T words Flashcards
Tax
Enforced charge extracted of persons, corporations and organizations by the government to be
used to support government services and programs.
Tax Deed
The deed given to a purchaser at a public sale of land held for nonpayment of taxes. It
conveys to the purchaser only such title as the defaulting taxpayer had.
Tax Sale
Sale of property after a period of nonpayment of taxes.
Tenancy at Will
A property tenure that can be terminated at any time by either the tenant or the
owner (landlord). It exists without a contract or lease, and is unspecific in duration or the exchange of
payment.
Tenancy in Common
An ownership of realty by two or more persons, each of whom has an undivided
interest, without the “right of survivorship”.
Tenancy in Partnership
An ownership relation that exists between partners under the legislation
governing partnerships.
Tentative Map
The Subdivision Map Act requires subdivisions to submit initially a tentative map of
their tract to the local planning commission for study. The approval or disapproval of the planning
commission is noted on the map. Thereafter, a final map of the tract embodying any changes requested
by the planning commission is required to be filed with the planning commission.
Testate
Having made a valid will before one dies
Testator
One who makes a will.
The Right of Lateral Support
The right of a land owner to have the natural physical support of the
adjoining piece of land.
Time is of the Essence
A condition of a contract expressing the essential nature of performance of the
contract by a party in a specified period of time.
Time‐share Project
A form of subdivision of real property into rights to the recurrent, exclusive use or
occupancy of a lot, parcel, unit, or segment of real property, on an annual or some other periodic basis,
for a specified period of time.
Time‐share Use
A license or contractual membership right of occupancy in a timeshare project which
is not coupled with an estate in the real property.
Title
Evidence of the right to possess property.
Title Insurance
Insurance to protect a real property owner or lender up to a specified amount against
certain types of loss (ex: defective or unmarketable title).
Title Search
An examination of public records, laws, and court decisions to disclose the current facts
regarding the ownership of real estate.
Tort
Any wrongful act (not involving a breach of contract) for which a civil section will lie for the
person wronged.
Tort Liability
A legal obligation of one party to a victim as a result of a civil wrong or injury.
Township
In the survey of public lands of the United States, a territorial subdivision six miles long, six
miles wide and containing 36 sections, each one mile square, located between two range lines and two
township lines.
Trade Fixtures
Articles of personal property annexed by a business tenant to real property which are
necessary to the carrying on of a trade and are removable by the tenant.
Transfer Disclosure Statement (TDS)
Describes the condition of a property and, in the case of a sale,
must be given to a prospective buyer as soon as practicable and before transfer of title.
Trespass
The wrongful entry on to the land on another, either in person or by instrumentality.
Trust Funds
Money, or other things of value, that a real estate agent receives on behalf of the
principal or any other person involved in a transaction.
Trustee
One who holds property in trust for another to secure the performance of an obligation. Third
party under a deed of trust.
Trustor
One who borrows money from a trust deed lender, then deeds the real property securing the
loan to a trustee to be held as security until trustor has performed the obligation to the lender under
terms of a deed of trust.
Truth in Lending Act (TILA)
The name given to the federal statutes and regulations (Regulation Z)
which are designed primarily to insure that prospective borrowers and purchasers on credit receive
credit cost information before entering into a transaction.
