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Real Estate "C" Definitions > Real Estate "C" Definitions > Flashcards

Real Estate "C" Definitions Flashcards

(64 cards)

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1
Q

Call

A

the right to buy at preset price and terms for a fixed period of time

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2
Q

Capitalize

A

to convert future income into current value

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3
Q

Carryback Financing

A

a note excepted by a seller instead of cash for his equity; same as Owner Financing

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4
Q

Case Law

A

individual court decisions

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5
Q

Caveat Emptor

A

let the buyer beware

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6
Q

CC&R’s

A

covenants, conditions, and restrictions by which a property owner agrees to abide

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7
Q

Certificate of Eligibility

A

the VA’s official statement regarding a specific Veteran buyer and what he can buy with no money down if he can qualify

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8
Q

Certificate of Occupancy

A

a government issued document that states a structure meets local zoning and building codes

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9
Q

Certificate or Reduction

A

a document prepared by a lender showing the remaining balance on an existing loan

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10
Q

Certificate of Purchase

A

a document used at a tax sale that entitles the purchaser to a deed at a later date after the redemption period has run

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11
Q

Certificate of Sale

A

see Certificate of Purchase

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12
Q

Certificate of Title

A

an attorney’s opinion as to who owns a parcel of land

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13
Q

Cession Deed

A

a deed that conveys street rights to a county or municipality

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14
Q

Chain of Title

A

the linkage of property ownership that connects the present owner to the original source of title

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15
Q

Chattel

A

personal property

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16
Q

Chattel Mortgage

A

a pledge of personal property to secure a note

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17
Q

Client

A

A person who has an agency agreement with a broker for brokerage service, whether he or she be buyer or seller.

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18
Q

Closing

A

the act of finalizing a transaction

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19
Q

Closing Statement

A

an accounting of funds to the buyer and the seller at the completion of a real estate transaction

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20
Q

Cloud on the Title

A

any claim, lien, or encumbrance that impairs title to property

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21
Q

Codicil

A

a written supplement or amendment to a existing will

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22
Q

Color of Title

A

some indication of ownership rights, usually through assessing the property, paying the taxes, or having a deed

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23
Q

Commingling

A

the mixing of clients’ or customers’ funds with an agents personal funds

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24
Q

Commission

A

The Alabama Real Estate Commission, except where the context requires that it means the fee paid to the broker or salesperson

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25
Commissioner
A member of the commission
26
Common Elements
those parts of a condominium which are owned by all the unit owners
27
Common Law
law that develops from custom and usage over long periods of time
28
Common Law Dictation
results when a landowner's acts or words show intent to convey property to the government
29
Community Property
a form of ownership where spouses are treated as equal partners with each owning one-half interest
30
Company
Any corporation, partnership, or branch office licensed as a company
31
Comparable
properties similar to the subject property that is used to estimate the value of the subject property
32
Competent Parties
entities considered legally capable of entering into a binding contract
33
Competitive Market Analysis
a method of valuing property used by a real estate agent that considers sales, listings, and property that has been withdrawn from the market
34
Concurrent Ownership
ownership by two or more persons at the same time
35
Condemnation Proceeding
the legal action taken in eminent domain
36
Conditional Sales Contract
see Installment Sales Contract
37
Conditional Use Permit
allows a land use that does not conform with existing zoning
38
Condominium
individual ownership of space in a building plus undivided ownership of the common elements
39
Connection Line
a survey line that connects a surveyor's monument with a permanent reference mark
40
Consideration
an act or promise given in exchange for something
41
Construction Loan
a loan wherein money is advanced as construction takes place
42
Constructive Eviction
tenant breaks the lease because the landlord does not keep the premises habitable
43
Constructive Notice
notice given by the public records and by visible possession, coupled with legal presumption that all persons are thereby notified
44
Consumer
A person who obtains information, advice, or services concerning real estate from a real estate licensee
45
Contract
a legally enforceable agreement to do or not to do a particular thing
46
Contract for Deed
see Installment Sales Contract
47
Contractual Intent
part of the essential element of Mutual Assent; the buyer and the seller meant to go to contract
48
Conventional Loan
real estate loans that are not insured by the FHA or guaranteed by the VA
49
Conversion
an agents, personal use of money that belongs to others
50
Cooperating Broker
a Broker that is acting as an agent for the Listing Broker; i.e., procures the buyer
51
Cooperative
land and building owned by a corporation which in turn leases space to each of its shareholders
52
Cooperator
individual shareholders in a cooperative
53
Co-ownership of Property
types of property ownership where more than one owner is involved
54
Correction Deed
a document used to correct an error in a previously recorded deed
55
Cost Approach
land value plus current construction costs minus depreciation
56
Counteroffer
an offer made in response to an offer; however, the previous offer becomes void
57
Covenant
a written agreement of promise in condominiums
58
Covenant Against Encumbrances
grantor warrants that there are no encumbrances other than those stated in the deed
59
Covenant of Further Assurance
grantor will procure and deliver to the grantee any subsequent documents necessary to make good the grantee's title
60
Covenant of Seizen
grantor warrants that he is the owner of the property
61
Covenants, Conditions, and Restrictions
privately imposed deed and lease restrictions
62
Curable Depreciation
depreciation that can be fixed at a reasonable cost
63
Curtesy
the legal right of a widower to a portion of his deceased wife's real property
64
Customer
A person who is provided brokerage services by a broker or licensee but who is not a client of the broker. Those with whom the Broker and the Principle negotiate.

Real Estate "C" Definitions (1 decks)

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