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Ma Real Estate C-1
Terms & Definitions C-1
| Term | Definition |
|---|---|
| Capitalization Rate (Cap Rate) | Comparison of value to net income, used by an appraiser in estimating value of income property (net income divided by value). |
| Capital Reserve | A reserve fund set up by a condominium management association, to collect monies from unit owners, on a regular basis to finance future capital improvements. Not to be confused with operating reserve. |
| Care | The part of the law of agency that requires, that the agent use his or her expertise in the principal's best interest. |
| Caveat Emptor | A principal in law that means "let the buyer beware". |
| Certified Appraiser | Professional appraisal designation under the Financial Institution's Reform, Recovery and Enforcement Act (FIRREA) requiring a specific amount of classroom hours of training, field experience and passing of state exams. |
| Certificate of Reasonable Value | A document issued by the Veterans' Administration, which is based on an appraisal, and is intended to insure the veteran, that the price being paid for a piece of property is reasonable. |
| Certificate of Title | Document issued by the land court under the "Torrens System" to verify the court decision and the property owner's title. |
| Chain of Title | The history of ownership of each owner as grantor and grantee used in a title search, for a parcel of real property. |
| Change | One of the economic variables to value in real estate appraisal, that recognizes that things are in a state of flux, and do not remain constant. |
| Chattel | An article of tangible personal property (think chatting around the dining room table). |
| Chattel Personal | A chattel (item of personal property) that is movable. EXAMPLE: furniture; bed, table, chairs. |
| Chattel Real | A chattel (item of personal property) that is associated with a piece of real estate. EXAMPLE: A lease. |
| Client | The one who has hired an agent to perform a service for a fee. |
| Codicil | A supplement or addition to a will. |
| Commercial Easement in Gross | An easement in gross that is of a business or commercial nature; not personal. EXAMPLE: Utility line. |
| Co-mingling of Funds | To combine deposit funds received as an agent with broker's business or personal funds. |
| Common Areas | In a condominium; all areas not owned as individual units, and therefore for the use and ownership of all owners and tenants. |
| Common Driveway | A type of easement, where each of 2 abutters have the right to cross over the property of the other, to gain access to their property (usually a garage). |
| Comparable | A recently sold or currently for sale parcel of real estate, that is similar to the subject property being appraised. Used as an indicator of value in a market comparison appraisal approach. |
| Comparative Market Analysis (CMA) | An opinion of value derived by a market analysis by a licensed salesperson or broker. |
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sunaecm4