T Terms Flashcards

1
Q

tacking on

A

Adding a previous owner’s use to satisfy the statutory period of use for an easement by prescription or a title by adverse possession.

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2
Q

Truth-in-Lending Act (TWA)

A

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).

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3
Q

turnkey project

A

Completed project from building permit to occupancy permit.

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4
Q

turnover

A

The number of times an inventory is sold in one year.

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5
Q

trustee

A

The third party who holds the trust deed.

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6
Q

trustor

A

The debtor who gives title to the trustee as security for the loan.

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7
Q

take-out loan

A

Permanent financing that replaces (takes out) a construction loan.

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8
Q

tandem program

A

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.

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9
Q

triple net lease

A

A net lease where the tenant pays taxes and insurance in addition to all maintenance and operational expenses.

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10
Q

trespass

A

A wrongful intrusion on the land of another.

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11
Q

transfer-on-death deed

A

Revocable deed that allows real estate to go to heirs without probate.

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12
Q

trading on equity

A

Borrowing money on equity in property in order to invest it at a higher rate of return.

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13
Q

trade fixtures

A

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..

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14
Q

toxic mold

A

Mold, usually black mold, that negatively effects health.

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15
Q

tax base

A

An assessed value of all taxable property within a tax region (needed revenue ± tax base = tax rate).

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16
Q

tenancy in common

A

Ownership by two or more persons, each of whom has an undivided interest without the right of survivorship.

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17
Q

tenancy by the entirety

A

A form of joint tenancy for husbands and wives. Neither spouse can separately convey to break the tenancy.

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18
Q

tenancy at will

A

A tenancy for an indeterminate period.

19
Q

team concept

A

Team within a brokerage office where a salesperson or associate broker form teams and share income.

20
Q

tenancy at sufferance

A

A situation arising when a tenant holds over (continues occupancy) after expiration of a lease. Tenant is subject to an ejectment or an unlawful detainer action.

21
Q

tax-deferred exchange (1031 exchange)

A

An exchange of like-for-like property held for income or investment. Only boot received is taxed.

22
Q

tax shelter

A

A way of excluding income from taxes by such means asdepreciation, which is a paper expense and can offset other income.

23
Q

tax deed

A

The deed given at a tax sale.

24
Q

tax collector

A

Collects property tax and conducts tax sales.

25
Q

tenancy

A

A mode of holding ownership or interest in property.

26
Q

township

A

An area established by U.S. government survey that is six miles square and contains 36 sections.

27
Q

town house

A

Row housing having common walls with adjoining housing.

28
Q

Torrens title

A

A system of registering ownership in which the court keeps the record of title and issues certificates of title.

29
Q

topography

A

The surface elevations of a property.

30
Q

topographical line

A

Line on a map indicating the contour of the land.

31
Q

title

A

Ownership. Title is passed by deed.

32
Q

title theory

A

The theory that a mortgage
is a transfer of title to secure a loan and not just a lien (used in a minority of
states).

33
Q

title insurance

A

An insurance policy that agrees to indemnify the owner for defects in title caused by specified risks.

34
Q

tender

A

An unconditional offer to perform (legal tender is money).

35
Q

“time is of the essence”

A

A statement that makes prompt performance mandatory.

36
Q

time-share

A

An interval ownership plan used for vacation property.

37
Q

Title I loan FHA

A

home improvement loan.

38
Q

Title II loan FHA

A

home purchase loan

for one to four residential units.

39
Q

tenement

A

Right that transfers with the real property.

40
Q

tier

A

A horizontal row of townships, measured north or south from the base line.

41
Q

tie-in agreement

A

A requirement that a buyer of goods or services agree to purchase other goods or services as a condition of the original agreement; generally illegal.

42
Q

testator

A

A person who has a will.

43
Q

testate

A

a person who dies with a legal will in place.