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139 Cards in this Set
- Front
- Back
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take out loan |
The loan arranged by the owner or builder/developer for a buyer; the permanent financing that pays off and replaces the interim laon used during construction |
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Tacking on |
allowing successors in interest to add on their adverse use in obtaining the five years necessary for an easement by prescription or title by adverse possession |
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tax deed |
deed issued by the county tax collector when property is sold at public auction because of nonpayment of taxes a deed given at a tax sale |
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Taxable gross income |
Income from all sources, less certain payments, such as contributions to a qualified retirement plan |
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Tax shelter |
Use of passive loss depreciation to shelter active income from taxation |
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Taxable income |
income that remains after allowed deductions from adjusted gross income |
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tax bracket |
tax rate applicable to a taxpayer’s taxable income |
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Tax credit |
reduction in tax owed |
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Tax deed |
deed issued by the county tax collector when property is sold at public acution becuase of nonpayment of taxes |
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Tax deferred exchange |
transfer of property held for porductive use in a trade or business or for investment in exchange for like kind property in a trasaction that meeets the requirements of Section 1031 of the Internal Revenue Code |
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Tax increment funding |
payments on bonds through collection of increased taxes on improvements financed by the bonds |
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Tax lien |
liens for property taxes are specific priority liens against the property assessed. Liens for state and federal income tax are general liens against the property of the taxpayer an involuntary lien that arises from a taxpayer’s obligation to pay real property taxes, state income and estate taxes, or federal income, gift, and estate taxes |
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Taxpayer advocate’s office |
state office that assists taxpayers in explaining and resolving tax issues. |
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Tax rate |
percentage of income, proceeds, or consideration paid that is charged for a specific tax; the documentary transfer tax ratee is 55 cents per $500 or fraction of $500 of the consideration paid for property |
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Tenancy at sufferance |
the tenancy of a holdover tenant. The lessor can treat such a tenant as a trespasser |
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Tenancy at will |
a tenancy at the pleasure of the lessor |
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Tenancy by the entirety |
Not used in Califronia, it is a joint tenancy between spouses where neither spouse can separately convey his or her interest |
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Tenancy for years |
a tenancy for a definite period of time. The tenancy does not renew automatically, and the tenant must give up possession at the end of the lease unless an extension to the lease or a new lease is agreed on |
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Tenancy in common |
co-ownership of property in equaly or unequal shares by two or more persons, each holding an undivided interest without right of survivorship undivided interest in property without the right of survivorship |
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Tenancy in partnership |
Ownership by two or more persons, acting as partners, of property held for partnership pruposes |
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tender |
an offer of money or full performance of an agreeement without any conditions |
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Tenant |
lessee under a lease; onw who has the legal right to possession and use of property belonging to another |
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Tentative map |
initial map filed by a subdivider under the subdivision map act. When all approvals and changes are made, the final map is recorded. |
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Tender |
an offer to perform a contracted obligation |
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Tentative subdivision map |
the initial or teentative map required of subdividers by the SUbdivision Map Act, submitted to the local planning commission, which notes its approval or disapproval; a final map embodying any changes requested by the planning commission also must be submitted |
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Testamentary trust |
a trust established by will and funded with proceeds from the estate of the decedent |
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Termination statement |
a statemeent that, when filed, releases the lien of the financing statement |
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Testate |
having a will upon death |
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Testator |
a peerson who makes a will |
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Third party originator |
a party who prepares loan applications for borrowers and submits the loan package to lenders a person, not a party to a contract , who was the intended beneficiary of the contract and therefore has a standing to sue if the contract is breached |
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Tiers |
in the rectangular survey system of land description, townships running north and south of a base line |
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30 day notice |
a notice to vacate under a periodic tenancy. Notice must be for the length of the rent - paying period, but need not be for more than 30 days |
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TILA-RESPA Integrated Disclosure Rule (TRID) |
Federal rule that provides for loan estimate and closing disclosure forms in residential loan transactions. |
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Three day notice |
a notice to quit, quit or pay rent, or quit or cure that must be given before an unlawful detainer action |
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Time share estate |
a right of occupancy in a time share project (subdivision coupled with an estate in the real property） |
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time share project |
a form of subdivision of real property into rights to the recurrent, exclusive use or occupancy of a lot or unit of the property on an annual or other periodic basis, for a specified period |
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Tidelands |
land between ordinary high and low tides |
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Tie in agreement |
requirement that a party agree to another nonrelated transsaction as a condition of purchase of sale (sherman act violation) |
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Time - share use |
a license or contractual or membership right of occupancy in a time share project is not coupled with an estate in the real property |
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“Time is of the essence” |
a statement in a contract that requires performance within the stated time period if the other party is to be bound by the agreement |
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Time-share |
fractionalized ownership whereby each owner has exclusive right of occupancy for an agreed on period of time |
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Title insurance |
insurance to protect a real property owner or lender up to a specified amount against certain types of loss affecting title or marketablity a policy that insured the marketability of title. The insurance contract indemnifies the insured against losses not excluded by the policy, up to the policy amount |
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Title insurance company |
business liceensed by the state to insure buyers and lendeers against losses due to deefects in title to real estate |
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Tort |
any wrongful act, other than a breach of contract, for which a civil action may be brought by the person wronged |
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Tort |
any wrongful act, other than a breach of contract, for which a civil action may be brought by the person wronged |
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Title plant |
the title records of a title insurer to determine marketability of title |
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Tort |
any wrongful act, other than a breach of contract, for which a civil action may be brought by the person wronged a civil wrong or violation of a duty |
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Title plant |
the title records of a title insurer to determine marketability of title |
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Title insurance fund |
specified amount of premiums collected by a licensed Califronia title isnurance company that must be set aside each year |
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Title plant |
detabse of a title insurance company that includes records of real estate transfers |
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Title theory (mortgage) |
The theory in some states that a mortgage transfers title to the mortgagee as security for the loan |
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Title theory (mortgage) |
The theory in some states that a mortgage transfers title to the mortgagee as security for the loan |
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Township |
a standard land area of six miles square, divided into 36 sections of one mile square each, used in the rectangular survey system of land description |
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Title theory (mortgage) |
The theory in some states that a mortgage transfers title to the mortgagee as security for the loan |
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Township |
a standard land area of six miles square, divided into 36 sections of one mile square each, used in the rectangular survey system of land description |
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Trade fixtures |
fixtures installed by a tenant for the purpose of conducting a business or trade. The trade ficture remains personal property and can be removed by the tenant |
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Title theory (mortgage) |
The theory in some states that a mortgage transfers title to the mortgagee as security for the loan |
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Township |
a standard land area of six miles square, divided into 36 sections of one mile square each, used in the rectangular survey system of land description |
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Trade fixtures |
fixtures installed by a tenant for the purpose of conducting a business or trade. The trade ficture remains personal property and can be removed by the tenant articles of personal property that are annexed by a business tenant to real property that are necessary to the carrying on of a trade and are removable by the tenant |
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Toxic mold |
Usually a greenish black mold that causes respiratory problems. It usually grows on metrial with a high cellulose content |
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Transferability |
One of the foure elements that must be present for a market to be created; demand, utility, scarcity, and trasnferability |
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Transferability |
One of the foure elements that must be present for a market to be created; demand, utility, scarcity, and trasnferability |
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triple - net lease |
Guarantees a specific net income to the landlord, with the tenant paying the amount plus all operating and other property expenses, such as taxes, assessments, and insurance |
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Transfer disclosure statement |
requires sellers disclosrues for residential sales |
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Transfer disclosure statement |
requires sellers disclosrues for residential sales |
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Trust |
method of property ownership in title is transferred by a trustor to a trustee to be held for the benefit of a beneficiary |
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Transfer disclosure statement |
requires sellers disclosrues for residential sales |
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Trust |
method of property ownership in title is transferred by a trustor to a trustee to be held for the benefit of a beneficiary |
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Trust account |
an account separate from a broker’s own funds (business and personal) in which the broker is required by law to deposit all funds collected for clients befroe disbursement 支出 |
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Transfer disclosure statement |
requires sellers disclosrues for residential sales |
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Trust |
method of property ownership in title is transferred by a trustor to a trustee to be held for the benefit of a beneficiary |
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Trust account |
an account separate from a broker’s own funds (business and personal) in which the broker is required by law to deposit all funds collected for clients befroe disbursement 支出 |
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treaty of guadalupe hidalgo |
treaty ending the mexican-american war where by United States agreed to honor property rights of Mexican citizens, which included the community property concept |
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Transfer disclosure statement |
requires sellers disclosrues for residential sales |
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Trust |
method of property ownership in title is transferred by a trustor to a trustee to be held for the benefit of a beneficiary |
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Trust account |
an account separate from a broker’s own funds (business and personal) in which the broker is required by law to deposit all funds collected for clients befroe disbursement 支出 |
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treaty of guadalupe hidalgo |
treaty ending the mexican-american war where by United States agreed to honor property rights of Mexican citizens, which included the community property concept |
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Trust deed |
a deed issued by a borrower of funds (the trustor) conveying title to a trustee on behalf of a lender, the beneficiary of the trust; the trust deed authorizes the trustee to sell the property to pay the remaining indebtedness to the beneficiary if the trustor defaults on the underlying obligation |
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Transfer disclosure statement |
requires sellers disclosrues for residential sales |
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Trust |
method of property ownership in title is transferred by a trustor to a trustee to be held for the benefit of a beneficiary |
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Trust account |
an account separate from a broker’s own funds (business and personal) in which the broker is required by law to deposit all funds collected for clients befroe disbursement 支出 |
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treaty of guadalupe hidalgo |
treaty ending the mexican-american war where by United States agreed to honor property rights of Mexican citizens, which included the community property concept |
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Trust deed |
a deed issued by a borrower of funds (the trustor) conveying title to a trustee on behalf of a lender, the beneficiary of the trust; the trust deed authorizes the trustee to sell the property to pay the remaining indebtedness to the beneficiary if the trustor defaults on the underlying obligation |
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Trsutee |
own who holds property conveyed by a trustor on behlaf of ( in trust for) the beneficiary, to secure the performance of an obligation |
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Transfer disclosure statement |
requires sellers disclosrues for residential sales |
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Trust |
method of property ownership in title is transferred by a trustor to a trustee to be held for the benefit of a beneficiary |
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Trust account |
an account separate from a broker’s own funds (business and personal) in which the broker is required by law to deposit all funds collected for clients befroe disbursement 支出 |
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treaty of guadalupe hidalgo |
treaty ending the mexican-american war where by United States agreed to honor property rights of Mexican citizens, which included the community property concept |
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Trust deed |
a deed issued by a borrower of funds (the trustor) conveying title to a trustee on behalf of a lender, the beneficiary of the trust; the trust deed authorizes the trustee to sell the property to pay the remaining indebtedness to the beneficiary if the trustor defaults on the underlying obligation |
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Trsutee |
own who holds property conveyed by a trustor on behlaf of ( in trust for) the beneficiary, to secure the performance of an obligation |
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Trespass |
Unlawful entry of, or injury to, the property of another |
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Transfer disclosure statement |
requires sellers disclosrues for residential sales |
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Trust |
method of property ownership in title is transferred by a trustor to a trustee to be held for the benefit of a beneficiary |
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Trust account |
an account separate from a broker’s own funds (business and personal) in which the broker is required by law to deposit all funds collected for clients befroe disbursement 支出 |
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treaty of guadalupe hidalgo |
treaty ending the mexican-american war where by United States agreed to honor property rights of Mexican citizens, which included the community property concept |
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Trust deed |
a deed issued by a borrower of funds (the trustor) conveying title to a trustee on behalf of a lender, the beneficiary of the trust; the trust deed authorizes the trustee to sell the property to pay the remaining indebtedness to the beneficiary if the trustor defaults on the underlying obligation |
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Trsutee |
own who holds property conveyed by a trustor on behlaf of ( in trust for) the beneficiary, to secure the performance of an obligation |
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Trespass |
Unlawful entry of, or injury to, the property of another |
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Trustee’s deed |
Deed given to the purchaser at a foreclosure sale by the trustee acting under a deed of trust |
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Transfer disclosure statement |
requires sellers disclosrues for residential sales |
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Trust |
method of property ownership in title is transferred by a trustor to a trustee to be held for the benefit of a beneficiary |
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Trust account |
an account separate from a broker’s own funds (business and personal) in which the broker is required by law to deposit all funds collected for clients befroe disbursement 支出 |
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treaty of guadalupe hidalgo |
treaty ending the mexican-american war where by United States agreed to honor property rights of Mexican citizens, which included the community property concept |
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Trust deed |
a deed issued by a borrower of funds (the trustor) conveying title to a trustee on behalf of a lender, the beneficiary of the trust; the trust deed authorizes the trustee to sell the property to pay the remaining indebtedness to the beneficiary if the trustor defaults on the underlying obligation |
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Trsutee |
own who holds property conveyed by a trustor on behlaf of ( in trust for) the beneficiary, to secure the performance of an obligation |
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Trespass |
Unlawful entry of, or injury to, the property of another |
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Trustee’s deed |
Deed given to the purchaser at a foreclosure sale by the trustee acting under a deed of trust |
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Trust deed |
a three party security transaction in which the trustor (borrower) gives a note to the beneficiary (lender) and a title (trust deed) to a trustee as security for the note |
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Transfer disclosure statement |
requires sellers disclosrues for residential sales |
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Trust |
method of property ownership in title is transferred by a trustor to a trustee to be held for the benefit of a beneficiary |
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Trust account |
an account separate from a broker’s own funds (business and personal) in which the broker is required by law to deposit all funds collected for clients befroe disbursement 支出 |
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treaty of guadalupe hidalgo |
treaty ending the mexican-american war where by United States agreed to honor property rights of Mexican citizens, which included the community property concept |
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Trust deed |
a deed issued by a borrower of funds (the trustor) conveying title to a trustee on behalf of a lender, the beneficiary of the trust; the trust deed authorizes the trustee to sell the property to pay the remaining indebtedness to the beneficiary if the trustor defaults on the underlying obligation |
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Trsutee |
own who holds property conveyed by a trustor on behlaf of ( in trust for) the beneficiary, to secure the performance of an obligation |
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Trespass |
Unlawful entry of, or injury to, the property of another |
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Trustee’s deed |
Deed given to the purchaser at a foreclosure sale by the trustee acting under a deed of trust |
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Trust deed |
a three party security transaction in which the trustor (borrower) gives a note to the beneficiary (lender) and a title (trust deed) to a trustee as security for the note |
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Trsutor |
one who conveys property to a trustee to hold on behalf of (in trust for) a beneficiary to secure the performance of an obligation; borrower under a deed of trust |
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Trustee |
the third party holding naked legal title for security purposes under a trust deed |
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Trustee |
the third party holding naked legal title for security purposes under a trust deed |
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Trustee’s sale |
sale of property held as security for payment of a loan on defualt of the trustor sale by the trustee when the troustor defaults. A trustee’s deed is given to the purchaser |
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Trustee |
the third party holding naked legal title for security purposes under a trust deed |
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Trustee’s sale |
sale of property held as security for payment of a loan on defualt of the trustor sale by the trustee when the troustor defaults. A trustee’s deed is given to the purchaser |
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Trustee’s deed |
deed given by trustee to purchaser after trustee’s sale |
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Trustee |
the third party holding naked legal title for security purposes under a trust deed |
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Trustee’s sale |
sale of property held as security for payment of a loan on defualt of the trustor sale by the trustee when the troustor defaults. A trustee’s deed is given to the purchaser |
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Trustee’s deed |
deed given by trustee to purchaser after trustee’s sale |
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Trustor |
the buyer or borrower under a trust deed |
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Trustee |
the third party holding naked legal title for security purposes under a trust deed |
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Trustee’s sale |
sale of property held as security for payment of a loan on defualt of the trustor sale by the trustee when the troustor defaults. A trustee’s deed is given to the purchaser |
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Trustee’s deed |
deed given by trustee to purchaser after trustee’s sale |
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Trustor |
the buyer or borrower under a trust deed |
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Truth in lending act (TILA) |
Federal law that reuires certain disclosues in consumer credit transactions; implemented by Regulation Z that is now subject to the Consumer Financial Protection Bureau a disclosure law the informs borrowers of credit costs. It provides a right of rescission when credit is secured by a borrower’s residence deferal act requiring loan term disclosures, as well as advertising disclosures |
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Trustee |
the third party holding naked legal title for security purposes under a trust deed |
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Trustee’s sale |
sale of property held as security for payment of a loan on defualt of the trustor sale by the trustee when the troustor defaults. A trustee’s deed is given to the purchaser |
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Trustee’s deed |
deed given by trustee to purchaser after trustee’s sale |
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Trustor |
the buyer or borrower under a trust deed |
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Truth in lending act (TILA) |
Federal law that reuires certain disclosues in consumer credit transactions; implemented by Regulation Z that is now subject to the Consumer Financial Protection Bureau a disclosure law the informs borrowers of credit costs. It provides a right of rescission when credit is secured by a borrower’s residence deferal act requiring loan term disclosures, as well as advertising disclosures |
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Truth in savings act |
requires lender disclosure of costs and annual perceentage yield |
