Real Estate Glossary

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C

covered housing

The Fair Housing Act applies to:

single family housing owned by private individuals when a broker is used or discriminatory advertising is used
single family housing not owned by private individuals
single family housing owned by private individuals who own more than three such dwellings or who, in any two-year period, sell more than one dwelling in which he or she was not the most recent resident
multifamily dwellings of five or more units
multifamily dwellings of four or fewer units, if the owner does not reside in one of the units

Credit

an amount entered in a person's favor; an amount that has already been paid, an amount being reimbursed, or an amount the buyer promises to pay in the form of a loan.

curable depreciation

the economic feasibility of “fixing” the item which is causing the value loss. An item of depreciation is curable if the cost to cure does not exceed the value increase derived from implementing the cure. Alternatively, if the value increase is equal to, or greater than the cost the cure, the deficiency will be categorized as curable.

Curable items would include most common items of physical depreciation such as repair of a broken window, or broken handrail. It would also include re-painting the exterior of the house if the paint finish was worn and no longer protecting the siding or trim.

Keyword(s):

customer

a non-represented person (third party) who still gets some kind of service.

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