|
- TAX
- A compulsory charge on property or individuals, the payment of which supports a government.
- TAX BASIS
- The tax value of property to the taxpayer. It is a figure used to compute capital gains and losses.
- TAX DEED
- Deed issued to the pruchaser at a tax sale.
- TAX SALE
- Sale of property after a period of nonpayment of taxes.
- TENANCY
- A leasehold estate. (For specific types of leases see Estates.)
- TENANCY-IN-COMMON
- Ownership by two or more persons who hold an undivided interest in real property, without right of survivorship; the interests need not be equal.
- TENANT
- One who leases real property from the owner.
- TENEMENTS
- All rights in real property that pass with a conveyance of it.
- TENTATIVE MAP
- The Subdivision Map Act requires subdividers initially to submit 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, the planning commission requests a final map of the tract embodying any changes.
- TENURE IN LAND
- The manner in which land is held.
- TERMITE SHIELD
- A shield, usually of noncorrodible metal, placed on top of the foundation wall or around pipes to prevent passage of termites.
- TERMITES
- Antlike insects that feed on wood.
- TESTAMENT
- The written declaration of one's last will.
- TESTAMENTARY DISPOSITION
- A gift passing by will.
- TESTATE
- Describes a person who dies leaving a will.
- TESTATOR
- A person who makes a will. Technically, a testator is a male and a testatrix is a female, although in common use testator refers to anyone who makes a will.
- THE VOLUNTARY AFFIRMATIVE MARKETING AGREEMENT
- Is a voluntary commitment by real esate licensees to promote fair housing by using methodology that is more fair than goverment regulations.
- THIRTY-DAY NOTICE
- A notice terminating a periodic tenancy without cause, by ending a tenancy thirty days from date of service.
- THREE-DAY NOTICE
- A notice giving a tenant three days in which to cure a default or quit the premises. It is the first step in an unlawful detainer action, as the means of terminating a lease for cause. When rent is delinquent, it is sometimes called a notice to quit or pay rent.
- THRESHOLD
- A strip of wood or metal beveled on each edge and used above the finished floor under outside doors.
- "TIME IS OF THE ESSENCE"
- These words, when placed in an agreement, make it necessary that all time limitations and requirements be strictly observed.
- TITLE
- Evidence of the owner's right or interest in property.
- THE RIGHT OF OWNERSHIP
- The evidence of a person's ownership or interest in property.
- TITLE INSURANCE
- Insurance written by a title company to protect a property-owner against loss if title is defective or not marketable. A special policy of insurance issued by a title company, insuring the owner against loss of or defect in title to the insured property. The policy may be either a CLTA policy, issued to the property owner and to noninstitutional lenders, or an ALTA policy, issued to institiutional lenders.
- TOPOGRAPHY
- Nature of the surface of the land. Topography may be level, rolling, or mountainous.
- TORRENS TITLE
- A title included in a state-insured title system no longer used in California.
- TORT
- A wrongful act.
- A wrong or injury.
- Violation of a legal right. A civil wrong, not arising from a breach of contract. Most torts lie in negligence, although they could also be intentional torts (such as assault and battery, trespass) or strict liability torts.
- TORTFEASOR
- A person who commits a tort.
- TORTIOUS
- Conduct which amounts to a tort.
- TOWNSHIP
- A territorial subdivision that is six miles long and six miles wide and that contains 36 sections, each one mile square.
- TRADE FIXTURES
- Articles of personal property that are annexed to real property but that are necessary to the carrying on of a trade and are removable by the owner. Fixtures installed to further one's trade, business, or profession. They are an exception to the general rule that fixtures are part of a building. Such fixtures installed by a tenant may be removed before the expiration of the tenancy.
- TRADE-IN
- Method of guaranteeing an owner a minimum amount of cash on?the sale of his or her present property to permit him or her to purchase another. If the property is not sold within a specified time at the listed price, the broker agrees to arrange financing to purchase the property at an agreed-upon discount.
- TRANSFER
- Conveyance; passage of title.
- TRANSFER DISCLOSURE STATEMENT
- It is the responsibility of the seller (transferor) to issue the statement.
- TRANSFEREE
- The person to whom a transfer is made.
- TRANSFEROR
- The person who makes a transfer.
- TREADS
- Horizontal boards of a stairway.
- TRESPASS
- An invasion of an owner's rights in his or her property.
- Unauthorized entry onto another's land.
- Invasion of another's rights or property.
- TRESPASSER
- One who trespasses. The importance of this classification of individuals on property is created by the methods for removal and the liability of the property owner if the trespasser is injured on his property.
- TRIM
- The finish materials in a building, such as moldings applied around openings (window trim, door trim) or at the floor and ceiling (baseboard, cornice, picture molding).
- TRUST
- A right of property, real or personal, held by one party called the trustee for the benefit of another party called the beneficiary. Arrangement whereby one person holds property for the benefit of another under fiduciary (special confidential) relationship.
- TRUST DEED
- Deed given by a borrower to a trustee to be held pending fulfillment of an obligation, which is usually repayment of a loan to a beneficiary. A deed of trust. Foreclosure of this deed maybe at a foreclosure or at a trustee's sale. The lender in the trust deed is reffered to as the beneficary. Trust deed investments should be on improved property rather than on unimproved property.
- TRUST FUNDS
- Consists of money or property received by a real estate licensee on behalf of others. Cannot be given to the seller without the permission of the buyer. Must be in writing. These funds may not be commingled. It is against the law. Protects the money in case a legal action is taken against the broker. These records are subject to audit and examination by the D.R.E. . All records and corresponding instuments must be kept for a period of (3) three years.
- TRUSTEE
- One who holds property in trust for another. The person who holds property in trust for another. In a deed of trust, the person who holds bare legal title in trust.
- TRUSTEE'S DEED
- The deed issued by the beneficiary after the foreclosure and sale under a deed of trust.
- TRUSTEE'S SALE
- The private sale of property held by a trustee under a deed of trust as part of the foreclosure proceedings.?
- TRUSTEE'S SALE
- This sale must be conducted in approximately four months.
- TRUSTOR
- One who conveys his or her property to a trustee.
- The borrower or debtor under a deed of trust.
- TRUSTOR'S REINSTATEMENT RIGHTS
- These rights continue for five business days prior to the date of the trustee's sale.
- TRUTH IN LENDING LAW
- A complex set of federal statutes designed to provide a borrower with a means of discovering and comparing the true costs of credit. Under Regulation Z of the act, certain borrowers of property have three days after accepting a loan to rescind without cost or liability.
|
