GLOSSARY 567

GLOSSARY 567

CHANGE, PRINCIPLE OF — Holds that it is the future, not the past, which is of prime importance in estimating value. Change is largely result of cause and effect. CHARACTERISTICS — Distinguishing features of a (residential) property. CHATTEL MORTGAGE — A claim on personal property (instead of real property) used to secure or guarantee a promissory note. (See definition of Security Agreement and Security Interest.) CHATTEL REAL — An estate related to real estate, such as a lease on real property. CHATTELS — Goods or every species of property movable or immovable which are not real property. Personal property.