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Real Estate Glossary > C words > Flashcards

C words Flashcards

1
Q

CapitalGain

A

Atresaleofacapitalitem,theamountbywhichthenetsaleproceedsexceedthe adjustedcostbasis(bookvalue).Usedforincometaxcomputations.Gainsarecalledshortorlongterm baseduponlengthofholdingperiodafteracquisition.Usuallytaxedatlowerratesthanordinary income.

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2
Q

CapitalImprovement

A

Anitemthataddsvaluetoaproperty,adaptsthepropertytonewusers,or prolongsthelifeoftheproperty.Maintenanceisnotacapitalimprovement.

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3
Q

CapitalizationRate

A

Therateofinterestwhichisconsideredareasonablereturnontheinvestment, andusedintheprocessofdeterminingvaluebaseduponnetincome. CapitalizationRate=NOI/PurchasePrice

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4
Q

CertificateofOccupancy

A

Adocumentissuedbyalocalgovernmentagencyaftersatisfactory inspectionofastructureauthorizingthatthestructurecanbeoccupied.

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5
Q

ChainofTitle

A

Ahistoryofconveyancesandencumbrancesaffectingthetitlefromthetimetheoriginal patentwasgranted,orasfarbackasrecordsareavailable,usedtodeterminehowtitlecametobe vestedincurrentowner.

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6
Q

ChronologicalAge

A

Theactualageofabuilding.

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7
Q

CivilLaw

A

Thesystemoflawconcernedwithprivaterelationsbetweenmembersofacommunity ratherthancriminal,military,orreligiousaffairs.

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8
Q

Client

A

Priortosigningalistingagreement,apartyinarealestatetransactionwhowillemployan agent.

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9
Q

Closing

A

Processbywhichallthepartiestoarealestatetransactionconcludethedetailsofasaleor mortgage.Theprocessincludesthesigningandtransferofdocumentsanddistributionoffunds.

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10
Q

ClosingCosts

A

Expensesincurredinthepurchaseandsaleofrealpropertypaidatthetimeof settlementorclosing.

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11
Q

ClosingStatement

A

Anaccountingofthefundsreceivedanddisbursedinarealestatetransaction.

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12
Q

CloudedTitle

A

Titlethatisencumberedorburdenedwithdefects.

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13
Q

Commingling

A

Tomingleormix,forexample,aclient’sfundsinthebroker’spersonalorgeneral account.

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14
Q

Commission

A

Anagent’scompensationforperformingthedutiesoftheagency;inrealestatepractice, apercentageofthesellingpriceofproperty,percentageofrentals,etc.Afeeforservices.

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15
Q

CommonInterestSubdivision

A

Subdividedlandswhichincludeaseparateinterestinrealproperty combinedwithaninterestincommonwithotherowners.Theinterestincommonmaybethrough membershipinanassociation.Examplesarecondominiumsandstockcooperatives.

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16
Q

CommunityProperty

A

Propertyacquiredbyhusbandand/orwifeduringamarriagewhennotacquired astheseparatepropertyofeitherspouse.Eachspousehasequalrightsofmanagement,alienationand testamentarydispositionofcommunityproperty.

17
Q

ComparativeMarketAnalysis

A

Ananalysisofthecompetitioninthemarketplacethatapropertywill faceuponsaleattempts.

18
Q

Condemnation

A

Takingprivatepropertyforpublicuse,withfaircompensationtotheowner;exercising therightofeminentdomain.

19
Q

Condominium

A

Fiveormoreunitswhereintheownerhasafeesimpleinterestintheairspace,orfour wallsinwhichtheyliveoroccupy,pluscommonareaswhichareownedasatenancyincommon.

20
Q

ConformingLoan

A

ThoseloansprocessedonuniformloanformsaccordingtoFNMA/FHLMCguidelines.

21
Q

Consideration

A

Anythinggivenorpromisedbyapartytoinduceanothertoenterintoacontract,ex: personalservicesorevenloveandaffection.Itmaybeabenefitconferredupononepartyora detrimentsufferedbytheother.

22
Q

ConstructiveEviction

A

Anydisturbanceofthetenant’spossessionoftheleasedpremisesbythe
landlordwherebythepremisesarerenderedunfitorunsuitableforthepurposeforwhichtheywere leased.

23
Q

ConstructiveFraud

A

Asituationwhereapersonorentitygainedanunfairadvantageoveranotherby deceitfulorunfairmethods.

24
Q

ConstructiveNotice

A

Afact,imputedtoapersonbylaw,whichshouldhavebeendiscoveredbecause oftheperson’sactualnoticeofcircumstancesandtheinquirythataprudentpersonwouldhavebeen expectedtomake.

25
Q

Contiguous

A

Lotsthattouchatanypoint(evencorners).

26
Q

Contract

A

Anagreementtodoornottodoacertainthing.Itmusthavefouressentialelements: partiescapableofcontracting,consentoftheparties,alawfulobject,andconsideration.Acontractfor saleofrealpropertymustalsobeinwritingandsignedbythepartyorpartiestobechargedwith performance.

27
Q

ConventionalLoan

A

Amortgagesecuringaloanmadebyinvestorswithoutgovernmentalunderwriting, i.e.,whichisnotFHAinsuredorVAguaranteed.Thistypeofloaniscustomarilymadebyabankor savingsandloanassociation.

28
Q

Conversion

A

Theunlawfulappropriationofanother’spropertyorfunds.

29
Q

Conveyance

A

Aninstrumentinwritingusedtotransfer(convey)titletopropertyfromonepersonto another,suchasadeedoratrustdeed.

30
Q

CooperatingBroker

A

Abrokerwhoparticipatesinfacilitatingarealestatetransactionalongwiththe brokerwholistedtheproperty.

31
Q

Cooperative

A

Anapartmentbuilding,ownedbyacorporationandinwhichtenancyinanapartment unitisobtainedbypurchaseofsharesofthestockofthecorporationandwheretheownerofsuch sharesisentitledtooccupyaspecificapartmentinthebuilding.InCalifornia,thistypeofownershipis calleda“stockcooperative”.

32
Q

Corporation

A

Anentityestablishedandtreatedbylawasanindividualorunitwithrightsandliabilities, orboth,distinctandapartfromthoseofthepersonscomposingit.Acorporationisacreatureoflaw havingcertainpowersanddutiesofanaturalperson.Beingcreatedbylawitmaycontinueforany lengthoftimethelawprescribes.

33
Q

CostApproach

A

Oneofthreemethodsintheappraisalprocess.Ananalysisinwhichavalueestimate ofapropertyisderivedbyestimatingthereplacementcostoftheimprovements,deductingtherefrom theestimatedaccrueddepreciation,thenaddingthemarketvalueoftheland.

34
Q

Covenants

A

Agreementswrittenintodeedsandotherinstrumentspromisingperformanceor nonperformanceofcertainacts,orstipulatingcertainusesornon‐usesoftheproperty.

35
Q

Covenants,Conditions,andRestrictions(CC&Rs)

A

Thebasicrulesestablishingtherightsand obligationsofownersofrealpropertywithinasubdivisionorothertractoflandinrelationtoother
ownerswithinthesamesubdivisionortractandinrelationtoanassociationofownersorganizedforthe purposeofoperatingandmaintainingpropertycommonlyownedbytheindividualowners.

36
Q

CrawlSpace

A

Anareaoflimitedheightunderafloororroof,givingaccesstowiringandplumbing.

37
Q

Credit

A

Inaclosingstatement,moneytobereceivedorcreditgivenformoneyoranobligationgiven.

38
Q

Creditor

A

Apersonwhoregularlyextendsconsumercreditthatissubjecttoafinancecharge,oris payablebyawrittenagreementinmorethanfourinstallments,notincludingthedownpayment,and towhomtheobligationisinitiallypayable,eitheronthefacevalueofthenoteorcontract,orby agreementwherethereisnonoteorcontract.

39
Q

CriminalLaw

A

Abodyofrulesandstatutesthatdefinesconductprohibitedbythegovernmentbecause itthreatensandharmspublicsafetyandwelfareandthatestablishespunishmenttobeimposedforthe commissionofsuchacts.

Real Estate Glossary (23 decks)

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