Closing: The point at which real estate formally changes ownership. Closing costs are fees paid for services associated with a home’s closing such as title insurance, surveying fees, recording fees, deeds, and affidavits.
CLUE (Insurance Claim history Report): CLUE (Comprehensive Loss Underwriting Exchange) is the insurance industry’s national database that assigns individuals a risk score. CLUE also has an electronic file of a properties insurance history. These files are accessible by insurance companies nationally.
COMMISSION: The compensation paid to the listing brokerage by the seller for selling the property. A buyer agency agreement may require the buyer to pay a commission to his or her agent
CMA (Competitive Market Analysis): CMA is the term real estate agents use when they conduct an in-depth analysis of a home’s worth in today’s market. A completed CMA is presented in the form of a report, which includes the selling price, detailed information about your home and the comparable properties that were researched to determine its value.
CONTINGENCY: A provision in a contract requiring certain acts to be completed before the contract is binding.
CRM : Customer Relationship Management
Code of Ethics: A written standard of ethical conduct embraced by the NATIONAL ASSOCIATION OF REALTORS®, a trade organization of more than 700,000 members representing all branches of the real estate industry.
Commission: Compensation paid to a real estate agent (usually by the seller) for services rendered in connection with the sale, exchange, or lease of property.
Condominium (Condo): Individual ownership of a portion of a building, with common areas shared by all owners. Maintenance fees called “assessments” are paid to the condominium association to maintain, repair, or improve the property.
Conventional Loan: A fixed-rate, fixed term loan that is not insured by the government.
Co-operative (Co-op): An arrangement in which a corporation made up of residents owns a building. The buyer owns a proprietary lease, rather than real property, and a corresponding number of shares in the corporation.
Counter Offer: A new offer as to price, terms, and conditions, made in response to a prior, unacceptable offer. A counter offer terminates an original offer.
CRS (Certified Residential Specialist): A professional designation awarded to experienced agents who complete an advanced course of study in residential real estate and demonstrate proficiency in sales and production. CRS Designees are members of the Residential Sales Council, a not-for-profit affiliate of the NATIONAL ASSOCIATION OF REALTORS.