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In appraising it is a method of determining the value of property by interpreting the property's net income with a percentage which represents a reasonable return on invested capital.

Capitalization Rate

The rate of interest which is considered a reasonable return on the investment. It is used in the process of determining value based upon net income.

Cash Flow

Income generated by a property which is determined by subtracting vacancy allowances and collection costs, operating expenses and debt-servicing costs from the property's scheduled gross income.

Caveat Emptor

"Let the buyer beware." The buyer must examine the goods or property and buy at his own risk.

Chain of Title

A history of conveyances and encumbrances affecting the title from the time it passed from government ownership, or as far back as records are available.

Closing Statement

The written statement provided by the escrow company to each of the parties to the loan transaction showing the amounts received and the amounts paid out for various items.

Cloud on Title

Any conditions revealed by a title search which affect the title to property; usually relatively unimportant items but which cannot be removed without a quitclaim deed or court action.


A systematic collection of laws in writing.

Collateral Security

A separate obligation attached to another contract to guarantee performance of the contract.



An illegal agreement between two or more persons to defraud another of his rights by the forms of law, or to obtain an object forbidden by law.

Color of Title

That which appears to be good title but which is not title in fact.


The broker's unauthorized and improper mixing of office funds, which are personal or business monies, with trust funds, which are client customer monies.


A payment for the performance of specific duties in real estate; a percentage of the selling price of property, percentage of rentals, etc.

Compound Interest

Interest paid on the original principal and on interest accrued from time it became due.


The act of taking private property for public use by the sovereign powers; a declaration that a structure is unfit for use.

Conventional Loan

A loan that's neither guaranteed nor insured by Federal Housing Administration (FHA) or Veterans' Administration (VA).


The transfer of title to land. Includes most instruments by which an interest in real estate is created, mortgaged, or assigned.


Agreements written into deeds and other instruments promising performance or non-performance of certain acts or stipulating certain uses or non-uses of the property.


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