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Closing Statement
Detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made and all cash paid out in the transaction/n
cloud on the title
a term that refers to any kind of lien or encumbrance against the title./n
Cloud on Title
Any document, claim, unreleased lien, or encumbrance that may impair the title to real property or make the title doubtful; usually revealed by a title search and removed by either a quitclaim deed or suit to quiet title/n
Grouping of home sites within a subdivision on smaller lots than normal with the remaining land used as common areas/n
Code of Ethics
Written system or moral standards for ethical behavior that often goes goes beyond the letter of the law/n
An addition or change to an existing will./n
A supplement or an addition to a will, executed with the same formalities as a will, that normally does not revoke the entire will/n
Coinsurance Clause
Requires policyholder to maintain fire insurance, coverage equal to at least 80% of property\\\'s actual replacement value/n
collateral or Security
a term that refers to security used for a loan. it may be real or personal property./n
Color of title
To all outward public appearance, or form a document that seems to be valid, the possessor of the property would seem to have ownership./n
A broker puts personal funds in excess of $500 into the real estate trust account./n
The illegal act by a real estate broker of placing client or customer funds with personal funds. By law brokers are required to maintain a separate trust or escrow account for other parties funds held temporarily by the broker/n
One entity of the division of real estate composed of five people, one of whom is a chairman./n
Payment to broker for services rendered. In the sale of real property, often a percentage of the selling price./n
Common Elements
Parts of a property that are necessary or convenient to the existence, maintenance, and safety of a condominium or are normally in common use by all of the condominium residents. Each condominium owner has an undivided ownership interest in the common elements/n
Common Law
The body of law based on custom usage and court decisions/n
the process of notifying the offeror that the offer has been accepted./n
Community Association Management
Provides a team of property manager, accounting staff, office staff and property consultants to manage property/n
Community Property
A form of ownership between husband and wife where each has an equal interest in property obtained during their marriage. The only way either can hold separate property is to obtain it before marriage, after the marriage is ended or during the marriage by gift or inheritance./n
Community Property
System of ownership; each spouse has an equal interest in property acquired during marriage: separate property is that acquired before marriage/n
Community Reinvestment Act of 1977 CRA
Under the act, financial institutions are expected to meet the deposit and credit needs of their communities; participate and invest in local community develo0pment and rehabilitation projects; and participate in loan programs for housing, small business and small farms./n
Properties used in an appraisal report that are substantially equivalent to the subject property/n
competency or capacity
the ability to understand the terms of a contract and to make a ratioal decision as to whether or not to enter into it./n
An appraisal principle: when a particular use of property is bringing a high return, others enter into the same business or purchase property for the same purpose./n
The appraisal principle that state that excess profits generate competition/n
Competitive Market Analysis CMA
Analysis of market activity among comparable properties; not an appraisal/n
Complaint, filing a
filing this document with thte court initiates foreclosure under a mortgage./n
compound interest
Interest paid on earned interest as well as on the principal. It is used in savings accounts./n
Comprehensive Environmental Response, Compensation and Liability Act CERCLA
Passed in 1980, established Superfund to clean up uncontrolled hazardous waste site and to respond to spills/n
Comprehensive Loss Underwriting Exchange CLUE
A database of consumer claim history that allows insurance companies to access prior claim information in the underwriting and rating process/n
Computerized Loan Origination
Electronic network for handling load applications through remote computer terminals linked to various lenders\\\' computer; borrower must pay for this extra service/n
A judicial or administrative proceeding to exercise the power of eminent domain, through which a government agency takes private property for public use and compensates the owner/n
condemnation action
A legal action initiated by the government to seek the right to purchase land from a private individual by eminent domain./n
Conditional Use Permit
Written governmental permission allowing the use inconsistent with the zoning, but necessary for the public good; i.e., emergency medical facility in residential area/n
Conditional Use Permit
Written governmental permission allowing a use inconsistent with zoning buy necessary for the common good, such as locating an emergency medical facility in a predominately residential area/n
one owns the air space of one’s own unit and own undivided interest in the common area./n
condominium ownership act
The act which governs ownership and related issues when one owns airspace and undivided interest in the common area./n
Ownership of the airspace of a unit, plus undivided interest in common elements/n
Confession of Judgment Clause
Permits judgment to entered against a debtor without the creditor\\\'s having to institute legal procedures/n
an appraisal principle which states that because all homes in a particular area are harmonious in design and value, their value is sustained and tends to increase over time./n
Appraisal principle that holds that the greater the similarity among properties in an area, the better they will hold their value/n
The process wherein each party to a contract makes a sacrifice and each party receives a benefit. It is an essential element of any contract./n
Something of value that gets a person to enter into a contract; owner of property promises to convey marketable title and the buyer promises a certain amount of money/n
construction loan
An open ended loan funded in installments as various portions of the work are completed./n
Constructive Delivery
The process of transferring a deed from the grantor to the grantee by recording the deed at the country recorder’s office./n
constructive eviction
When the landlord violates the terms of the lease by not keeping the property livable or habitable, the tenant can legally vacate the property and not be held liable for further rent payments./n
Constructive Eviction
When the tenant is forced to vacate the property because the landlord failed to provide essential services; tenant is no longer obligated for any further rent/n
constructive fraud
A party misrepresents innocently, with no evil intention, but that misrepresentation could have been avoided with reasonable care./n
Constructive Notice
Notice given to the world by recorded documents; possession of property may also be considered constructive notice/n
A provision in a contract that requires a certain act to be done or a certain event to occur before the contract becomes binding/n
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