T Terms Flashcards
tacking on
Adding a previous owner’s use to satisfy the statutory period of use for an easement by prescription or a title by adverse possession.
Truth-in-Lending Act (TWA)
Part of the Consumer Credit Protection Act; also called Regulation Z. It is a disclosure act requiring the lender to show the interest as an annual percentage rate (APR).
turnkey project
Completed project from building permit to occupancy permit.
turnover
The number of times an inventory is sold in one year.
trustee
The third party who holds the trust deed.
trustor
The debtor who gives title to the trustee as security for the loan.
take-out loan
Permanent financing that replaces (takes out) a construction loan.
tandem program
A program under which Fannie Mae buys below-market-interest mortgages at par value and resells them to encourage low-interest housing loans. Ginnie Mae makes up the loss between market value and par value.
triple net lease
A net lease where the tenant pays taxes and insurance in addition to all maintenance and operational expenses.
trespass
A wrongful intrusion on the land of another.
transfer-on-death deed
Revocable deed that allows real estate to go to heirs without probate.
trading on equity
Borrowing money on equity in property in order to invest it at a higher rate of return.
trade fixtures
Personal property installed by a tenant to carry on a trade or a business; remains personal property and can be removed by the tenant any time before the lease expiration..
toxic mold
Mold, usually black mold, that negatively effects health.
tax base
An assessed value of all taxable property within a tax region (needed revenue ± tax base = tax rate).
tenancy in common
Ownership by two or more persons, each of whom has an undivided interest without the right of survivorship.
tenancy by the entirety
A form of joint tenancy for husbands and wives. Neither spouse can separately convey to break the tenancy.