after the date of the deed.
iii. DEVELOPMENT: As oxford dictionary defined it as a stare of gradual growth of new building on land it is also a process of using an area of land to make profit by building on it. Also according to the british town and country planning acts of 1971 in section 22(1) describe development as the construction carried out such as building engineering, minning, or other operation in ,on over or under land or the making of any materials change in the use of any building or land.
iv. REAL ESTATES: Real estate means property that actually exists, genue and immovable i.e. such as land, buildings, structures claims and all types of developments on land.
v. INSTITUTIONAL: - Can be defined as any structure or mechanism of social order and cooperation governing the behavior of a set of individual with a given community.
vi. MORTGAGEE: Is an organization person that lend money to people to buy property like land and buildings.
vii. MORTGAGOR: Is a person that borrow money from the bank or similar organization to buy a property.
CHAPTER ONE -- [Total Page(s) 3]
Page 3 of 3
-
