Thursday, May 2, 2024, 3:14 AM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
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CODICILA supplement or addition to a will which adds to, subtracts from, alters, revokes or qualifies the provisions of a will. |
COLLATERAL - Civil Law TermA person with equal claim of inheritance; brothers and/or sisters from the same parents. This term is also used to indicate money or preferably real property pledged to guarantee the payment of a debt. |
COLLATERAL MORTGAGE - Civil Law TermA type of mortgage not defined in the Code which secures a collateral note; this note may then be issued as security for debts incurred now or in some future time. |
COLOR OF TITLEThat which appears to be good title but which is not in fact good title, such as title held under a defective deed. |
COMMINGLINGMixing money belonging to clients with personal funds. |
COMMISSIONAn agent's compensation for performance of the duties of his agency; in real estate practice, a percentage of the selling price of the property, or percentage of rentals, etc. |
COMMON ELEMENTIn a condominium, land and all parts of a building normally used by all of the owners for their mutual convenience or safety. |
COMMON LAWLaws which have evolved from general usage and are legally established through court decision. |
COMMON THINGS - Civil Law TermCommon "things" are those which may not be owned by anyone; things such as air and the high seas which may be freely used by everyone conformably with the use for which nature has intended them. |
COMMUNITY PROPERTYPersonal and real property acquired by husband and wife through their joint efforts during marriage and owned equally by them. |