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Commission
Commission Money paid to a real estate agent or broker by the seller as compensation for finding a buyer and completing the sale, usually a percentage of the sale price (6 to 7 percent on houses, 10 percent on land).
RELATED TERMS--------------------------------------
Estate
The ownership interest of a person in real property, also used to refer to a deceased person's property.
Agent
Person authorized to act on behalf of another in dealings with third parties.
Broker
A person who acts as an intermediary between two or more parties in connection with a transaction for a fee or commission.
Compensation
The source of compensation does not determine agency. An agent does not necessarily represent the person who pays his or her commission.
SIMILAR TERMS--------------------------------------
Commencement date
Date lease begins.
Commercial acre
A commercial acre is that portion of an acre of newly subdivided land remaining after dedication for streets, sidewalks, parks and so on.
Commercial bank
A financial institution designed to act as a safe depository and lender for many commercial activities (usually short-term loans or lines of credit).
Commercial Investment Real Estate Institute (CIREI)
A professional organization of real estate practitioners specializing in commercial real estate.
Commercial leasehold insurance
Insurance that covers payment of rent in the event the insured (tenant) cannot pay it.
Commercial Mortgage-Backed Securities
Securities backed by loans on commercial real estate
Commercial property
Property intended for use by all types of retail and wholesale stores, office buildings, hotels and service establishments.
Commercial real estate
A classification of real estate that includes income-producing property such as office buildings, gasoline stations, restaurants, shopping centers, hotels and motels, parking lots and stores.
Commercial waste
All solid waste from businesses. This category includes but is not limited to, solid waste originating in stores, markets. office buildings, restaurants, shopping centers, and theaters.
Commingled fund
A pooled fund vehicle that enables qualified employee benefit plans to commingle their capital for the purpose of achieving professional management, greater diversification or investment positions in larger properties
Commingling
The illegal act of mixing deposits or monies belonging to a client (trust funds) with one's personal money.
Commission on a Listing Agreement
Listing agreements should state the precise commissions you will receive for all services performed, and specify when each commission is to be paid.
Commitment
A written promise to make or insure a loan for a specified amount and on specified items.
Commitment fee
A sum paid by a borrower to a lender in exchange for a promise to lend money on certain terms for a specified period.
Commitment letter
A letter from the lending institution giving formal approval for a mortgage loan.
Common area
That area owned in common by owners of condominiums and planned sight development homes within a subdivision.
Common area assessments
They are charges paid to the Homeowners Association by the owners of the individual units in a condominium or planned unit development (PUD) and are generally used to maintain the property and common areas.
Common area maintenance
Rent charged to the tenant in addition to the base rent to maintain the common areas.
Common Area Maintenance (CAM) Charges
Charges for maintaining the common areas of a building.
Common areas
Common areas refers to the portions of a building, land and amenities owned or managed by a planned unit development (PUD) or condominium project's homeowners' association that are used by all of the unit owners, sharing in the common expenses of their operation and maintenance.
Common elements
Parts of a property that are necessary or convenient to the existence, maintenance and safety of a condominium or are normally in common use by all of the condominium residents.
Common interest
The percentage of undivided ownership in the common elements belonging to each condominium apartment, as established in the condominium declaration.
Common interest subdivision
A subdivision in which the owners own or lease a separate lot or unit together with an undivided interest in the common areas of the subdivision.
Common law
An unwritten body of law based on general custom in England and used to an extent in some states.
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
A housing area in which owners belong to a homeowners association that owns and maintains common areas.
Community bank
Community bank: A bank, often with branches, that is locally owned and operated, and is not part of a bank holding company.
Community property
Property owned jointly by husband and wife.
Community Reinvestment Act of 1977 (CRA)
Community reinvestment refers to the responsibility of financial institutions to help meet their communities' needs for low- and moderate-income housing. In 1977, Congress passed the Community Reinvestment Act of 1977 (CRA).
Commute
The distance and time it takes a person to reach the workplace.
PREVIOUS AND NEXT TERMS--------------------------------------
Commercial property
Property intended for use by all types of retail and wholesale stores, office buildings, hotels and service establishments.
Commercial real estate
A classification of real estate that includes income-producing property such as office buildings, gasoline stations, restaurants, shopping centers, hotels and motels, parking lots and stores.
Commercial waste
All solid waste from businesses. This category includes but is not limited to, solid waste originating in stores, markets. office buildings, restaurants, shopping centers, and theaters.
Commingled fund
A pooled fund vehicle that enables qualified employee benefit plans to commingle their capital for the purpose of achieving professional management, greater diversification or investment positions in larger properties
Commingling
The illegal act of mixing deposits or monies belonging to a client (trust funds) with one's personal money.
Commission
Commission on a Listing Agreement
Listing agreements should state the precise commissions you will receive for all services performed, and specify when each commission is to be paid.
Commitment
A written promise to make or insure a loan for a specified amount and on specified items.
Commitment fee
A sum paid by a borrower to a lender in exchange for a promise to lend money on certain terms for a specified period.
Commitment letter
A letter from the lending institution giving formal approval for a mortgage loan.
Common area
That area owned in common by owners of condominiums and planned sight development homes within a subdivision.
This dictionary contains 6433 terms. |
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