CANCELLATION CLAUSE
a contract provision that gives the right
to terminate obligations upon the occurrence of specified
conditions or events.
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CAI Community Associations Institute.
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CALIFORNIA BUNGALOW a 1-story, small,
compact early twentieth-century house.
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CAP in adjustable rate mortgages,
a limit placed on adjustments to protect the borrower
from large increases in the interest rate or the payment
level.
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CAPACITY OF PARTIES one of the requirements
for a valid contract. Parties with less than full
capacity include minors, the mentally insane, and
those who are intoxicated.
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CAPE COD COLONIAL an early-American-style
1-story compact house that is small and symmetrical
with a central entrance. The roof is the steep gable
type covered with shingles. The authentic types have
low central chimneys, but end chimneys are very common
in the new versions. Bedrooms on the first floor.
The attic may be finished into additional bed- rooms
and a bath. A vine-covered picket fence is traditional.
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CALIFORNIA RANCH a post-World War
II style, 1-story ground-hugging house with a low,
pitched roof.
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CALL PROVISIONS clauses in a loan
that give the lender their right to accelerate the
debt upon the occurrence of a specific event or date.
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CAPITAL ASSET an asset defined in
Section 1221 of the Internal Revenue Code that once
received favorable tax treatment upon sale. Excludes
inventory, property held for resale, property used
in a trade or business, copyrights in certain instances,
and certain U.S. government obligations.
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CAPITAL CALLS additional money to
be invested by equity owners to fund deficits in construction
costs or operating costs.
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CAPITAL EXPENDITURE an improvement
(as distinguished from a repair) that will have a
life of more than one year. Capital expenditures are
generally depreciated over their useful life, as distinguished
from repairs, which are subtracted from income of
the current year.
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CAPITAL GAIN gain on the sale of
a capital asset In 1991 and thereafter, the maximum
individual tax rate on capital gains is 28%. There
are limits on the deduction of capital losses against
ordinary income.
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CAPITAL IMPROVEMENT same as capital
expenditure.
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CAPITAL LOSS loss from the sale
of a capital asset.
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CAPITALIZATION 1. in finance, a
process whereby anticipated future income is converted
to one lump sum capital value. A capitalization rate
is divided into the expected periodic income to derive
a capital value for the expected income. Sum of interest
rate and recapture rate.
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CAPITALIZATION RATE a rate of return
used to derive the capital value of an income stream.
The formula is Value = annual income capitalization
rate
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CAPITALIZE 1. to estimate the present
lump sum value of an income stream. 2. to set up the
cost of an asset on financial records.
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CAPITALIZED VALUE the value estimated
by converting an income stream into a lump sum amount.
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CAP RATE same as capitalization
rate.
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CAPTURE RATE the sales or leasing
rate of a real estate development compared to the
sales or leasing rate of all developments in the market
area.
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CARRYING CHARGES expenses necessary
for holding property, such as taxes and interest on
idle property or property under construction.
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CARRYOVER BASIS in a tax-deferred
exchange, the adjusted tax basis of the property surrendered
that is used to determine the tax basis of the property
acquired. See basis (tax).
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CASH EQUIVALENT the conversion of
the price of property that sold with either favorable
or unfavorable financing into the price the property
would have sold for had the seller accepted all cash
in the transaction.
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CASH FLOW periodic amounts available
to an equity investor after deducting all periodic
cash payments from rental income.
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CASH METHOD a method of accounting
based on cash receipts and disbursements. Contrast
accrual method.
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CASH-ON-CASH same as equity dividend
rate.
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CASH THROW-OFF same as cash flow.
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CAVEAT EMPTOR "let the buyer
beware." The buyer must examine the goods or
property and buy at his own risk, except for latent
defects.
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CBD central business district.
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CCIM Certified Commercial Investment
Member, a professional designation of the Realtors
National Market Institute (RNMI).
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CD certificate of deposit.
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CENTRAL BUSINESS DISTRICT (CBD)
the downtown section of a city, generally consisting
of retail, office, hotel, entertainment, and governmental
land uses with some high density housing.
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CERTIFICATE OF DEPOSIT (CD) a type
of savings account and that carries a specified minimum
deposit and term and generally provides a higher yield
than passbook-type savings accounts.
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CERTIFICATE OF ELIGIBILITY issued
by the Veterans Administration to those who qualify
for a VA loan.
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CERTIFICATE OF INSURANCE a document
issued by an insurance company to verify the coverage.
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CERTIFICATE OF NO DEFENSE same as
estoppel certificate.
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CERTIFICATE OF OCCUPANCY a document
issued by a local government to a developer permitting
the structure to be occupied by members of the public.
Issuance of the certificate generally indicates that
the building is in compliance with public health and
building codes.
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CERTIFICATE OF REASONABLE VALUE
a document issued by the Veteran's Administration,
based on an approved appraisal. Establishes a ceiling
on the maximum VA mortgage loan principal.
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CERTIFICATE OF TITLE an opinion
rendered by an attorney as to the status of title
to a property, according to the public records.
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CERTIFIED COMMERCIAL INVESTMENT MEMBER (CCIM)
a designation awarded by the Realtors National Marketing
Institute, which is affiliated with the National Association
of Realtors Address: Realtors National Marketing institute
430 North Michigan Avenue Chicago, IL 6061 1
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CERTIFIED GENERAL APPRAISER one
qualified to appraise any property, under the appraiser
certification law recently adopted by most states.
Usually requires at least two years of general appraisal
experience, 150 hours of education, and passing a
state examination.
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CERTIFIED PROPERTY MANAGER (CPM)
a professional awarded to real estate managers by
the Institute of designation Real- Estate Management,
an affiliate of the National Association of Realtors.
Address: Institute of Real Estate Management 430 North
Michigan Avenue Chicago, IL 6061 1
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CERTIFIED RESIDENTAL APPRAISER one
qualified to appraise residences and up to 4 units
of housing, under appraiser certification law. Standards
call for less education, less experience, and less
comprehensive exam than for General Certification.
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CERTIFIED RESIDENTIAL BROKER (CRB)
a designation awarded by the Realtors National Marketing
Institute, which is affiliated with the National Association
of Realtors.
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CERTIFIED RESIDENTIAL SPECIALIST (CRS)
a professional designation awarded by the Realtors
National Marketing Institute, based on education and
experience in residential sales. Candidates must hold
the GRI designation.
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CHAIN a linear unit of land measurement
used in surveying: 66 feet in length. Each chain consists
of 100 links.
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CHAIN OF TITLE a history of conveyances
and encumbrances affecting a title from the time that
the original patent was granted, or as far back as
records are available. See abstract of title, certificate
of title.
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CHATTEL personal property. Anything
owned and tangible, other than real estate.
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CHATTEL MORTGAGE a pledge of personal
property as security for a debt. CLEAR TITLE
a marketable title; one free of clouds and disputed
interests.
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CLIENT the one who engages a broker,
lawyer, accountant, appraiser, etc.
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CLOSED-END MORTGAGE a mortgage loan
whose principal amount cannot be increased during
the pay-out period; contrast with open-end mortgage.
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CLOSING 1. the act of transferring
ownership of a property from seller to buyer in accordance
with a sales contract. 2. the time when a closing
takes place.
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CLOSING COSTS various fees and expenses
payable by the seller and buyer at the time of a real
estate closing (also termed transaction costs).
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CLOSING DATE the date on which the
seller delivers the deed and the buyer pays for the
property.
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CLOSING STATEMENT an accounting
of funds from a real estate sale, made to both the
seller and the buyer separately. Most states require
the broker to furnish accurate closing statements
to all parties to the transaction.
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CLOUD ON THE TITLE an outstanding
claim or encumbrance that, if valid, would affect
or impair the owner's title. Compare clear title.
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CLUSTER HOUSING a subdivision technique
in which detached dwelling units are grouped relatively
close together, leaving open spaces as common areas.
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CODE OF ETHICS a statement of principles
concerning the behavior of those who subscribe to
the code.
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COINSURANCE a clause in an insurance
policy stating the minimum percentage of value to
be insured in order to collect the full amount of
loss.
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COLD CANVASS the process of contacting
homeowners in an area in order to solicit listings.
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COLLAPSIBLE CORPORATION a term that
applies to some corporations that are dissolved within
3 years. The IRS treats gain on the sale or liquidation
of the corporation as ordinary income to the stockholder.
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COLLATERAL property pledged as security
for a debt.
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COLLATERALIZED MORTGAGE OBLIGATION (CMO)
a security backed by a pool of mortgage loans that
may be separated into various classes with varying
maturities. Note that REMICS, introduced by the Tax
Reform Act of 1986, are the standard vehicle for investing
in mortgage instruments.
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COLOR OF TITLE that which appears
to be good title but is not.
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COMMERCIAL BANK a financial institution
authorized to provide a variety of financial services,
including consumer and business loans (generally short-term),
checking services, credit cards and savings accounts.
Certain deposits at most commercial banks are insured
by the Federal Deposit Insurance Corporation. Commercial
banks may be members of the Federal Reserve System.
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COMMERCIAL BROKER one who lists
and sells commercial property, which may include shopping,
office, industrial, and apartment projects. Contrast
residential broker.
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COMMERCIAL PROPERTY property designed
for use by retail, wholesale, office, hotel, or service
users.
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COMMINGLE to mingle or mix, such
as the deposit of another's money in a broker's personal
account.
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COMMISSION 1. an amount earned by
a real estate broker for his services. 2. the official
body that enforces real estate license laws.
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COMMISSIONER the head administrator
of the State Real Estate Commission.
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COMMISSION SPLIT the arrangement
of sharing commissions earned between a sales agent
and sponsoring broker, or between the selling broker
and listing broker.
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COMMITMENT a pledge or promise;
a firm agreement. Example: Collins obtains a commitment
from a savings and loan association for a $ 1 00,000
loan on a house she wants to buy. She is then assured
of the loan so business will proceed to closing.
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COMMITMENT FEE a charge required
by a lender to lock in specific terms on a loan at
the time of application.
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COMMITMENT LETTER an official notification
to a borrower from a lender indicating that the borrower's
loan application has been approved and stating the
terms of the prospective loan.
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COMMON AREAS areas of a property
that are used by all owners or tenants.
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COMMON ELEMENTS in a condominium,
those portions of the property not owned individually
by unit owners but in which an indivisible interest
is held by all unit owners. Generally includes the
grounds, parking areas, recreational facilities, and
external structure of the building.
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COMMON LAW the body of law that
has grown out of legal customs and practices that
developed in England. Common law prevails unless superseded
by other law.
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COMMUNITY ASSOCIATION general name
for any organization of property owners to oversee
some common interest. In a condominium or planned
unit development, the association has the responsibility
of managing the common elements in the project. A
homeowners' association may be established in a subdivision
to enforce deed covenants.
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COMMUNITY ASSOCIATIONS INSTITUTE (CAI)
a nonprofit educational and research organization
concerned with the problems of managing homeowners'
associations and other community associations (such
as condominium owners associations). CAI sponsors
educational seminars and publishes various handbooks
and brochures. Address: Community Associations Institute
1630 Duke Street Alexandria, VA 22314
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COMMUNITY PROPERTY property accumulated
through joint efforts of husband and wife and owned
by them in equal shares. This doctrine of ownership
now exists in Arizona, California, Idaho, Louisiana,
Nevada, New Mexico, Texas, and Washington State.
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COMMUNITY REINVESTMENT ACT a federal
law that requires federal regulators of lending institutions
to encourage lending within the local area of the
institution, particularly to low- and moderate-income
residents and those residing in inner-city neighborhoods.
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CO-MORTGAGOR one who signs a mortgage
contract with another party or parties and is thereby
jointly obligated to repay the loan. Generally a co-mortgagor
provides some assistance in meeting the requirements
of the loan and receives a share of ownership in the
encumbered property.
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COMPARABLES properties that are
similar to the one being sold or appraised. See market
approach.
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COMPARATIVE SALES APPROACH same
as market comparison approach.
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COMPARATIVE UNIT METHOD an appraisal
technique to establish relevant units as a guide to
appraising the subject property-
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COMPARISON METHOD same as market
comparison approach.
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COMPETENT PARTIES persons legally
capable of entering a contract Must be of legal age,
not be insane or a drunkard.
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COMPLETION BOND a legal instrument
used to guarantee the completion of a development
according to specifications. COMPOUND INTEREST interest
paid on the original principal and also on the unpaid
interest that has accumulated.
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COMPRESSED BUY-DOWN a buy-down loan
for which the
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COMPONENT DEPRECIATION dividing
real estate improvements into various parts such as
the roof, plumbing, electrical system, and shell,
then depreciating each component separately for tax
purposes.
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COMPOUND AMOUNT OF ONE PER PERIOD
the amount that a series of deposits of $1.00 per
period would grow to if left on deposit with interest
allowed to compound.
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COMPS appraisal term, short for
comparables.
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CONCESSIONS benefits granted by
a seller/lessor to induce a sale/lease.
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CONDEMNATION 1. taking private property
for public use with compensation to the owner under
eminent domain. Used by governments to acquire land
for streets, parks, schools, etc., and by utilities
to acquire necessary property. 2. declaring a structure
unfit for use. Example: The state health department,
acting through its condemnation powers, prevented
use of an old, dilapidated shack because of violations
of the housing code.
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CONDITION(S) provision(s) in a contract
that some or all terms of the contract will be altered
or cease to exist upon a certain event.
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CONDITIONAL COMMITMENT an agreement
by a lender to provide a loan to a qualified borrower,
within a specified time period, but without stating
who the borrower will be.
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CONDITIONAL OFFER purchase contract
tendered to the seller that stipulates one or more
requirements to be satisfied before the purchaser
is obligated to buy.
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CONDITIONAL SALES CONTRACT a contract
for the sale of property stating that the seller retains
title until the conditions of the contract have been
fulfilled.
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CONDOMINIUM a system of ownership
of individual units in a multiunit structure, combined
with joint ownership of commonly used property (sidewalks,
hallways, stairs, etc.).
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CONDOMINIUM OWNERS ASSOCIATION an
organization of all unit owners in a condominium to
oversee the common elements and enforce the bylaws.
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CONFORMING LOAN a mortgage loan
that is eligible for purchase by FNMA or FHLMC.
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CONFORMITY PRINCIPLE an appraisal
principle that holds that property tends to reach
maximum value when the neighborhood is reasonably
homogeneous in social and economic activity.
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CONSIDERATION anything of value
given to induce entering into a contract; it may be
money, personal services, a product etc.
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CONSIGNMENT in real estate finance,
the process in which the FSLIC replaces the management
of an insolvent savings and loan association, but
allows the association to continue operating. Example:
Under the Southwest Plan, many savings and loan associations
in Texas were placed under a consignment program,
in which experienced managers from other S&Ls
were recruited to run the associations under federal
supervision.
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CONSTANT same as mortgage constant.
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CONSTANT ANNUAL PERCENT same as
mortgage constant.
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CONSTANT PAYMENT LOAN a loan on
which equal payments are made periodically so as to
pay off the debt when the last payment is made. See
level payment mortgage, variable payment plan.
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CONSTRUCTION LOAN one that finances
subdivision costs and/or improvements to real estate.
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CONSTRUCTIVE EVICTION the legal
term describing a situation in which a lessor's breach
of a lease contract causes the lessee (tenant) to
cancel the contract and vacate.
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CONSTRUCTIVE NOTICE the law presumes
that everyone has knowledge of a fact when the fact
is a matter of public record.
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CONSTRUCTIVE RECEIPT 1. for tax
purposes, the right to receive money that would be
taxable and is taxable, even if receipt is postponed.
2.in real estate exchanges, the receipt of cash or
other non-like-kind property or the acquisition of
the right to use or benefit from such cash or property
during an exchange transaction.
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CONSUMER PRICE INDEX the most widely
known of many such measures of price levels and inflation
that are reported to the U.S. government. It measures
and compares, from month to month, the total cost
of a statistically determined "typical market
basket" of goods and services consumed by U.S.
households.
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CONTIGUOUS actually touching; contiguous
proper-ties have a common boundary.
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CONTRACT an agreement between competent
parties to do or not to do certain things for a consideration.
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CONTRACT FOR DEED same as land contract.
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CONTRACT OF SALE same as agreement
of sale.
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CONTRACTOR one who contracts to
supply specific goods or services, generally in connection
with development of a property.
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CONTRACT PRICE (TAX) in an installment
sale, for tax purposes, generally the selling price
less existing mortgages assumed by the buyer.
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CONTRACT RATE same as face interest
rate.
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CONTRACT RENT the amount of rent
that has been set forth in a contract. Contrast with
economic rent
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CONTRIBUTION a principle of valuation
that states that the value of any portion of a property
is determined by how it affects the performance of
the total property. Therefore, a property is considered
a combination of features, each of which adds something
to the total value based on its contribution to the
property's usefulness.
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CONVENTIONAL LOAN 1. a mortgage
loan other than one guaranteed by the Veterans Administration
or insured by the Federal Housing Administration.
2. a fixed-rate, fixed-term mortgage loan.
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CONVERSION 1. changing property
to a different use or form of ownership, such as when
apartments are transformed to condominiums. 2. the
taking away of property that belongs to another person.
See also involuntary conversion. 3. a change in the
ownership form of a savings and loan association.
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CONVERTIBLE ARM an adjustable rate
mortgage that offers the borrower the option to convert
payments to a fixed-rate schedule at a specified period
within the term of the loan. Conversion is made for
a nominal fee, and the interest rate on the fixed-rate
loan is determined by a rule specified in the ARM
loan agreement.
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CONVEY to deed or transfer title
to another.
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CONVEYANCE the transfer of the title
of real estate from one to another; the means or medium
by which title of real estate is transferred.
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CO-OP 1. an arrangement between
2 real estate agents that generally results in splitting
the commission between them. 2. a type of housing
in which each tenant is a shareholder in a omission.
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COOPERATING BROKER one who agrees
to share the commission with another broker.
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COOPERATIVE a type of corporate
ownership of real property whereby stockholders of
the corporation are entitled to use a certain dwelling
unit or other units of space. Special income tax laws
allow the tenant stockholders to deduct interest and
property taxes paid by the corporation.
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CORPORATION a legal entity properly
registered with the secretary of state. Can have limited
liability, perpetual life, freely transferable shares,
and centralized management.
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CORPOREAL visible or tangible real
or personal property. Example: Buildings, pavement,
fences, and the like are corporeal Easements are incorporeal.
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COSIGNER same as accommodation party.
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COST APPROACH a method of appraising
property based on the depreciated reproduction or
replacement cost (new) of improvements, plus the market
value of the site.
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COST ESTIMATNG in construction,
the act of predicting the total costs of labor, materials,
capital, and professional fees required to construct
a proposed project.
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COST OF LIVING INDEX an indicator
of the current price level for goods and services
related to some base year.
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COST-PLUS-PERCENTAGE CONTRACT an
agreement on a construction project in which the contractor
is provided a specified percentage profit over and
above the actual costs of construction. These contracts
are considered poor business practice because the
contractor has little incentive to hold down costs.
A cost-plus-fixed-fee contract is a better approach.
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COTENANCY any of a number of forms
of multiple ownership such as tenancy in common and
joint tenancy.
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COUNSELING the act of advising clients
on a variety of real estate investment or development
matters.
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COUNSELOR OF REAL ESTATE (CRE) a
member of the American Society of Real Estate Counselors
(ASREC). Membership is based on experience and professional
conduct as a real estate counselor.
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COUNTEROFFER rejection of an offer
to buy or sell, with a simultaneous substitute offer.
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COVENANT NOT TO COMPETE a clause
in an agreement where one party promises not to offer
to sell or produce the same goods and services in
proximity to the other party.
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COVENANT RUNNING WITH THE LAND a
covenant restricting or limiting property rights to
land, or a deed restriction, in which it is specified
that ownership of the land cannot be transferred unless
the new owner agrees to continue to abide by the covenant.
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COVENANTS promises written into
deeds and other instruments agreeing to performance
or nonperformance of certain acts, or requiring or
preventing certain uses of the property.
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CPM Certified Property Manager,
a professional designation of the Institute of Real
Estate Management (IREM).
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CRAM DOWN in bankruptcy, the reduction
of various classes of debt to a lower amount, with
acceptance by the bankruptcy court.
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CRB Certified Real Estate Brokerage
Manager, a professional designation of the Realtors
National Marketing Institute (RNMI).
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CRE Counselor of Real Estate, or
member of the American Society of Real Estate Counselors
(ASREC).
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CREATIVE FINANCING any financing
arrangement other than a traditional mortgage from
a third-party lending institution.
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CREDIT 1. in finance, the availability
of money. 2. in accounting, a liability or equity
entered on the right side of the ledger.
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CREDITOR one who is owed money.
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CREDIT RATING (REPORT) an evaluation
of a person's capacity (or history) of debt repayment.
Generally available for individuals from a local retail
credit association; for businesses publicly held by
companies such as Dunn & Bradstreet; and for -
bonds by Moody's, Standard & Poors, and Fitch's.
individuals have access to their own files.
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CRS Certified Residential Specialist,
a professional designation of the Realtors National
Marketing Institute (RNMI).
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CUL-DE-SAC a street with an intersection
on one end and a closed turning area on the other.
often valued in the design of residential subdivisions
for the privacy provided to homes on the street.
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CURABLE DEPRECIATION depreciation
or deterioration that can be corrected at a cost less
than the value that will be added.
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CURRENT YIELD a measurement of investment
returns based on the percentage relationship of annual
cash income to the investment cost.
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CURTESY the right of a husband to
all or part of his deceased wife's realty regardless
of the provisions of her will. Exists in only a few
states.
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CUSTOM BUILDER one who builds unique
houses; contrast with tract house.
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