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.
tenancy at will
A tenancy for an indeterminate period.
team concept
Team within a brokerage office where a salesperson or associate broker form teams and share income.
tenancy at sufferance
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.
tax-deferred exchange (1031 exchange)
An exchange of like-for-like property held for income or investment. Only boot received is taxed.
tax shelter
A way of excluding income from taxes by such means asdepreciation, which is a paper expense and can offset other income.
tax deed
The deed given at a tax sale.
tax collector
Collects property tax and conducts tax sales.
tenancy
A mode of holding ownership or interest in property.
township
An area established by U.S. government survey that is six miles square and contains 36 sections.
town house
Row housing having common walls with adjoining housing.
Torrens title
A system of registering ownership in which the court keeps the record of title and issues certificates of title.
topography
The surface elevations of a property.
topographical line
Line on a map indicating the contour of the land.
title
Ownership. Title is passed by deed.
title theory
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).
title insurance
An insurance policy that agrees to indemnify the owner for defects in title caused by specified risks.
tender
An unconditional offer to perform (legal tender is money).
“time is of the essence”
A statement that makes prompt performance mandatory.
time-share
An interval ownership plan used for vacation property.
Title I loan FHA
home improvement loan.
Title II loan FHA
home purchase loan
for one to four residential units.
tenement
Right that transfers with the real property.
tier
A horizontal row of townships, measured north or south from the base line.
tie-in agreement
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.
testator
A person who has a will.
testate
a person who dies with a legal will in place.
