| Term | Definition |
|---|
| collateral | Something of value deposited with a lender as a pledge to secure repayment of a loan. |
| commingling | The illegal practice of combining or mixing clients' funds with the agent's own funds. |
| commission | The compensation paid to a licensed real estate broker or by the broker to the salesman for services rendered. Usually a percentage of the selling price of the property. |
| Community Reinvestment Act | The federal law which requires federally regulated lenders to describe the geographical market area they serve. Deposits from that area are to be reinvested in that area whenever practical. |
| comparables | Properties which are similar to a particular property and are used to compare and establish a value for that property. |
| compound interest | Interest which is computed on the principal and any unpaid accumulated interest. Contrast with simple interest. |
| condemnation | The act of taking private property for public use, through due process under the right of eminent domain, with compensation to the owner. |
| condominium | A form of real estate, usually a dwelling with individual ownership of separate portions of the building plus shared ownership of the common areas. |
| consideration | The price or subject matter, which induces a contract; may be in money, commodity, exchange, or a transfer of personal effort. |
| constructive eviction | The provision of housing that is so substandard that, for all intents and purposes, a landlord has evicted the tenant. For example, the landlord may refuse to provide light, heat, water or other essential services, destroy part of the premises or refuse to clean up an environmental health hazard, such as lead paint dust. Because the premises are unlivable, the tenant has the right to move out and stop paying rent without incurring legal liability for breaking the lease. Usually, the tenant must first bring the problem to the landlord's attention and allow a reasonable amount of time for the landlord to make repairs. |
