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- C.A.R.
- Abbreviation for the California Association of Realtors.
- C.C. & R.
- Abbreviation for covenants, conditions, and restrictions. Often used synonymously with general plan restrictions on a subdivision.
- CAL-VET LOAN (CALIFORNIA VETERANS)
- A program administered by the State Department of Veterans LOAN) Affairs for the direct financing of farms and homes for veterans who qualify. The funds for these loans comes from the sale of state bonds.
- CAPITAL ASSESTS
- Assets of a permanent nature used in the production of income. Examples would include land, buildings, and equipment.
- CAPITAL GAIN
- The gain recognized for federal and state income tax purposes when a taxpayer disposes of a capital asset.
- CAPITALIZATION
- In appraising, a method of determining value of property by considering net income and a reasonable percentage of return on the investment.
- CAPITALIZATION RATE
- The percentage rate or rate of interest considered a reasonable return on the investment. It is used in the capitalization method of determining value based upon net return.
- CARET
- California Association of Real Estate Teachers; a division of the California Association of Realtors.
- CARPET STRIP
- (See Base Shoe.)
- CASEMENT WINDOW
- Windows set in frames of wood or metal that swing outward.
- CASH FLOW
- The new amount of cash a property produces when all cash income and other cash generated are added together and all cash expenses and other cash payments are deducted.
- CAUSE OF ACTION
- A legal right; facts giving rise to an enforceable claim.
- CAVEAT EMPTOR
- A Latin phrase meaning " let the buyer beware"; the legal maxim stating that the buyer must examine the goods or property and buy at his or her own risk.
- CERTIFICATE OF REASONABLE VALUE
- The Veterans Administrations's written appraisal of the value (CRV) of a property.
- CERTIORARI
- The Supreme Court order indicating that the court has decided to exercise its discretion and accept a case offerd on appeal. The court reviews only those select cases that it deems worthy of review.
- CHAIN OF TITLE
- A series of conveyances, encumbrances, and other instruments affecting the title from the time original patent was granted, or as far back as records are available. A history of the recorded ownership of real estate and claims against title to real estate.
- CHATTEL
- The old name for personal property.
- CHATTEL MORTGAGE
- A personal-property mortgage. (See Security Agreement.)
- CHATTEL REAL
- In real estate, an estate less than a freehold estate, such as a lease.
- CHATTELS
- Personal property.
- This term is sometimes used in a law to describe any interest in real or personal property other than a freehold.
- CIRCUIT BREAKER
- An electrical device that automatically interrupts an electrical circuit when an overload occurs. Circuit breakers can be reset and today are used instead of fuses.
- CIVIL CODE
- One of the 25 California codes containing the statutes passed by the state legislature. The most important code relating to contracts and real estate, the Civil Code defines the nature and requirements for contracts and real estate transactions, among its many other provisions.
- CIVIL LAW
- A system of jurisprudence, sometimes called Roman law, wherein all the laws are set forth in advance to regulate conduct (as opposed to common law, where the principles of law develop on a case-by-case basis). In California the term also refers to the law relating to and between individuals, as opposed to criminal law.
- CLAPBOARD
- Boards that are used for siding and that are usually thicker at one edge.
- CLIENT
- A person represented by a broker or an attorney.
- CLOUD ON TITLE
- A claim or document that affects title to real estate. The actual cloud may ultimately prove invalid, but its existence mars the title.
- CLTA POLICY
- The title insurance policy issued to homeowners and noninstitutional lenders. The initials stand for the California Land Title Association, an organization that regulates and standardizes the provisions within title policies.
- CODE OF CIVIL PROCEDURE
- One of the 25 California codes that contain the statutes passed by the state legislature. It contains most of the procedural requirements for enforcing rights granted by other codes, including the procedures for evictions, foreclosures, and lawsuits.
- CODICIL
- An amendment to a will.
- COLLAR BEAM
- A beam that connects the pairs of opposite roof rafters above the attic floor.
- COLLATERAL
- Property subject to a security interest; property used as security for a debt. (See Security Agreement.)
- COLLATERAL SECURITY
- The transfer of property of other valuables to ensure the performance of a principal agreement; an obligation attached to a contract to guarantee its performance.
- COLLUSION
- A secret agreement between two or more persons wishing to defraud another for a wrongful purpose or to obtain an object forbidden by law.
- COLOR OR TITLE
- That which appears to be a good title but, in fact, is not; for?example, a forged deed. A document that appears to convey title, but in fact is ineffective, conveying no title at all. It is one of the requirements for adverse possession and easement by prescription.
- COMBED PLAYWOOD
- A grooved building material used primarily for interior finish.
- COMMERCIAL ACRE
- A term applied to the remainder of an acre of land after the area devoted to streets, sidewalks, curbs, and so on has been deducted from the acre.
- COMMERCIAL PAPER
- Negotiable instruments used in business.
- COMMINGLING
- The mixing of different funds so that they can no longer be distinguished. In domestic law it refers to the combination of separate property and community property, so that the separate property and community funds can no longer be distinguished; in such cases all property is considered community property. For brokers it refers to the mixing o clients' money with the broker's separate bank accounts.
- COMMISSION
- An agent's compensation for performing the duties of his or her agency agreement. In the real estate business, it is usually a percentage of the selling price or a percentage of the lease or rents, for example. Reduction of a real estate commission for a listing contract is considered to be unethical.
- COMMISSION
- A real estate broker may receive a commission from both parties.
- COMMITMENT
- A pledge or a promise; a firm agreement.
- COMMON LAW
- The body of law that grew from customs and practices developed and used in England. A body of unwritten law that developed in England from the general customs and usage. It was adopted in the United States and exercised by court decisions following the ancient English principles and the recodified law of a state.
- COMMUNITY PROPERTY
- All property acquired by a husband and wife living together, except separate property. (See Separate Property.) Property owned in common by a husband and wife as a kind of marital partnership.
- COMPACTION
- Packing or consolidation of soil. When soil is added to a lot to fill in low places or to raise the level of the lot, it is often too loose to sustain the weight of buildings. Therefore, it is necessary to compact the added soil so that it will carry the weight of the building without danger of settling or cracking.
- COMPARATIVE MARKET ANALYSIS
- One of three methods in the appraisal process. A means of comparing similar type properties, which have recently sold, to the subject property.
- COMPETENT
- Legally qualified or capable.
- COMPOUND INTEREST
- Interest paid on the original principal and also on the accrued and unpaid interest that has accumulated as the debt matures.
- CONCLUSIVE PRESUMPTION
- A legal assumption that cannot be rebutted, and is therefore accepted as true and binding on the courts.
- CONDEMNATION
- The act of taking private property for public use by a political subdivision.
- A declaration by proper governmental authorities that a structure is unfit for use. The taking of private property for public use through th exercise of the power of eminent domain.
- CONDITION
- A provision in a contract stating that the contract will not go into effect or that it will terminate upon the occurrence of some specified future event.
- A restriction added to a conveyance that, upon the occurrence or nonocurrence of a some act or event, causes the estate to be defeated.
- A contractual provision that upon the occurrence or nonoccurrence of a stated act or event, an obligation is created , destroyed, or defeate
- CONDITION PRECEDENT
- A condition that must occur before an estate is created or enlarged, or before some other right or obligation occurs.
- CONDITION SUBSEQUENT
- A condition that, upon its failure or nonperformance, causes the defeat or extinguishment of an estate, right, or obligation.
- CONDITIONAL COMMITMENT
- A loan commitment for a definite amount under certain terms and conditions. It is subject to an unknown purchaser's satisfactory credit rating.
- CONDITIONAL SALE CONTRACT
- A contract for the sale of property whereby the seller retains legal title until the conditions of the contract have been fulfilled. The buyer has an equitable interest in the property. (See Security Agreement.) A contract for the sale of property by which possession is delivered to the buyer, but title remains with the seller until full payment or the satisfaction of other stated conditions.
- CONDITIONAL USE PERMIT
- An exception to or relief from the application of a zoning ordinance, because of special authorization granted by the zoning authorities. The issuance rests on public policy benefits and prior authorization in the zoning ordinance.
- CONDOMINUM
- A system of individual ownership of units in a multifamily structure, combined with joint ownership of common areas of the structure and the land. The ownership of an individual unit in a multi-unit structure, combined with joint ownership of common walkways, land, and other portions of the property.
- CONDUIT
- Usually a metal pipe in which electrical wiring is installled.
- CONFESSION OF JUDGMENT
- Any entry of judgment upon the debtor's voluntary admission or confession.
- CONFIRMATION OF SALE
- A court approval of the sale of property by an executor, administrator, guardian, or conservator.
- CONSIDERATION
- Anything of value, or that is legally sufficient, given to induce someone to enter into a contract. The inducement for entering into a contract; usually money, services, or a promise, although it may consist of a legal benefit to the promisor or any legal detriment to the promisee.
- CONSTRUCTION
- The interpretation of an ambiguous term or provision in a statute or agreement.
- CONSTRUCTIVE
- A fiction imputed by law.
- CONSTRUCTIVE EVICTION
- A breach of the landlord's warranty of quiet enjoyment. Any acts by the landlord that substantially interfere with the tenant's use and enjoyment of the premises.
- CONSTRUCTIVE NOTICE
- Notice given by the public records; that which is considered equivalent to acutal notice even though there is not actual notice.
- Notice given by a recorded document.
- Notice imputed by a law because a person could have discovered certain facts upon reasonable investigation, and a "reasonable man" in the same situation would have conducted such an investigation.
- CONSUMER CREDIT PROTECTION ACT
- A federal law that includes the truth-in-Leading Law.
- CONSUMER GOODS
- Goods sold or purchased primarily for personal, family, or household purposes.
- CONTINGENT
- Conditional, uncertain, conditioned upon the occurrence or nonoccurrence of some uncertain future event.
- CONTINUATION STATEMENT
- A statement filed to extend the time limit on a financing statement that had been filed earlier.
- CONTRACT OF SALE
- (See Conditional Sale Contract.)
- CONVENANT
- An agreement or a promise to do or not to do a particular act. Convenant: A contractual agreement whereby one of the parties promises to perform or to refrain from doing certain acts.
- CONVENTIONAL LOAN
- A loan that is made that is not federally insured or guaranteed.
- CONVERSION
- Is the misappropriation or misuse of trust funds.
- CONVERTIBLE ADJUSTABLE RATE
- Allows the borrower to adjust to a fixed intrest rate.
- MORTGAGE CONVERTIBLE ADJUSTABLE RATE
- Allows the borrower to adjust to a fixed intrest rate.
- MORTGAGE CONVEYANCE
- The transfer of the title of real property from one to another.
- An instrument that transfers an interest in real property from oner person to another. The transfer of title to real estate from one person to another.
- COOPERATIVE APARTMENT
- A form of ownership in which each individual apartment owner shares in a cooperative venture that entitles the owner to use, rent, or sell a specific apartment unit.
- CORPORATION
- A group or a body of persons recognized by law as an individual person with rights and liabilities distinct from those of the persons comprising it. Since the corporation is created by law, it may continue for any length of time that the law prescribes. An artificial entity given authority to conduct business and possess many of the rights of natural persons. One of the key characteristics is that of perpetual existence.
- COST BASIS
- See Adjusted Cost Basis.
- CO-TENANCY
- Any form of joint ownership.
- COUNTERFLASHING
- Flashing used on chimneys at roof-line to cover shingle flashing and prevent moisture entry.
- COUNTER-OFFER
- The rejection of an offer by the submission of another offer, different in terms from the original offer. Any purported acceptance of an offer that introduces new terms is a rejection of that offer, and amounts to a counter-offer.
- COVERSION
- The wrongful appropriation of another's goods to one's own use; to change from one character or use to another.
- In tort, an unauthorized claim of ownership over another's personal property.
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In property,the change of character of property from real to personal , or vice versa.
- CPM
- Certified Property Manager; a member of the Institute of Real Estate Property management of the National Association of Realtors.
- CRAWL HOLE
- Exterior or interior opening permitting access underneath a building, as building codes may require.
- CREDIT UNIONS
- A growing source of funds for real estate loans.
- CRV
- These intials mean Certificate of Reasonable Value.
- CURTAIL SCHEDULE
- A list of the due dates and amounts by which the principal sum of an obligation will be reduced by partial payments.
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