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REAL ESTATE DICTIONARY

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	T1-11 A hardboard exterior siding with vertical grooves to simulate boards.
	tank stopper A rubber plug or flapper that seals the valve seat between a toilet tank and bowl. Upon flushing a toilet, the tank stopper is lifts to allow water to rush through the flush valve into the bowl.
	tap fees A fee charged by most companies for hooking up utilities.
	tax deduction A tax break given by the government. Mortgage interest, loan points, and property taxes can be deducted.
	tax lien A lien placed against a property for nonpayment of taxes.
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	tax sale The public sale of a property by the government for nonpayment of taxes.
	tax service fee A fee collected to set up third-party monitoring of the borrower’s property tax payments. This is done to ensure that the payments are made on time, and to prevent tax liens from occurring to the detriment of the lender.
	tax shelter A term often applied to real estate investment, referring to various tax advantages.
	tear-down A house in such poor condition as to require rebuilding from the ground up.
	teaser rate A low, short-term interest rate offered on a mortgage to entice the borrower.
	tenancy by the entirety Ownership by a husband and wife in which they together hold title to the whole property with right of survivorship.
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	tenancy in common A form of ownership in which two or more owners hold an undivided (though not necessarily equal) interest in the property, with no right of survivorship.
	tenure A common-law term referring to the way in which a piece of property is held, such as a fee simple or leasehold.
	terra cotta A red, low-fired tile that is a popular roofing material.
	terrace A terrace can be several things: a veranda, a roofed balcony, an unroofed paved area next to a house, or a raised bed of earth constructed to enhance a landscape.
	The Buyer’s Agent Inc. National buyer’s brokerage company with franchises in 28 states. Call (800) 766-8728 for information and referrals.
	thermocouple A thick copper wire that acts as a safety device on a gas burner. If the pilot light for the burner goes out, the sensor on the end of the wire cools and prevents the flow of gas to the burner.
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	thermocouple A safety device on a pilot light gas ignition system. If the thermocouple isn’t being warmed by the pilot light, it shuts off the flow of gas.
	thermostat A control that automatically turns on a heater, furnace, or air conditioner when room temperature reaches a set level.
	thermostatic control A device used to regulate the point at which the burner for the water heater is activated.
	third-party origination In a third-party origination transaction, the lender has another institution originate all or part of a mortgage.
	three-way switch A three-way switch controls one or more lights from two different locations. These are often placed at both ends of a stair or hallway.
	threshold A flat trim strip normally made of oak or aluminum that offers a durable and finished transition between the floors on both sides of a door or between indoors and out.
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	throw The distance a deadbolt extends out from the edge of a door when in its locked position.
	time is of the essence A phrase in a purchase contract that indicates a certain period of time in which an act must be performed.
	timeshare Ownership involves the acquisition of a specific period of time or percentage of interest in a vacation home or resort.
	title The legal document conferring ownership of a piece of real estate.
	title company A firm that ensures that the property title is clear and provides title insurance.
	title examination An examination of the public record to determine that the seller is the legal owner and there are no encumbrances (such as claims or liens) affecting the property.
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	title insurance A policy issued to lenders and buyers to protect against loss due to disputed property ownership.
	title insurance binder A title insurance company’s written commitment to insure title to the property, subject to the conditions and exclusions shown on the binder.
	title risk Possible impediments to the transfer of a title from one owner to another.
	title search The process of reviewing all recorded transactions in the public record to determine whether any title defects exist that could interfere with the clear transfer of ownership of the property.
	toilet seal A gasket that seals the joint between the bottom of a toilet and the drain piping. This prevents water leakage and the escape of sewer gases.
	tongue and groove Lumber with a small groove down one side of each board and a protruding piece (tongue) on the other side that fits into the groove when the boards are installed.
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	top producer A real state industry term that refers to agents and brokers who sell a high volume of homes.
	top rail

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