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Ma Real Estate C-1

Terms & Definitions C-1

TermDefinition
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.
Created by: medct