Real Estate Glossary

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C

client

is the individual or entity that creates a contractual relationship with the real estate professional.

The appraisal client is generally the party engaging the services of the appraiser. The client may or may not be the party who pays the appraiser for his or her services. A financial institution may request an appraisal for a mortgage loan. The borrower/owner may pay the appraiser at the time of the inspection but the actual client for the appraisal service would be the financial institution who engaged the appraiser to perform the valuation service.

Closing

This involves two major events: the promises made in the sales contract are fulfilled and the mortgage funds are distributed to the buyer.

Closing disclosure

A five page document that shows the accounting of the settlement of payments and expenses for both the borrowers and sellers in the transaction.

closing statement

Detailed cash accounting of a real estate transaction made by a broker, escrow officer, attorney or other person designated to process the mechanics of the sale, showing all cash received, all charges and credits made, and all cash paid out in the transaction. May also be called a settlement statement.

coinsurance clause

a clause in insurance policies covering real property that requires the policyholder to maintain fire insurance coverage generally equal to 80% of the property's actual replacement cost.

commission

payment to a broker for services rendered, such as in a sale or purchase of real property.

community association manager

a person who provides only community association manager servies acting on behalf of a broker. A community assocation manager is responsible for the operation of the affairs of a community association, which includes overseeing the daily operations of an association.

community property

is a form of ownership where both spouses have an equal interest in property acquired during the marriage. Spousal interest can be created per state law for all property not considered separate property even if the deed is silent or if the real estate was purchased and title only named one spouse.

Community Reinvestment Act of 1977 (CRA)

under the act, financial institutions are expected to meet the deposit and credit needs of their communities, participate and invest in local community developement and rehabilitation projects; and participate in loan programs for housing, small businesses, and small farms.

comparable

refers to a suitable substitute that has similar attributes and characteristics of the subject that can be used to help determine the market value of the subject.

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