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A Real Estate Agent Vocab > Letter C Vocab > Flashcards

Letter C Vocab Flashcards

1
Q

This term is used to describe that this calendar counts all 365 days of the year, each month has is calculated using the actual number of days.

A

Calendar Year

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2
Q

This term is used to describe the difference between net proceeds and the adjusted basis amount.

A

Capital Gains

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3
Q

This term is used to describe the money spent on asset including repairs or improvements.

A

Capital Improvements

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4
Q

What is the formula for the Capitalization Rate?

A

Net Operating Income / Current Market Value

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5
Q

What is the formula for Cash Flow?

A

Gross Income – (Expenses + Loan Costs)

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6
Q

This Latin term is used to describe the “Buyer Beware” philosophy that the buyer is own their own.

A

Caveat Emptor

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7
Q

What does the acronym CC&R’s mean? Why is it important?

A

Covenants, Conditions and Restrictions

Covenants, conditions, and restrictions (“CC&Rs”) are GOVERNING DOCUMENTS. Many “common interest” developments, including condominiums, neighborhoods, and co-ops, use them. They regulate the use, appearance, and maintenance of property. CC&Rs are commonly drafted and enforced through (HOAs).

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8
Q

What does the acronym in the C.E.R.C.L. Act mean? Why is it important?

A

Comprehensive Environmental
Response Compensation & Liability Act

The Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), codified in 42 U.S.C. Chapter 103, is a large piece of legislation passed in 1980 that gives the Environmental Protection Agency (EPA) the ability to intervene in managing land contaminated with high levels of hazardous materials.

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9
Q

This term is used to describe the conversion to real property from personal property and is filed with the county when the client has a mobile or manufactured home.

A

Certificate of Affixture (COA)

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10
Q

This term refers to the document provided by the Arizona Department Water Resources indicating a source of water for a guaranteed period of 100 Years which could be underground, or man supplied.

A

Certificate of Assured Water Supply

By December 31, 2023, the Director of the Arizona Department of Water Resources (ADWR) is required to study and submit a report to the Legislature on whether and how a person that seeks a building permit for six or more residences within an active management area should apply for and obtain a certificate of assured water supply from ADWR before presenting the permit application for approval to the county, unless the applicant has obtained a written commitment of water service for the residences.

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11
Q

This term is used to describe proof that the Veteran has served and is eligible for a VA home loan.

A

Certificate of Eligibility (COE)

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12
Q

This term is used to define the name of government issued certificates that confirm that there are no building code violations and that it is ready for occupancy.

A

Certificate of Occupancy (COO)

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13
Q

This term is used to describe a veteran is given a certificate good for a period of 6 months that the property states the value at asking price.

A

Certificate of Reasonable Value (CRV)

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14
Q

What does the acronym C.F.P.B. mean?

A

Consumer Financial Protection
Bureau

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15
Q

This term is used to describe the type of bankruptcy which allows the restructuring of debts to be paid back over time.

A

Chapter 11

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16
Q

This term is used to describe the type of bankruptcy which provides the ability to repay debts over a 5-year time period.

A

Chapter 13

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17
Q

This term is used to describe the type of bankruptcy with liquidation of unsecured debts such as credit cards or medical bills.

A

Chapter 7

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18
Q

This French term is used to describe an individual’s personal property another term used in real estate. This is tangible moveable personal property that is not real property. The primary difference between this term and real estate is that this is movable while real estate is fixed permanently to one specific location.

A

Chattel

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19
Q

This term is used to describe the Act of legislation that prohibits mergers and acquisitions where the effect is to lessen competition or to create a monopoly in real estate.

A

Clayton Act

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20
Q

This term is used to describe that title search is complete and has no errors found.

A

Clear Title or a Marketable Title

21
Q

This term is used to describe an apparent encumbrance, discovered in the title search and history OR Any type of hindrance or encumbrance that might invalidate OR impair the title to real property OR make the title doubtful.

A

Cloud on a Title

22
Q

What does the acronym C.L.U.E. mean?

A

Comprehensive Loss Underwriting
Exchange

23
Q

What does the acronym C.M.A. mean?

A

Comparative Market Analysis

24
Q

This term is used to describe title that may have the appearance of good and valid title to property. It appears as if someone had paid taxes for 3 year and continuously occupied someone else’s property. This may also not be the case. This is defined as the _____ of the title.

A

Color of Title

25
Q

This term is used to describe mixing a client’s funds with your own personal funds, which makes it difficult to determine which funds belong to who OR when one spouse’s separate property is mixed with the other spouse’s marital property MUST keep it separate if it’s yours.

A

Commingling

26
Q

This term is used to describe the parts of English law that is derived from custom and judicial precedent rather than statutes.

A

Common Laws

27
Q

This term is used to describe selected properties of similar value and type used to determine valuation.

A

Comparables

28
Q

This term is used to describe all parties are legally deemed able to enter into agreements.

A

Competent Parties

29
Q

This term is used to describe assuring the court that the licensee in violation will correct the violation.

A

Conciliation

30
Q

This term is used to describe any mortgage loan that conforms to federal guidelines.

A

Conforming Loans

31
Q

This term is used to describe a property that conforms to the other houses in a neighborhood. Properties that don’t conform to the area bring less in value on the open market.

A

Conformity

32
Q

This term is used to describe something of value that must be given up inducing another to perform.

A

Consideration

33
Q

This term is used to describe a disciplinary action resulting from negotiation between the AZ Department of Real Estate and the Respondent.

A

Consent Order AKA Consent Agreement

34
Q

This term is used to describe when a Landlord Breaches contract, this allows the tenant to sue for damages.

A

Constructive Eviction

35
Q

This term is used to describe notice that is given to the general public at large about a property.

A

Constructive Notice

36
Q

This term is used to describe sections of a property that touch at any point another parcel of property.

A

Contiguous

37
Q

This term is used to define a provision in a contract for an unforeseen event or circumstance.

A

Contingency

38
Q

This term is used to describe an agreement between parties to either do something or not do something.

A

Contract

39
Q

This term is used to describe the right to utilize the property under legal conditions.

A

Control

40
Q

This term is used to describe taking the client’s money and depositing those funds directly into one’s own accounts and using that money for their own purposes OR The act of changing from one type of property to another.

A

Conversion

41
Q

This term is used to describe the legal process of transferring real property from one owner to another – NOT transferring TITLE.

A

Conveyance

42
Q

This term is used to define real property that is inheritable.

A

Corporeal

43
Q

This term is used to define purchase price of an asset plus costs associated with the purchase.

A

Cost Basis

44
Q

This term is used to define a new and changed offer based on the requests of the original offer.

A

Counteroffer

45
Q

This term is used to describe any money you get back from the transaction when selling or buying property.

A

Credit

Ex. Stores ‘credit’ you when you return something.

46
Q

What does the acronym C.M.V. mean?

A

Current Market Value (CMV)

This term is used to describe the current value of income from rent’s collected in the future.

47
Q

This term is used to define a husband’s interest in his wife’s property upon her death OR Life estate the husband has when his wife dies.

A

Curtsey

48
Q

This term is used to describe the third party who is part of the transaction but is not the actual client/principal.

A

Customer

49
Q

This term is used to describe providing a plaintiff with the monetary compensation amount necessary to replace what was lost, and nothing more.

A

Compensatory Damages

A Real Estate Agent Vocab (24 decks)

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