Well...I think I just answered my own question...
http://en.wikipedia.org/wiki/Key_(lock)
House keys
Main article: Yale key
A house key is the most common sort of key. There are two main forms. The older form is for lever locks, where a pack of flat levers (typically between two and five) are raised to different heights by the key whereupon the slots or gates of the levers line up and permit a bolt to move back and forth, opening or closing the lock. The teeth or bittings of the key have flat tops rather than being pointed. Lever lock keys tend to be bigger and less convenient for carrying, although lever locks tend to be more secure. These are still common in many European countries.
The more recent form is that for a pin tumbler cylinder lock. When held upright as if to open a door, a series of grooves on either side of the key (the key's profile) limits the type of lock cylinder the key can slide into. As the key slides into the lock, a series of pointed teeth and notches allow pins to move up and down until those pins are in line with the shear line of the cylinder, allowing that cylinder to rotate freely inside the lock and the lock to open. These are predominate in the United States of America.
Master key
A master key is intended to open a set of several locks. Usually, there is nothing special about the key itself, but rather the locks into which it will fit. These locks also have keys which are specific to each one (the change key) and cannot open any of the others in the set. Locks which have master keys have a second set of the mechanism used to open them which is identical to all of the others in the set of locks. For example, master keyed pin tumbler locks will have two shear points at each pin position, one for the change key and one for the master key. A far more secure (and more expensive) system has two cylinders in each lock, one for the change key and one for the master key.
Larger organizations, with more complex "grandmaster key" systems, may have several masterkey systems where the top level grandmaster key works in all of the locks in the system.
A practical attack exists to create a working master key for an entire system given only access to a single master-keyed lock, its associated change key, a supply of appropriate key blanks, and the ability to cut new keys. This is described in Cryptology and Physical Security: Rights Amplification in Master-Keyed Mechanical Locks
Locksmiths may also determine cuts for a replacement master key, when given several different key examples from a given system.
Control key
A control key is a special key used in removable core locking systems. The control key enables a user with very little skill to remove from the cylinder, quickly and easily, a core with a specific combination and replace it with a core with a different combination. In Small Format Interchangeable Cores (SFIC), similar to those developed by Frank Best of the Best Lock Corporation, the key operates a separate shear line, located above the operating key shear line. In Large Format Removable Cores (LFRC), the key may operate a separate shear line or the key may work like a master key along the operating shear line and also contact a separate locking pin that holds the core in the cylinder. SFIC's are interchangeable from one brand to another, while LFRC's are not.
