| A | B |
|---|
| caissons | small parcels of land that serve as support foundations |
| capacity | competent party; a person considered legally capable of entering into a binding contract; ability to pay a debt or loan beign contemplated |
| capital asset | generally includes all assets owned as an investment or for personal purposes |
| capital gain or loss | gain or loss on the sale of a capital assesst |
| capital improvements | includes carpeting, window coverings, new roof, new plumbing or electrical systems, building additions, and major repairs such as a new driveway, refurbishing stucco or new landscaping |
| capitalization rate | the percentage rate or rate of interst considered a reasonable return on the investment |
| cash basis | a method of accounitng whereby revenues and expenses are recognized when cash is received or disbursed |
| cash rent | a lease between an agricultural landowner and a tenant, whereby the tenant pays the landowner a specified amount of money in advance in exchange for the right of the tenant to use the agricultural land to plant, maintain and harvest a crop upon the land |
| caveat emptor | a Latin phrase meaning, "let the buyer beware" |
| cease and desist order | an order issued by a legal authority to discontinue a certain action |
| Central Arizona Project | federal Bureau of Reclamation project to build the Grand Canal that delivers water from the Colorado River to central Arizona |
| Certificate of Eligibility | determines a veteran borrower's maximum entitlement |
| Certificate of Occupancy | a government issued document that states a structure meets local zoning and building code requirements and is ready for use |
| Certificate of Purchase | document issed to the successful bidder at a sale held by the county treasurer for delinquent taxes |
| Certificate of Sale | document issred to the highest bidder at a judicial foreclure sale |
| chain of title | a series of conveyances, encumbrances, and other instruments affecting the title from the time original patent was granted |
| chattel real | leasehold estate |
| Civil Rights Act of 1866 | an act that guarantees property rights to all citizens regardless of race |
| Civil Rights Act of 1964 | an act that prohibited discrimination in programs receiving federal financial assistance but had little impact in the housing market |
| client | a person (principal) represented in the purchase or sale of real property by a broker |
| cluster zoning | zoning that changes street patterns and reduces the size of individual lots but provides for the same number of residences with more open recreational space and less traffic congestion than on a regular subdivision grid |
| Code of Ethics | articles that pertain to the Realtor's relation to clients, other real estate agents, and the public |
| coinsurance clause | the insurer and the insured share the insurance risk, calculated on the policy amount and the percent of the actural insured values |
| color of title | forged deed |
| Colorado River water | category of surface water that is governed by federal law and administered by the Dept. of Interior through the Bureau of Reclamation |
| commercial bank | a bank specializing in checking and savings accounts and short-term loans |
| commercial facilities | facilities that are intended for nonresidential use by a private entity and whose operations affect commerce |
| commingled | the mixing of clients or customers funds with an agent's personal funds |
| community property with rights of survivorship | allow a married couple to receive benefits under the federal tax code for community property while avoiding probate |
| competitive market analysis | a comparison of prices of recently sold homes that are similar to a seller's home |
| conforming loan | a conventional loan that follows Fannie Mae and Freddie Mac residential loan uniform documentation and qualification parameters |
| construction loan | an open-end mortgage loan that finances the cost of materials and labor for a building |
| contract for deed | also called an agreement for sale or land contract, enables the seller to finance a buyer by permitting the buyer to make a down payment followed by monthly payments |
| contract for sale | a real estate installment sales arrangement whereby the buyer may use, occupy, and enjoy the property; however, no deed is delivered by the seller until the entire contract price has been paid |
| contract writing course | a 6 hour continuing education course that is required to be completed prior to the issuance of an initial AZ. real estate salesperson license |
| conventional life estate | is a fee simple estate granted for the life of the individual |
| conventional loan | a loan that is made that is not federally insured or guaranteed |
| conversion | use of funds by the broker for other than their stated purpose is illegal |
| cooperating broker | the selling broker, who almost always represents the buyer |
| cooperatives | generaly organized as corporations, with the tenants owning stock |
| cost approach | also called appraisal by summation, estimates today's cost of all improvements, minus all factors of depreciation, plus the valuation of the land using the of market data approach |
| cost recovery | the recovery of cost through depreciation for accounting and tax purposes |
| cubic area formula | to compute: multiply the width X length X depth or height |
| curtesy | the legal right of a widower to a portion of his deceased wife's real property |
| customer | third party to whom the seller sells or agrees to sell |
