Business / Real Estate Glossary

Certificate Of Reasonable Value (CRV): A certificate insured by the Veterans Administration setting forth a propertys current market value estimate, based on a VA-approved appraisal. The CRV places a ceiling on the amount of a VA . . . View Full Definition

Certificate Of Sale: The document generally given to the purchaser at a tax foreclosure sale. A certificate of sale does not convey title: normally it is an instrument certifying that the holder received title t . . . View Full Definition

Certificate Of Title: A statement of opinion prepared by a title company, licensed abstracter or an attorney on the status of a title to a parcel of real property, based on an examination of specified public reco . . . View Full Definition

Cessation Of Work: A period of 60 days where no work is being conducted.

Chain Of Title: The succession of conveyances, from some accepted starting point, whereby the present holder of real property derives title.

Change: The appraisal principle that holds that no physical or economic condition remains constant.

Civil Action: An action where an issue, formed by some kind of complaint, is presented for trial. Proceedings are for declaration, enforcement, protection of a right, redress, or prevention of a wrong.

Civil Law: A system of law codified by statutes.

Civil Rights Act Of 1866: The Civil Rights Act of 1866 prohibits racial discrimination in the sale and rental of housing.

Civil Rights Act Of 1870: The Voting Rights Act of 1870 (aka, Civil Rights Act of 1870) includes a clause reaffirming the remedies of the Civil Rights Act of 1866.

Civil Rights Act Of 1964: The first modern civil rights act made into law by President John F. Kennedys Executive Order 11063 prohibiting discrimination in housing where federal funds were involved.

Civil Rights Act Of 1968: In 1968, Congress enacted Title VIII of the Civil Rights Act, called the federal Fair Housing Act, which declared a national policy of providing fair housing throughout the United States (Re . . . View Full Definition

Classified Ads: Advertisements purchased by the line and placed in the classified ad section of newspapers or real estate magazines. Used primarily for advertising residential properties and rentals.

Client: The person who employs an agent to perform a service for a fee. In traditional real estate brokerage, the client is the seller, and the buyer is the prospect or customer. In modern practice, . . . View Full Definition

Close-Of-Escrow-Closing: The consummation of a real estate transaction, when the seller delivers title to the buyer in exchange for payment by the buyer of the purchase price. Closing in some areas may not occur unt . . . View Full Definition

Closing Costs: Expenses of the sale (or loan refinancing) that must be paid in addition to the purchase price (in the case of the buyers expenses) or be deducted from the proceeds of the sale (in the case . . . View Full Definition

Closing Statement: A detailed cash accounting of a real estate transaction showing all cash received, all charges and credits made and all cash paid out in the transaction.

Cloud On Title: Any document, claim, unreleased lien or encumbrance that may impair the title to real property or make the title doubtful: usually revealed by a title search and removed by either a quitclai . . . View Full Definition

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