Standard CES® Terminology
Because different states across the United States have different terminology for the various elements of the exchange process, the CES® Council has developed a standard list of terminology used on the CES® examination to assist CES® candidates.
| Standard CES® Term |
Different Variations |
| Taxpayer |
Exchangor, Exchanger, client, investor |
| Qualified Intermediary |
Intermediary, QI, accommodator, facilitator, qualified escrow holder |
| Agreement for Transfer |
Agreement of Sale, sales contract, agreement, sale and purchase contract or agreement, qualified escrow account, Offer & Acceptance, O & A, Real Estate Sales Contract, Earnest Money Agreement, Sale and Purchase Agreement |
| Exchange funds account |
The term "exchange funds account" refers to the exchange funds being held by the qualified intermediary or other qualified escrow holder. Some other variations of Exchange Funds Account are escrow, trust account, escrow account, qualified trust account, escrow/trust account, qualified escrow account, exchange equity account. |
| Tax Advisor |
Accountant, CPA, enrolled agent, financial advisor, tax attorney |
| Real Estate Agent |
Real estate professional, real estate agent or broker, REALTOR®, listing agent, selling agent, broker |
| Settlement Agent |
Title agent or officer, closing officer, escrow officer, settlement officer, closer, closing agent, closing attorney, settlement attorney |
| Exchange Funds |
Proceeds, funds, sale proceeds, exchange proceeds, net proceeds from sale, exchange accounts |
| Deferred Exchange Treasury Regulations |
Treasury regulation 1.1031, deferred exchange regulations, 1031 regulations, the regs |
| IRC §1031 |
IRC Section 1031, §1031, The code, Section 1031 |
| Exchange Accommodation Titleholder |
Accommodation titleholder, EAT |
| Transactional Costs |
Closing costs, sales expenses, costs of sale, acquisition costs, settlement costs |
| Limited Liability Company |
LLC |
| Settlement |
Escrow, closing, transfer of ownership, refers to the conveyance of property from a buyer to a seller |
| Legal Advisory |
Attorney, legal counsel, lawyer |
| Parked/Parking |
Refers to period while property is held or parked by EAT during a reverse exchange |
| Disregarded Entity |
Single member limited liability company (LLC), living trust, land trust |
| Living Trust |
Intervivos Trust, Family Trust, Disregarded Trust, Grantor Trust | |
