Business / Real Estate Glossary

Constitutional Law: Law set forth in federal or state constitutions.

Constructive Eviction: Actions of a landlord that so materially disturb or impair a tenants enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liabil . . . View Full Definition

Constructive Fraud: Breach of a legal or equitable duty that the law declares fraudulent because of its tendency to deceive others, despite no showing of dishonesty or intent to deceive. A broker may be charged . . . View Full Definition

Constructive Notice: Notice given to the world by recorded documents. All people are charged with knowledge of such documents and their contents, whether or not they have actually examined them. Possession of pr . . . View Full Definition

Constructive Receipt: Control of the cash proceeds in a delayed exchange without actual physical possession by the exchanger or his or her agent.

Contingency: A provision in a contract that requires a certain act to be done or a certain event to occur before the contract becomes binding.

Continuing Education: A requirement in most states that real estate and appraiser licensees complete a specified number of educational offerings as a prerequisite to license renewal or reinstatement.

Contract: A legally enforceable promise or set of promises that must be performed and for which, if a breach of the promise occurs, the law provides a remedy. A contract may be either unilateral, by w . . . View Full Definition

Contract For Deed: The contract for deed is used extensively in many areas, where it may be called a land contract, agreement of sale, installment contract, articles of agreement, conditional sales contract, b . . . View Full Definition

Contract Of Sale: A contract for the purchase and sale of real property in which the buyer agrees to purchase for a certain price and the seller agrees to convey title by way of a deed or an assignment of lea . . . View Full Definition

Contract Rent: The rental income as stipulated by the parties in a lease.

Contribution: The appraisal principle that states that the value of any component of a property is what it gives to the value of the whole or what its absence detracts from that value.

Controlled Business Arrangements: As defined under the Real Estate Settlement Procedures Act (RESPA), an arrangement or combination in which an individual or a firm has more than a 1 percent interest in a company to which th . . . View Full Definition

Conventional Life Estate: A conventional life estate is created intentionally by the owner. It may be established either by deed at the time the ownership is transferred during the owners life or by a provision of th . . . View Full Definition

Conventional Loan: A loan made with real estate as security and not involving government participation in the form of insuring (FHA) or guaranteeing (VA) the loan. The mortgagee can be an institutional lender . . . View Full Definition

Conversion: The appropriation of property belonging to another. The conversion may be illegal (as when a broker misappropriates client funds), or it may be legal (as when the government condemns propert . . . View Full Definition

Converted-Use Properties: Factories, warehouses, office buildings, hotels, schools, churches and other structures that have been converted to residential use. Developers often find renovation of such properties more . . . View Full Definition

Convertible Loan: An adjustable-rate loan that the borrower can convert to fixed-rate at any time during the life of the loan.

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