Short answer
Subclass 114 is a permanent family visa for an aged dependent relative outside Australia who is sponsored by an eligible Australian relative.
The subclass 114 Aged Dependent Relative visa is for a person who is outside Australia and is seeking permanent residence because they are an aged dependent relative of an Australian citizen, Australian permanent resident or eligible New Zealand citizen.
The applicant must keep meeting the aged dependent relative requirement when the visa is decided. If their family situation or the sponsor's situation changes, this can affect eligibility.