C

That body of law which is based on usage, general acceptance, and custom, as manifested in decrees and judgments of the courts; judge-made law, as opposed to codified or statutory law

A wall separating two living units

Trees and lesser vegetation naturally grouped on the basis of environmental factors and their ability to compete.

A system of property ownership based on the theory that each spouse has an equal interest in property acquired by the efforts of either spouse during marriage

A form of ownership of units of a larger building, such as apartments or condominiums. Under this form of title, owners of individual units form a company, with property title in the form of shares of the company. These shares allow owners to occupy a unit in the building. Company title is cumbersome and often does not clearly define who owns a particular unit, leading to inaccuracies and confusion. Company title has largely been replaced by strata title in most areas.

Recently sold properties which are similar to a particular property being evaluated, and which are used to indicate a reasonable fair market value for the subject property

Definition: Open, dynamic auction bidding where bidders are allowed to adjust their offers in response to offer made by other bidders.

Terms, Definitions, and Concepts: Auction, Real Estate

Definition: The act of finalizing the sale of property at an auction, including the exchange of funds between the buyer and seller and all documents necessary for ownership. Completion must occur within a designated time period following the auction event or the buyer may be subject to certain penalties such as loss of deposit.

Terms, Definitions, and Concepts: Auction, Real Estate

Interest which is computed upon the principal sum plus accrued interest

A thorough and intensive master plan to guide the long-term physical development of a particular area based on identified objectives, strategies, and timelines for implementation. Includes plans for land use, housing, community facilities and utlities, transportation of goods and people, and energy use and conservation. Zoning ordinances and policies are developed for different areas or zoning districts based on the master plan.

Additional value granted a buyer or seller to entice another party to complete a deal.

Discounts given by landlords to prospective tenants to induce them to sign a lease

The final step in the scientific method. After the experiment is conducted, the expected result is compared to the observed result, and a determination is made that the research hypothesis is either valid or invalid. If deemed invalid, a new or alternate hypothesis must be developed, and the scientific research process (scientific method) starts anew.

A judicial or administrative proceeding to exercise the power of eminent domain, which is the power of the government to take private property for public use.

Definition:
A stipulation by the grantor of an estate in qualified fee subject to condition subsequent specifying that the grantee or his heirs may not commit certain acts with or on the real property in question, or use the property for certain purposes. If the condition is violated, the grantor may exercise the right of reentry and recover fee ownership (a process known as reversion).

Example: If the condition subsequent is that a historic structure may not be removed from the property, and the grantee removes it, the grantor has the right to reacquire full ownership of the property, with no compensation paid to the grantee.


Terms, Definitions, and Concepts: Real Estate, Title and Title Insurance, Legal (Law), Management

Zoning regulations allowing land uses and activities not covered under other zoning classifications. Examples include detention centers and prisons, government buildings, sewer treatment facilities, cemetaries, churches, and landfills. Conditional zoning is often allowed through special-use permits, also known as conditional-use permits.

1. Permission from zoning authorities to deviate from existing zoning regulations. 2. Government authorization allowing land use that is currently not permitted within a specified zoning district, usually for the health and welfare of the community, such as a hospital in a residential zone.

Definition: The written policies, guidelines, disclosures, and legal terms for a specific auction sale, which describe how the sale is to be conducted, the rights and responsibilities of auction participants, any reserves on sale items, payment procedures, fees or other charges paid by buyers, bidder qualifications, and so on. The conditions of sale are usually made available to prospective auction participants prior to the sale itself. Also known as the "terms and conditions" or "auction rules".

Terms, Definitions, and Concepts: Auction, Real Estate

An estate in real property consisting of an individual interest in an apartment or commercial unit, and an undivided common interest in the common areas such as the land, parking areas, elevators, stairways, and the like.

A condominium property regime (CPR) is a form of ownership of real property where the owner has title to a specific dwelling unit as well as an undivided interest in a proportion of the common areas as a tenant in common.

See also Title, Strata title, Company title, and Common areas.

The point where two streams or rivers meet, forming a larger river; the point where a tributary joins the main river channel.

Terms, Definitions, and Concepts: Ecology, Forestry, Geography, Hydrology, Science, Water

1. An easement designed to preserve and protect open space or important natural areas.
2. A legal agreement between a landowner and either a land trust or government entity that restricts land use and development on a parcel of real property so as to preserve and protect its conservation and natural resource values.

An act or forbearance, or the promise thereof, which is offered by one party to induce another to enter into a contract; that which is given in exchange for something from another

Acts done by a landlord which so materially disturb or impair the tenant's enjoyment of the leased premises that a tenant is effectively forced to move out and terminate the lease without liability for any further rent

Notice of certain facts which are implied by law to a person because he could have discovered the fact by reasonable diligence or by inquiry into public records