Friday, May 17, 2024, 12:34 AM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
C
CONSUMABLEA thing which cannot be used without being consumed or its substance changed. |
CONTINGENTDependent upon an uncertain future event. |
CONTRACTA legal agreement between competent parties for a consideration to perform or refrain from performing certain acts. |
CONTRACT, IMPLIEDOne in which, from the conduct of the parties, their mutual promises are implied - consulting a doctor or dentist implies a promise to pay the price of an office visit though no fees are mentioned. |
CONTRACT, UNILATERALOne in which only one party is obligated to do something. |
CONTRACT, VOIDABLE - Civil Law TermA relatively null contract that is capable of being affirmed or rejected at the option of one of the parties but which is binding on the other. |
CONVENTIONAL MORTGAGEA mortgage which is not FHA insured, or VA guaranteed. |
CONVENTIONAL SERVITUDE - Civil Law TermBy contract; voluntary. May be established by judicial act, prescription, or destination of the owner. |
CONVEYANCE - Civil Law TermThe transfer of the title of land from one to another; an instrument which carries from one person to another an interest in land. |
COOPERATIVE OWNERSHIPOwnership that usually takes the form of shares of stock in a corporation owning the entire building and a proprietary lease giving the stockholder/tenant the right to occupy a unit for which he pays a proportionate share of the maintenance and operating expenses. |