Your Online Legal Resource Center for Property Management

CABANA - A small open structure located on a beach or near a swimming pool, used for changing clothes; Spanish word for cabin.

CABINET WORK - Inside carpentry work that is attached or built-in to a structure; usually sanded, varnished and/or painted to a smooth finish.

CADASTRAL MAP - A map showing the legal boundaries and ownership of real estate, used in the title recording to define its limits.

C.A.E.(CERTIFIED ASSESSMENT EVALUATOR) - An assessor certified by the International Association of Assessing Officers after completion of training and testing to evaluate property values for tax purposes.

CAISSON - A protective, sealed chamber in which people perform construction labor for underwater foundations and structures.

CALL - The designations used in a metes and bounds description of property for one angle or the distance of a line. Sample: E 75degrees S 45' (1 call).

CALL OPTION - A clause in a loan agreement that allows a lender to ask for the balance at any time.

CAMBER - The curving of a load-bearing, structural support to give it added strength.

CAMINO - The Spanish word for street; Camino Real means highway.

CANCELLATION CLAUSE - A stated agreement in a contract specifying the terms under which the parties may terminate it.

CAN LIGHTS - Cylindrical chambers with bulbs recessed into the ceiling.

CANTILEVER - A strong, inflexible structural span which supports itself from one end only.

CANTILEVER BRIDGE - Characterized by two overhanging supports connecting to each other or a suspended span.

CAP - A limit on the amount the interest rate or monthly payment can increase in an adjustable rate mortgage.

CAPACITY-An individual's legal ability to form a valid contract or conduct business, determined by age, soundness of mind or designated authority (such as through power of attorney).

CAPE COD HOUSE-A steep-roofed, rectangular style of architecture characterized by dorm windows and a central chimney originating in 18th century New England.

CAPE COD STYLE - A wood-frame or shingled house with a steep roof and several windows projecting from the second floor.

CAPITA - People counted individually; per capita means per person.

CAPITAL - A person's or corporation's wealth available to generate more income.

CAPITAL ASSETS - Resources of a fixed nature such as machinery and equipment, or the value of one's interest or equity in real or personal property which can be borrowed against to create more wealth, or which in and of itself generates income.

CAPITAL CHARGES - Money needed to make payments of principal and interest on investments.

CAPITAL EXPENDITURES - Funds expended for the improvement or repair of real property structures or equipment held for long term investment. ( Usually in excess of $100 on property retained longer than a year).

CAPITAL GAINS - The taxable difference on capital assets between cost (less depreciation) and sales price, after deduction of expenses for repairs and improvements.

CAPITAL GAINS - Profits an investor makes from the sale of real estate or investments.

CAPITAL GAINS TAX - A tax placed on the profits from the sale of real estate or investments.

CAPITAL IMPROVEMENT - Any improvement that extends the life or increases the value of a piece of property.

CAPITALIZATION - A method of arriving at the current market value of an investment such as income property, using a commonly accepted rate of return on similar properties, then capitalizing net operating income by dividing it by the accepted rate of capitalization.

CAPTIALIZATION APPROACH - A method used in appraisal to determine the present value of rental property by discounting the estimated net income to be received over the estimated life of the structure.

CAPITALIZATION RATE (Cap Rate) - The discount percentage rate used in the capitalization or income approach to determine the present value of income property or improvements to it.

CAPITALIZE - Arriving at the current value of money to be derived from estimated or fixed future income.

CAPITALIZED VALUE - The appraised value of property using the capitalization approach.

CAPITAL STOCK - The inferred worth of a corporation determined by the amount of money invested by shareholders.

CAPITAL SURPLUS - Surplus money derived from sources other than earned income; such as the profit from the sale at a premium of a corporation's own stock or donated stock.

CAPRICIOUS VALUE - An appraisal term for the seemingly arbitrary or emotional value of property which does not reflect fair market value.

CARAVAN - A regular inspection tour of newly listed properties by a brokerage sales staff.

CARPORT - A shelter without walls for parking cars, sometimes attached to structures.

CARRYING CHARGES - Taxes, interest and other charges due on a building under construction or vacant in a period when it is not generating income.

CASE LAW - Law arrived at by a judge's decision.

CASEMENT WINDOW - A window hinged on its sides that allows it to swing open vertically.

CASH ACCOUNTING - A seldom used method of recording revenues and expenses when the transfer of cash takes place, rather than in the period when the funds were earned or the expenses incurred.

CASH ASSETS - Funds on hand for conducting daily business.

CASH DISCOUNT - A reduction in a bill offered as an incentive to pay it prior to a certain date.

CASH FLOW - Income derived over and above all expenses and debt service, including depreciation allowances.

CASHIER'S CHECK - A check issued by a bank against it's own funds rather than a depositor's; usually required instead of a personal check in real estate transactions.

CASH OUT - A term used in listings to indicate a seller's desire for full payment of his equity or interest upon closing of a sale; in a contract or purchase money mortgage, the early repayment of the balance owing.

CASH-OUT REFINANCE - The refinancing of a mortgage in which the money received from the new loan is greater than the amount due on the old loan. The borrower can use the extra funds in any manner.

CASH RENT - Rent paid in cash rather than with a percentage of the crops of goods produced on the land.

CASH SALE - A sale where the full purchase price is paid in cash or by check.

CASING - The frame and trim molding around doors, windows, cabinets; a section of pipe.

CATHEDRAL CEILING - A high open ceiling formed by finishing exposed roof rafters.

CATTLE GUARD - Widely spaced metal bars set in the earth over which cattle will not walk.

CATWALK - A narrow, permanent bridge or elevated footpath leading to otherwise inaccessible areas, such as the ceiling of a stage.

CAULK - An acrylic or silicon sealant used to fill cracks, crevices and holes in a home.

CAUSEWAY-An elevated passage or road over lowlands or water.

CAVEAT - A formal notice, that asks a court to suspend action until the party which filed the challenge can be heard.

CAVEAT EMPTOR - A legal phrase which means "Let the buyer beware" and implies that the buyer takes the risk when purchasing items (without the protection of warranties) and should inspect them carefully prior to purchase.

CAVEDIUM - A courtyard or atrium.

CAVITY WALL - A hollow wall, usually of stone with a continuous "dead-space" in the center which provides thermal insulation.

CC&R'S (Covenants, Conditions, & Restrictions) - Limitations placed on property to assure uniformity in use.

CEILING HEIGHT - The standard height of a ceiling is eight feet.

CELLAR - The floor of a building which lies fully or partially beneath ground level; usually used as storage area.

CEMENT BLOCK - A concrete building block.

CENTRAL AIR CONDITIONING - A device that generates cold air through an outside unit that is connected to ductwork inside the house,

CENTRAL ASSESSMENT - A method of stabilizing assessments; used when property under one ownership is located in several assessment districts (as with public utilities).

CENTRAL BUSINESS DISTRICT - The area of a city where most large businesses are located.

CENTRAL CITY - A city in the center of a cluster of other cites; the center or downtown area of a city.

CERTIFICATE OF DEPOSIT - (CD) - A document which shows that the bearer has a specified amount of money on deposit with a bank, stock-brokerage firm or other financial institution.

CERTIFICATE OF DEPOSIT INDEX- An index based on the interest rates on six-month CDs. It used to determine the interest rate for some adjustable-rate mortgages.

CERTIFICATE OF ELIGIBILITY - A document issued by the Veterans Administration that verifies the eligibility of a veteran for a loan program.

CERFITICATE OF OCCUPANCY- A document which states that a home or other building has met all building codes and is suitable for habitation.

CERTIFICATE OF REDEMPTION - A document showing that an owner has bought back (redeemed) his property after its sale by court order.

CERTIFICATE OF SALE- A document issued at a judicial sale, which entitles the buyer to receive a deed after court confirmation of the purchase of the property.

CERTIFICATE OF TITLE - A written opinion on the status of a piece of property based on an examination of the public record.

CERTIFIED CHECK - A personal check which a bank guarantees payment of, by holding funds in the person's account and refusing to accept stop payments.

CERTIFIED COPY - A copy which is guaranteed to be accurate by one holding the original.

CERTIFIED COMMERCIAL INVESTMENT MEMBER- (CCIM) A designation given by the Real Estate National Marketing Institute to real estate associates achieving a particular level of knowledge through training and tests on the subjects of exchanging, leasing, managing, developing and syndicating commmercial and investment real estate.

CERTIFIED PROPERTY MANAGER - (CPM) The highest title bestowed on professional real estate managers by the institute of Real Estate Management of the National Association of Realtors after completion of certain requirements.

CERTIFIED RESIDENTIAL BROKER - (CRB) The designation given to real estate associates active in real estate management after achieving a level of competence demonstrated through testing and training.

CESSPOOL - An underground pit for storing sewage.

CHAIN, ENGINEERS - A chain of 100 wire links, each one foot long. Chain of title The official record that details the ownership history of a piece of property.

CHAIN, SURVEYOR'S - A chain four rods or 66 feet long, each link being 7.92 inches in length. One acre is equal to 10 square chains.

CHAIN STORE - One of a series of centrally owned and managed retail outlets which are similar in appearance, inventory, and service.

CHAIR RAILING- Decorative trim installed on a wall about 32 inches above the floor, which protects against scuffs from furniture.

CHANGE OF NAME - A legal process by which a person or corporation may change their name and which is reflected on documents executed prior to the change using the words "alias," "AKA" (also known as), "formerly" or "WATA" (who acquired title as).

CHANGE ORDER - A modification of the construction contract to authorize a change in the work, an adjustment in the amount of the contract or a change in the contract time. The owner, architect and contractor must sign the change.

CHANGE FREQUENCY - The adjustment schedule on an adjustable rate mortgage.

CHANNEL - A gutter or decorative grove; a tube or pipe; a natural waterway (or the deep, navigable part); a means of communicating.

CHANNELIZATION - The direction of traffic flow through an area by means of islands, one-way street, signs, etc.

CHATTEL - Personal property such as furniture, clothing or a car. Chattel mortgage A lien on personal property used as collateral for a loan.

CHATTEL PERSONAL - Movable personal property.

CHATTEL REAL - Any interest in real estate less than ownership, such as a lease.

CHECK ROW - A means of planting vegetation to form a checker board pattern.

CHIMNEY - A fireproof, vertical structure, extending above the roof of a building which carries smoke from a fireplace or furnace or the outside air.

CHIMNEY BACK - The back wall or lining of a fireplace or furnace chimney.

CHIMNEY FLUE - The passage inside a chimney that channels smoke and heat to the outside.

CHIMNEY POT - A short pipe at the top of a chimney that increase ventilation to the fireplace and reduce smoke.

C HORIZON- The substratum or layer of rock lying beneath the A and B horizons which is not affected by surface conditions.

CHOOSE IN ACTION - The right to possession or to legal action required to gain possession of anything held by another (includes repayment of debt).

CHOSE IN POSSESSION - Actual possession of a thing as opposed to the right to possess.

CIENAGA - A swamp or marsh formed by hidden springs (Spanish).

CINDER BLOCK- A block made of ash and cement used in construction.

CINDER FILL - Cinders used below a basement or around a foundation to promote drainage.

CIRCLEHEAD WINDOW - A semicircular, decorative window (immovable) used above a door to admit light.

CIRCUIT BREAKER - An electric fuse that activates or deactivates a circuit.

CIRCULATING FIREPLACE - A fireplace containing a metal form and air ducts that distributes heat through convection (difference in air density).

CIRCULATION PATTERN - The pattern of regular traffic flow between residential and business areas.

CIRCUMFERENTIAL HIGHWAY - (By-pass). A highway which skirts the outer area of a city to avoid heavily congested traffic areas.

CISTERN - A tank used to store rainwater.

CITY - Generally, a large incorporated town; specifically, a municipality with a state charter, operated by the vote of elected representatives.

CITY PLAN - A large, detailed map of a city showing streets and important urban features (such as major buildings and parks).

CIVIL ACTION - A legal action not related to criminal acts.

CIVIL LAW - Laws regarding private rights, established by a state or nation for its own jurisdiction; law derived from old Roman Laws.

CLAIM - A statement or allegation; a declaration of a right or a demand.

CLAPBOARD - Exterior wooden siding on frame houses consisting of overlapped (on the long edges) horizontal boards.

CLARIFIER - An underground purification system which neutralizes toxic wastes in water before it is channeled to a sewer of septic tank.

CLASS ACTION - A legal proceeding initiated on behalf of a group of people with a similar claim against a single person on entity. (i.e. corporation).

CLASSIFIED PROPERTY TAX - A tax that varies in rate depending on the use of the property.

CLEARANCE - Distance allowed (either vertically or horizontally) for the paste of a vehicle beneath a structure for placement of unobstructed movement (such as between a door and its frame); the clearing of land in preparation for improvements.

CLEAR HEADWAY - The distance from the floor to the top of a door frame or other overhead framing support.

CLEAR LUMBER - High quality wood lacking knots or other blemishes.

CLEAR SPAN - An interior floor area free of support columns, walls, or posts, located between such structural supports.

CLEAR TITLE - A property that does not contain liens, defects or other legal encumbrances.

CLERESTORY - the upper part of a wall with windows which allow light into a room with a high ceiling (most common in churches or cathedrals).

CLOSING - The final procedure in which documents are signed and recorded, and the property is transferred.

CLOSING COSTS - Expenses incidental to the sale of real estate, including loan, title and appraisal fees.

CLOSING STATMENT - A document which details the final financial settlement between a buyer and seller and the costs paid by each party.

CLOUD ON TITLE - An invalid encumbrance on real property.

CLOVERLEAF - A cloverleaf-shaped intersection (used for freeways) which facilitates the intersecting of traffic without the use of signal lights by routing vehicles over loop-shaped ramps onto roads at different levels.

CLOVERLEAFING - The solicitation of new listings of buyers in a cloverleaf pattern around a property which has already been sold or listed.

CLUSTER DEVELOPMENT - A method of squeezing more homes into less space.

CLUSTER HOUSING - The construction of houses in a development on abnormally small lots with a large, common recreation area.

CO-ADMINISTRATOR - One who is name with another (or others) to manage the estate of a person who dies leaving no will.

COAST - Land bordering on or near an ocean.

COASTAL COMMISSION - A committee established to regulate construction along coastal areas.

CODE - A complete body of laws, thoroughly covering a specific subject, such as a building code.

CODE OF ETHICS - Standards of conduct in regard to fair treatment and responsibility toward the public by professionals.

CODICIL - A change to a will that adds or subtracts provisions or clarifies portions of the document.

CO-EXECUTOR - A person named to share the responsibility for carrying out the terms of a will.

COFFERDAM - A temporary caisson.

CO-HOUSING - Individual housing units that are clustered around a common building where residents share cooking and other activities.

COIGN - The cornerstone of a building that differs in shape or color from the rest of the wall.

CO-INSURANCE - Coverage that involves the use of two or more insurers.

COLLAPSIBLE COPORATION - A company which is sold, generating funds from the capital gains on the stock rather than through the profitable sale of its product. An example would be when a corporation develops a revolutionary battery-powered car; then instead of selling the car they sell the corporation.

COLLAR BEAM- The structural element that connects roof rafters. Collateral - Personal or real property accompanying a mortgage as security for the loan; proper meaning is parallel on along-side (i.e. Cousins to cousins in line of descent).

COLLATERAL SECURITY - Additional security a borrower supplies to obtain a loan.

COLLECTOR STREET - Arterial street leading to main highway.

COLLECTION - The series of steps a lender takes to bring a delinquent mortgage up to date.

COLOR OF TITLE - Ownership right which appears to be clear but which is actually flawed through improper passing of title.

COLLISION - The action of two or more people to break the law.

COLONIA - Unincorporated communities along the U.S.-Mexico border.

COLUMN - A slender upright structure that consists of a base, a round or square shaft and a capital.

COLUMN FOOTING - The support base for a load-bearing column. The footing is usually made of reinforced concrete.

CO-MAKER- A person who signs a promissory note with the borrower and assumes responsibility for the loan.

COMBED ( STRIATED) PLYWOOD - Interior plywood with parallel grooves.

COMBINATION DOOR - An outer door with interchangeable screen and glass panels.

COMBINATION SEWER - A dual sewer used for both raw sewage and run-off.

COMBINATION WINDOW- A window with interchangeable screen and glass panels.

COMMERCIAL ACRE - The actual amount of land used for building after dedication of street and park areas in a subdivision.

COMMERCIAL BANK - A financial institution that provides a broad range of services, from checking and savings accounts to business loans and credit cards

COMMERCIAL PROPERTY - An area that is zoned for businesses.

COMMINGLING - The mixing of money held in trust with other funds.

COMMISSION - The negotiable percentage of the sales price of a home that is paid to the agents of the buyer and seller.

COMMITMENT - A promise by a lender to make a loan with specific terms for a specified period.

COMMITMENT FEE - The fee a lender charges for promising to make a loan.

COMMON AREA- An area inside a housing development that is owned by all residents.

COMMON-AREA ASSESSMENTS- Fees paid by the owners of a condominium project or planned-unit development to maintain, repair, improve or operate common areas.

COMMON ELEMENTS - The undivided interest of condominium or planned unit development owner's in exterior walls, elevators, recreational facilities, etc.

COMMON-INTEREST DEVELOPMENT - A project composed of individually owned units that share usage and financial responsibility for common areas.

COMMON LAW- A body of laws based on custom, usage and rulings by courts in various jurisdictions.

COMMON PROFITS - The money left over after payment of expenses for operation of a business or homeowner's association which provides for maintenance of common areas.

COMMON PROPERTY - Public land in which all persons are free to enjoy equal rights, such as a park.

COMMUNITY PROPERTY - Property accumulated through the joint efforts of husband and wife. It is a classification of property peculiar to certain states.

COMMUNITY REINVESTMENT ACT - A federal law that encourages financial institutions to loan money in the neighborhoods where minority depositors live.

COMMUTE - The distance and time it takes a person to reach the workplace.

COMPACTION - The compacting together of layers of earth which may result from lack of organic, humus material in the soil or from heavy equipment packing it down. Compacted ground does not readily absorb moisture and may inhibit percolation of sewage. Tests are required prior to issuance of a building permit to determine compaction.

COMPACTOR, TRASH - An appliance, sometimes built in to a home, for compressing paper and tin-can waste materials.

COMPARABLES - Properties used as comparisons to determine the value of a certain property.

COMPARATIVE MARKET ANALYSIS - An estimate of the value of a property based on an analysis of sales of properties with similar characteristics.

COMPARATIVE METHOD - Method of appraisal using price per square food comparisons to determine cost of replacement.

COMPASS ROOF - An arched roof formed from rafters, collar beams and trusses.

COMPENSATING BALANCE - Money deposited with a lender, by a borrower or third party, to create a line of credit or enhance the borrower's standing in order to secure a loan.

COMPENSATION- Money received for the taking of one's property through condemnation or for damages resulting from injury or abuse to one's rights.

COMPETENT - A term for a buyer who is "legally fit to enter into a sales contract". Completion Bond - Posted by a developer or landowner to assure parties that the property will be free of liens and assessments after completion of structures according to specifications. Component

CONSTRUCTION - A method of mass manufacturing structures of portions thereof; referred to as modular construction or prefabrication.

COMPOUND INTEREST - The interest paid on the principal balance in a mortgage and on the accrued and unpaid interest of the loan.

COMPREHENSIVE COMMUNITY PLAN - An overall city or town zoning and preserve valuable farm land; a plan for zoning the coordinates compatible uses of land in a given area.

COMPUTER LISTING - Listing information fed into a central computer bank for use by a large number of brokers.

CONCAVE - A 180 degree or less angle or curve.

CONCILIATION AGREEMENT- An agreement made by a party charged with discrimination or similar illegal act to compensate for injuries to the damaged party; an affirmative action such as renting or selling to an injured party who has been discriminated against.

CONCRETE - A combination of cement and aggregate blended with water and poured into a form, hardening as it dries.

CONCRETE TILT-UP - The process of pouring concrete into forms on the ground, allowing the forms to harden and raising the material to a vertical position to form walls.

CONDEMNATION - The process the government uses to take private property for public use without the consent of the owner.

CONDENSATION - Particles of moister forming on a surface as a result of temperature changes.

CONDITION - The act of limiting or restricting the use or sale of property by placing conditions on the transfer of title; making it subject to an event occurring or not occuring.

CONDITIONAL COMMITMENT - A promise by a lender to make a loan if the borrower meets certain conditions.

CONDITIONAL SALES CONTRACT - (Land Contract) A contract under which the seller retains title to the property until the conditions of sale have been met and the balance of money owed has been paid in full.

CONDOMINIUM - Individual units in a building or development in which owners hold title to the interior space while common areas such as parking lots, community rooms and recreational areas are owned by all the residents.

CONDOMINIUM CONVERSION - The change in title from a single owner of an entire project or building to multiple owners of individual units.

CONDOMINIUM OWNER'S ASSOCIATION - A group of owners whose association is established under the Covenants, Conditions and Restrictions of a condominium subdivision plan in order to provide for maintenance and use of common property, such as exterior walls, roofs, and recreational facilities.

CONDUIT - A metal pipe that houses electrical wiring.

CONFIGURATION - The arrangement or form of materials making a pattern.

CONFORMITY, PRINCIPLE OF - An appraising term stating that uniformity of structures throughout a certain area produces highest value.

CONGRUOUS - In appraisal, a property which is in harmony with its surroundings.

CONSENT JUDGEMENT - A binding written agreement between two parties to have a judgment entered and recorded.

CONSEQUENTIAL DAMAGE - A monetary award made to an injured party as the result of loss in value to property through the act of an adjoining property owner or public body.

CONSERVATION - The protecting of natural resources such as forests, farm land, etc., through government regulation.

CONSERVATOR- A court-appointed guardian.

CONSIDERATION - Anything that is legal, has value and induces a person to enter into a contract.

CONSTANT PAYMENT MORTGAGE - The repayment of a loan in equal monthly installments, part of which is applied to interest and the remainder to principal.

CONSTRUCTION BUDGET - The funding that an owner arranges for the construction of a project.

CONSTRUCTION COSTS - Total expenses of building, such as land, labor, materials, profits and overhead.

CONSTRUCTION DOCUMENTS - Drawings and specifications from an architect that provide detailed requirements for the construction of a project.

CONSTRUCTION LOAN - Short-term loans a lender makes for the construction of homes and buildings. The lender disburses the funds in stages.

CONSTRUCTION TO PERMANENT LOAN - The conversion of a construction loan to a longer-term traditional mortgage after construction has been completed.

CONSTRUCTIVE EVICTION - The interference by a landlord of a tenant's right to use leased property; not an actual eviction; the right of possession of a third party which prohibits a buyer from quite enjoyment of the property granted by the seller.

CONSUMATE - In real estate, the closing of a sale at which time a seller's interest is passed to the buyer through a deed, contract or other instrument of conveyance.

CONSUMER CREDIT COUNSELING SERVICE (CCCS) - A nationwide, nonprofit organization that helps consumers get out of debt and improve their credit profile. National headquarters: 8701 Georgia Avenue, Suite 507, Silver Springs, MD 20910. Phone: (800) 388-2227.

CONTACT CEILING - A ceiling which is attached directly to the materials above it rather than to furring strips.

CONTEMPORARY STYLE - A design that features streamlined shapes, large unadorned windows and industrial materials.

CONTIGUOUS LOTS- Pieces of property that are adjoined.

CONTINGENCY - A condition specified in a purchase contract, such as a satisfactory home inspection.

CONTINGENCY LISTING - A property listing with a special condition attached.

CONTINGENT FEE - A fee that must be paid if a certain event occurs.

CONTINUATION - Bringing a title search up to the current date.

CONTRACT - An agreement between two or more parties that creates or modifies an existing relationship.

CONTRACT FOR DEED - A contract in which the seller agrees to defer all or part of the purchase price for a specified period of time.

CONTRACT TO PURCHASE - A contract the buyer initiates which details the purchase price and conditions of the transaction and is accepted by the seller. Also known as an agreement of sale.

CONTRACTOR - The individual who contracts for the construction of a home or project.

CONTRACTUAL LIEN - A voluntary obligation such as a mortgage or trust deed.

CONTROL DATE - Information which is used to isolate the reasons for a difference in value when comparing similar real properties.

CONTROLLED GROWTH - Any restrictions imposed on the amount or type of new development in an area.

CONVECTION - The movement of air caused by differences in air or water temperatures. For instance, in heating, lighter warm air rises to displace cold air, which has more density.

CONVENTIONAL LOAN - A long-term loan a lender makes for the purchase of a home.

CONVERSION - The changing of one type of property into another. For instance, converting a multiple unit apartment complex into a condominium subdivision in order to sell the units individually. Legal process must be followed.

CONVERTIBLE ADJUSTABLE RATE MORTGAGE - A mortgage which starts as an adjustable rate loan, but allows the borrower to convert the loan to a fixed rate mortgage during a specified period of time.

CONVEX - A curve or angle in excess of 180 degrees. Conveyance - The transfer of title of property.

CONVEYANCE TAX - A tax imposed on the transfer of real property.

COOPERATING BROKER - A real estate broker who finds a buyer for a property that another broker has listed

COOPERATIVE APARTMENT - An apartment where the right to occupy is purchased as stock from a corporation owning the complex in its entirely.

COOPERATION CORPORATION - A business trust that holds the title to a cooperative residential building and grants occupancy rights to shareholders in the corporation.

COOPERATIVE MORTGAGES - Any loans related to a cooperative residential project.

COOPERATIVE PROJECT - A project in which a corporation holds title and sells shares representing individual units to buyers who then receive a proprietary lease as their title.

CO-ORDINATES - In surveying for legal description, the designations given for intersecting points, planes or lines.

COPING - A protective covering on top of a wall, curved shed water.

CORE - The inner layer of plywood.

CORE SPACE - The calculated amount of floor space that is considered rentable in an office building.

CORE TILE - A floor covering made of granulated bark and synthetics that is sealed with a protective coating.

CORNER BEAD - A metal strip sealed into corners with plaster to give it strength.

CORNER BOARDS - On a wood structure, the trim boards against which the exterior siding is fitted to corners.

CORNER INFLUENCE - The difference in real estate values between a lot situated on or near a corner intersected by two streets, as compared to a lot fronted by one street.

CORNICE - A horizontal molding that projects from the top of a structure or wall.

CORPORATE RELOCATION - An arrangement by which employers pay to transfer and move employees.

CORPORATION - An association of people considered by law as separate entity formed to conduct business.

CORPORATION COCK - A valve placed near the main gas or water service line.

CORPOREAL PROPERTY - Real or personal property that can be touched, as compared to incorporeal property, such as an idea.

CORRECTION DEED - A deed issued to correct a factual error.

CORRECTION LINE - The line used in government surveys, at 24 mile intervals, to allow for corrections needed because of earth curvature, usually a full 6 miles between north and south range lines.

CORRUGATED - Wrinkled, ridged or grooved material, such as glass, aluminum, paneling, etc.

CORNER BEAD - A reinforcement placed in the corner where two walls intersect.

CORNER INFLUENCE - The effect on the value of a property because it is situated on a corner or near a corner.

CORRECTIVE WORK - Necessary or desired repairs to remedy problems uncovered by a home or specialized inspection.

COSIGNOR - A second party who signs a promissory note and takes responsibility for the debt.

COST APPROACH - The estimated reproduction cost of property, including land and minus depreciation for appraisal purposes.

COST OF REPRODUCTION - The cost of duplicating property using similar materials.

COST-PLUS CONTRACT - A construction contract that determines the builder's profit based on a percentage of the cost of labor and materials.

CONTENANCY - Refers to tenancy in common or joint tenancy.

COTTAGE - A small, one-story house.

COUNSELOR - An attorney; in real estate the designation given to someone with expertise and experience by the American Society of Real Estate Counselors.

COUNTER FLASHING - A sheet metal strip used on roof peaks and valleys to prevent water leakage.

COUNTEROFFER - A response to an offer.

COUNTER SINK - The boring of a depression in wood which allows the head of a screw to be flush with the surface.

COURT - A small enclosed are bordered by two or more walls; a room where legal proceedings are held; a short street or cul de sac.

COVE LIGHTING - Hidden lighting.

COVENANT- A legal assurance or promise in a deed or other document, or implied by the law.

COVENANT OF QUIET ENJOYMENT - A promise made by a seller or lessor to b buyer of lessee warranting freedom from disturbance caused by defective title.

COVENANTS, CONDITIONS AND RESTRICTIONS (CC&Rs) - Rules and regulations for a development, such as acceptable landscaping or improvements that can be made to individual units.

COWL - The covering or hood over a vent pipe or soil stack which protects against the entrance of moisture.

CRADLING - The support frame for a curved or vaulted ceiling.

CRAFTSMAN STYLE - An architectural style that evolved as part of the Arts and Craft movement near the turn of the century.

CRATERING - Collapsed pain film caused by trapped air bubbles during application.

CRAWL- The movement of wet paint created by poor bonding with the surface.

CRAWL SPACE - The space between the ground and the first floor of a home, usually no higher than four feet.

CREATIVE FINANCING - Innovative home-financing arrangements that help sell a property.

CREATIVE SELLING - Estabishing a market for property by locating a buyer who has need of it.

CREDIT - The money a lender extends to a buyer for a commitment to repay the loan within a certain time frame.

CREDIT HISTORY - A record of current and past debt payments of an individual.

CREDITOR - An individual or institution to whom a debt is owed.

CREDIT LIFE INSURANCE - Insurance that pays off a mortgage in the event of the borrower's death

CREDIT RATING- The degree of credit worthiness assigned to a person based on credit history and financial status.

CREDIT REPORT - A credit bureau report that shows a loan applicant's history of payments made on previous debts. Several companies issue credit reports, but the three largest are Trans Union Corp., Equifax and Experian (formerly TRW).

CREDIT REPOSITORY - Large companies that gather financial and credit information from various sources about individuals who have applied for credit.

CREDIT UNION - Nonprofit cooperative organizations that provide banking and financial services, including mortgages, home improvement loans and home equity loans, to their members.

CRIPPLE STUD- A short length of wood in a building frame beneath a window or above a door.

CROSS BEAM - A support beam running across the center of a building or structure.

CROSS-BRIDGING- The strengthening of a structure by bracing cross members between beams.

CROSS VENTILATION - The movement of air through building created by windows and doors being placed on opposite sides of a room.

CRUISE - An estimate of the amount and kind of standing timber on a parcel of land required to establish property value.

CRV (Certificate of Reasonable Value) - A Veteran's Administration appraisal required prior to their guaranteeing a loan.

CUBBY - A small hiding place, room or storage area.

CUL DE SAC - A street or alley that is closed at one end.

CUPOLA - A dome-like structure that sits on top of a roof.

CURABLE DEFECT - A deficiency in a property that is easy or inexpensive to fix, such as chipping paint.

CURB APPEAL - The first impression of a house as seen from the street.

CURB CUTS - The section of curb removed to make a flared driveway entrance.

CURLING - The curving or warping of wood caused by moisture absorption or improper drying.

CURRENT ASSETS - The amount of cash on hand or expected to be received within a short period of time from accounts receivable.

CURRENT LIABILITIES - Debts payable within a short period of time.

CURTAIL SCHEDULE - The amount and dates of principal payments due on a loan balance.

CURTAIN WALL - An exterior wall that encloses a yard or other area but does not provide any structural support to a home.

CUSTOM BUILDER - A builder who constructs a home or building based on plans created by the owner.

CUSTOM HOME - A structure designed by an architect hired by the owner.

CUT-OVER LAND - Forest land which has been hired to build a structure according to a buyer's design specifications.

CUTS - The changing of land configuration by removal or addition or earth in order to construct roads, buildings, or flood-control terraces.

CYCLICAL MOVEMENT- The change in national economic conditions as a reflection of supply and demand for money and goods; from recession to boom period to recession again. .