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| Contract rent - The amount of rent per unit of time specified in a contract. For very old contracts, the contract rent may be substantially less than the rent the property would bring today. |
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| Contribution - The principle that the value of a particular feature is measured by its contribution to the value of the whole property, rather than by its cost. |
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| Coordinate system - (1) A system for locating any geographic point by determining its north-south and east-west distance from some known base point. (2) By extension, a system for identifying each assessable parcel of real estate by means of coordinates, usually by recording the coordinates of the center of each parcel. |
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| Correlation - A statistical phenomenon ( and a technique for estimating its strength) whereby knowledge of one fact about a thing implies some knowledge of a second fact about that thing. For example, since the volume and weight of water are correlated, knowing that a quantity of what is 1 gallon tells you that its weigh is 8 1/3 pounds. Linear correlation, the kind most often encountered, means that an increase in one factor is some proportion (say, a doubling) changes the other in the same proportion. With curvilinear correlation, as between the radius and the area of a circle, this is not true, despite the fact that the correlation may be very strong in the sense that knowledge of one fact tells you precisely the other fact. These are examples of variables perfectly correlated or nearly so; more often correlation is only partial û for example, the correlation between the age and height of a child. The correlation coefficient gives the strength of the linear relationship between the two variable. |
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| Correlation coefficient - ( r ), A statistic that characterizes two or more sets of numbers and, when squared and multiplied by 100, gives the percentage strength of the (linear) relationship between measures of the height and weight of a group of people were 0.9 then one would deduce that knowing the height of someone (loosely speaking ) would explain (or account for) 81 percent of the weight. |
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| Correlation matrix - The table of numbers used to display the correlation coefficients for each pair of variables when three or more variables are thought to be correlated. |
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| Cost - The money expended in obtaining an object or attaining an objective; generally used in appraisal to mean the expense, direct and indirect, of constructing an improvement. |
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| Cost approach - One of the three approaches to value , the cost approach is based on the principle of substitution -that a rational, informed purchaser would pay no more for a property than the cost of building an acceptable substitute with like utility . The cost approach seeks to determine the replacement cost of an improvement less depreciation plus land value. |
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| Cost index - An index showing the variation in construction cost over time; sometimes, by extension, a set of similar numbers showing the relative costs of construction in different geographic area. |
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| Cost manual - A guide, containing pictures, specifications of structures, and cost schedules, used to help classify construction quality and estimate the cost of replacing a structure. |
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