Glossary Of Real Estate Terms

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Capital Improvement:
An improvement on a piece of property to increase the value of the property.
 
Certificate of Occupancy (C of O):
Every building and apartment in New York City possesses a Certificate of Occupancy which outlines the legal uses of the piece of property.
 
Classic Seven:
Is usually an apartment with a living room, dining room, kitchen, three bedrooms and one maid's rooms.
 
Classic Six:
Is an apartment with a living room, dining room, kitchen, two bedrooms and one maid's rooms.
 
Co-Broke:
When a broker sends out his/her listings to the brokerage community at large, he/she does so on a co-broke basis. This means that the brokerage firm representing the owner of the property will split the commission on a 50/50 basis with the brokerage firm that brings the buyer or tenant to the property and is able to conclude a transaction.
 
Co-operative / Co-Op:
A corporation specifically formed to own the building which form the co-operatives. Unit residents, called tenant shareholders, own stock and a proprietary lease which confer upon them the right to use of the unit they have purchased.
 
Commission:
Payment to broker for services rendered; usually 6 % of the selling price.
 
Common Area:
"The area in a building that is shared by all of the tenants/owners of the building.
 
Condominium:
 
Convertible:
Refers to a situation when a large one or two bedroom contains a formal dining room or a dining-L which could easily be converted into another bedroom.