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Client

A party that forms an agency relationship with a real estate broker, either as seller or buyer, is called a client or principal.

Closing

The conclusion of a real estate transaction is called the closing. A closing often ends with the exchange of a deed for the agreed sales proceeds less the costs of sale.

Traditionally the lender, the buyer, the seller and the seller's agent attend the closing. At times, a closing is conducted by an escrow agent. A buyer's agent, when employed, may also attend a closing.

A separate closing statement is usually prepared for the buyer and the seller by the lender, the escrow agent, and/or the real estate agent. There can at times be more than one closing closing statement prepared.


Closing Statement

The statement that details the income and expense items associated with a real estate closing is called a closing statement.  Closing statement that detail income and expenses related to a real estate transaction should be kept for income tax purposes.


Commercial Bank

A full service financial institution that offers checking accounts, savings accounts, consumer loans, business loans, and credit cards. Real estate financing is now offered through a number of sources/financial institutions.


Commission

A fee paid by a seller of real estate to an agent is normally considered the commission. The commission is normally established by a listing agreement.
How much of a commission that is appropriate or should be paid has to do with personal needs, property characteristics and the individual market conditions found in your area - which change with market cycles. There is no set amount that is appropriate, but you should receive service that relates to the size of the commission.


Complaint

Thousands of complaints are file each year against real estate agents. Most of these complaints are filed with state licensing authorities and involve claims of misrepresentation. Brokers and their associate agents can face severe disciplinary action, including major fines and license revocation, for violations of state licensing laws.


Company Policy

Real estate brokerage firms are required, in many states, to set guidelines for the operation of their office. Training, marketing technique, commission splits, hours, and a dress code are a few of the items that may be addressed by such a policy.

 


Condemnation

Is the process of acquiring full or partial interest for public purposes in privately owned real property using the power of Eminent Domain.  Condemnation is considered the last resort by acquiring parties who prefer to negotiate the purchase of their needed interests.  Since there is generally no question regarding the need for a taking, the courts immediately allow it and condemnation cases become all about compensation to the property owner.  


Condominium

A type of ownership in real estate where a legally described "space" is owned. There are often common areas such as the lobby, grounds, pool, etc.

Confidential Appraisal

The results of all real property appraisal are confidential as required by USPAP.  Some parts of the report, like the regional, city and sub-market analysis and the comparable sales used to develop the appraisal opinion, are not.

Contingent Fee

A fee that will be earned only upon the occurrence of a pre-determined event. Some real estate fees are earned only upon the final closing of a real estate transaction, and are thus contingent upon that closing. Other agreements only call for the agent to have found a "ready, willing and able buyer."
It is important to retain an attorney that specializes in real estate law review all of your real estate contracts and related documents.

Conventional Loan

A mortgage loan generally given without the benefit of a Veterans Administration (VA) guaranty or a Federal Housing Administration (FHA) insurance policy.

Consumer Credit Report

Credit reports provide a history of an individual's credit transactions over a seven year period. A credit report also offers information on past foreclosures, tax liens, bankruptcies, and court judgments. Sellers who carry paper on real estate and financial institutions that make loans need to know how much risk is involved with a potential buyer, and a credit report provides an indication of risk.

Cooperating Agent/Broker

An agency that participates in a multiple listing service agrees to cooperate with other member agencies. Thus the agents that belong to the multiple listing service are often called cooperating agents.

Customer

A party who does not have an agency relationship established with a real estate agent that is looking to buy or sell real estate. If an agency relationship is formed with a customer they become known to an agent as his or her clients.

 

 



Copyright 2007 Horizon Village Realty & Appraisal

Commercial Real Estate Appraisals in the Las Vegas & Henderson, Nevada Area.