Operations Glossary

This Glossary identifies, defines, and clarifies the meaning of investment terms used by CalPERS in our investment policies. The purpose of the Glossary is to establish a uniform vocabulary of terms for users of these policies.

Choose from the letters below to find a specific Operations Investment Policy term or phrase. You'll also find information about the related policies and asset classes for each term.

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Agent - Individual authorized by another person, called the principal, to act in the latter's behalf in transactions involving a third party. Banks are frequently appointed by individuals to be their agents, and so authorize their employees to act on behalf of principals. Agents have three basic characteristics: 1) they act on behalf of and are subject to the control of the principal; 2) they do not have title to the principal's property; and 3) they owe the duty of obedience to the principal's orders.

Related Policy

Appraisal - The act or process of developing an opinion of value. Though appraisal is a term occasionally used interchangeably with valuation, the term is most commonly used for USPAP-compliant real estate valuation work performed by an appraiser within North America.

Related Policy

Appraisal Institute (AI) - A global membership association of professional real estate appraisers whose focus is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide.

Related Policy