Real Estate Glossary
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townhouseis a manufacturing style of real estate housing usually having a shared common wall between two units. It is not a form of ownership. | ||
trade fixtureany item added or installed by a tenant of a lease to the real property that is removed by the tenant prior to the end of the lease. | |
transfer tax | |
transferabilityis one of the four essential characteristics that must be present for any product to have value. Transferability refers to the ability to transfer the unrestricted use or ownership of the product to another individual. Without this quality, there would be limited or no “exchange value” potential for the product. The four essential characteristics or elements of value are: Demand, Utility, Scarcity, and Transferability – a useful tool to remember them is the acronym DUST. | |
trigger termsare items that if included in any advertising which entices a borrower must disclose additional information to protect the consumer per Regulation Z. Such terms include: credit terms, down payment, monthly payment, dollar amount of the finance charge, or term of the loan. | |
triple net lease | |
trustis a fiduciary arrangement used to transfer ownership of real or personal property to a trustee to be held and/or administered on behalf of the beneficiary. The person who creates the trust is called the trustor. | |
trust fund accountAn account set up by a broker, attorney, or other agent at a bank or other recognized depository, into which the broker deposits all funds entrusted to the agent by the principal or others; also call and earnest money or escrow account. | |
trustee's deed | |
Truth-in-Lending Actthe federal government regulation designed to protect consumers in credit transactions by requiring clear disclosure of key terms of the lending arrangement and all true costs. | ||