Century 21

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California Real Estate Inspection Association
Also known as CREIA. A trade organization of home inspectors whose members must meet the group's education and performance requirements. Call (800) 388-8443 for list of CREIA-certified inspectors in your area.
call option
can light
can lights
Cylindrical chambers with bulbs recessed into the ceiling.
cancellation clause

Cape Cod style
The decorative top of a column or pilaster.
capital expenditure
The cost of making improvements on a property.

capital gain
capital gains tax
capital improvement
capitalization rate

A roof that covers a driveway or other parking area.
carryback financing
Financing in which a seller agrees to take back a note for a set amount of the sale of the home.
casement window
cash flow
cash-out refinance
cashier's check

The trim that encircles a window or door opening, hiding the gap between the door or window jamb and the wall's surface.
cathedral ceiling
A high, open ceiling formed by finishing exposed roof rafters.
An acrylic or silicon sealant used to fill cracks, crevices, and holes in a home.
A formal notice asking a court to suspend action until the party that filed the challenge can be heard.
caveat emptor
A legal principle stating that a buyer is responsible for ensuring the quality of goods purchased. From Latin, "let the buyer beware."
A courtyard or atrium.

CD (certificate of deposit)
A document showing that the bearer has a specified amount of money on deposit with a bank, stock-brokerage firm, or other financial institution.
ceiling fan
A large, ceiling-mounted paddle fan. Also known as a Casablanca fan.
ceiling height
The standard height of a ceiling is eight feet.
center mullion
A cabinetry term referring to the vertical piece of wood on the front that divides the opening into two parts.
central air conditioning
central business district
The area of a city where most large businesses are located.

certificate of deposit (CD)
certificate of deposit index
An index based on the interest rates on six-month CDs. It used to determine the interest rate for some adjustable rate mortgages.
certificate of eligibility
certificate of occupancy
certificate of sale
Certified International Property Specialist (CIPS)

Certified Real Estate Brokerage Manager (CRB)
Certified Residential Specialist (CRS)
chain of title
chair railing
change frequency
The adjustment schedule on an adjustable rate mortgage.
change order
A modification of a construction contract to authorize a change in the work, an adjustment in the amount of the contract, or a change in the contract time. The owner, architect, and contractor must sign the change.

A shielded vertical shaft that houses various pipes, drains, ducts, and flues.
Personal property such as furniture, clothing, or a car.
chattel mortgage
A lien on personal property used as collateral for a loan.
chimney back
The back wall or lining of a fireplace or furnace chimney.
chimney cap
A concrete cap that surrounds the top of the chimney brick. The cap protects the masonry from rain and other elements.
chimney flue

chimney pot
A board made of wood chips glued together under pressure.
cinder block
A block made of ash and cement, used in construction.
cinder fill
Short for electrical circuit, a complete circuit requires two electrical conductors (wires), an electrical source, and an electrical device such as a light. Electricity travels through one "hot" wire from the source to the device where it is converted into light, heat, or energy, then it returns along the other "neutral" wire to the source.
circuit breaker
A switch-like device in an electrical circuit that is designed to shut down the circuit in the event of an electrical overload or short circuit. Circuit breakers are normally installed in main electrical panels or subpanels.

circuit breaker
A tank used to store rainwater.
classified property tax
An opening in the drainage system for the removal of obstructions. It also refers to the part of a fireplace from which ashes can be removed.

clear title
A title to property that does not have liens, defects, or other legal encumbrances.
The final procedure in which documents are signed and recorded and the property is transferred.
closing costs
closing statement
cloud on title
An invalid encumbrance on real property.

cluster development
A method of squeezing more homes into less space.
Coverage that involves the use of two or more insurers.

collar beam
The structural element that connects roof rafters.
collateral security
Additional security that a borrower supplies to obtain a loan.
The action of two or more people to break the law.
Unincorporated communities along the border between the United States and Mexico.

A slender upright structure that consists of a base, a round or square shaft, and a capital.
column footing
combination door
An outer door with interchangeable screen and glass panels.
combination window
A window with interchangeable screen and glass panels.
combustion gases
The fumes or exhaust from a gas- or oil-burning appliance such as a water heater or furnace. Combustion gases are usually vented through a flue.
commercial bank

commercial property
An area that is zoned for businesses.
The mixing of money held in trust with other funds.
A negotiable percentage of the sales price of a home, paid to the agents of the buyer and seller.
commitment fee
common area

common law
A body of laws based on custom, usage, and rulings by courts in various jurisdictions.
common-area assessments
Fees paid by the owners of a condominium project or planned-unit development to maintain, repair, improve, or operate common areas.
common-interest development
community property
Community Reinvestment Act
The distance and time it takes a person to reach his or her workplace.

comparative market analysis
compound interest
concrete tilt-up
The process of pouring concrete into forms on the ground, allowing the forms to harden, and then raising the material to a vertical position to form walls.

condensate drain
A drain required by a dehumidifier, high-efficiency furnace, or similar appliance to carry away condensation.
condensate pump
Part of a refrigeration (or air conditioning) system that pressurizes refrigerant to cool it by changing it from a vapor to a liquid. On a refrigerator, the condenser is the coil on the outside of the unit; an air conditioner's condenser is usually outside the house.
conditional commitment
conditional sale
A contract for the sale of property stating that the title will remain invested in the seller until the conditions of the contract have been fulfilled.

condominium conversion
A metal pipe that houses electrical wiring.
conforming loan
Any loan that meets the qualifications to be purchased by Fannie Mae or Freddie Mac. The current conforming loan limit is $252,700.
consent judgment
A court-appointed guardian.

Anything that is legal, has value, and induces a person to enter into a contract.
construction budget
Funding arranged by an owner for the construction of a project.
construction documents
construction loan
construction-to-permanent loan
Consumer Credit Counseling Service (CCCS)

contemporary style
A design that features streamlined shapes, large unadorned windows, and industrial materials.
contiguous lots
Pieces of property that are adjoined.
contingency listing
A property listing with a special condition attached.
contingent fee
A fee that must be paid if a certain event occurs.
continuity tester

contract for deed
contract to purchase
contractual lien
A voluntary obligation such as a mortgage or trust deed.
controlled growth

conventional loan
convertible adjustable-rate mortgage
A mortgage which starts as an adjustable rate loan, but allows the borrower to convert the loan to a fixed-rate mortgage during a specified period of time.
The transfer of title of property.
conveyance tax
A tax imposed on the transfer of real property.
cooperating broker

cooperative corporation
cooperative mortgage
Any loan related to a cooperative residential project.
cooperative project
corner bead
A reinforcement placed in the corner where two walls intersect.
corner influence

corporate relocation
An arrangement by which employers pay to transfer and move employees.
corrective work
cost-plus contract
A small, one-story house.
A hole drilled to recess the head of a screw.

A response to an offer.
courier fee
Fee charged at closing to cover the delivery of documents between lenders, escrow companies, and other parties during a real estate transaction.
covenants, conditions, and restrictions (CC&Rs)
craftsman style
crawl space

creative financing
Innovative home-financing arrangements that help sell a property.
credit history
A record of an individual's current and past debt payments.
credit life insurance
credit rating
credit report
A detailed account of an individual's credit, employment, and residence history. A lender uses this report to determine a loan applicant's creditworthiness.The three largest credit bureaus are Trans Union Corp., Equifax, and Experian (formerly TRW).

credit repository
credit union
A nonprofit cooperative organization that provides banking and financial services such as mortgages, home improvement loans, and home equity loans to its members.
An individual or institution to whom a debt is owed.
Abbreviation of California Real Estate Inspection Association, a trade organization of home inspectors whose members must meet the group's education and performance requirements. Call (800) 388-8443 for list of CREIA-certified inspectors in your area.
The strengthening of a structure by bracing cross members between beams.
A piece of molding around the top of a room.

A street or alley that is closed at one end.
curable defect
curb appeal
The first impression of a house as seen from the street.
current value
The value of a home at the time of appraisal.

curtain wall
custom builder
custom home
A structure designed by an architect hired by the owner.
cylindrical lockset
The familiar type of doorknob mechanism found on most interior (and some exterior) doors, designed to fit into a large hole bored through the face of a door's stile.

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