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TALCB
Acronym - Texas Appraiser Licensing and Certification Board
Taking
See eminent domain.
Tenancy by the Entirety
A special kind of property ownership that's only for married couples. Both spouses have the right to enjoy the entire property, and when one spouse dies, the surviving spouse gets title to the property (called a right of survivorship). It is similar to joint tenancy, but it is available in only about half the states.
Tenancy in Common
A type of ownership in which two or more people have an undivided interest in property, without the right of survivorship. Upon death of one of the owners, his/her interest passes to his/her heirs or devises. Contrast with joint tenancy.
Tenant
Anyone, including a corporation, who rents real property, with or without a house or structure, from the owner (called the landlord). The tenant may also be called the "lessee."
Tenants in Commo
n
See tenancy in common.
Tenement
Everything that may be occupied under a lease by a tenant.
Term
The actual life of a mortgage, at the end of which the mortgage becomes due and payable unless the lender renews the mortgage.
Texas Appraiser Licensing and Certification Board (TALCB)
A regulatory agency of the State of Texas, the TALCB was created in 1991 to license, certify and regulate real estate appraisers in Texas under state and federal laws. It superseded the Texas Real Estate Appraiser Certification Committee of the Texas Real Estate Commission.
Texas Deceptive Trade Practices - Consumer Protection Act
Makes it illegal for false, misleading, or deceptive acts or practices in the advertising, offering for sale, selling, or leasing of any real or personal property. The Act provides for civil penalties and in some cases, for mandatory triple damages and attorney fees for the aggrieved party. Also see Deceptive Trade Practices Act.
Texas Housing Agency (THA)
Created in 1979, the THA issues tax exempt mortgage revenue bonds. The funds may be used to purchase existing mortgages from lending institutions, to purchase new mortgage loans, or to make direct loans to qualified housing sponsors who are recommended by a lending institution. The agency does not actually originate mortgages, but issues commitments to lenders to purchase mortgages that meet all the agency's requirements. This is known as a forward commitment program.
Texas Natural Resource Conservation Commission (TNRCC)
The TNRCC is the lead environmental agency for The State of Texas. Its mission is to protect the state's human and natural resources consistent with sustainable economic development. Goals include clean air, clean water, and the safe management of waste. The TNRCC is responsible for the general supervision and oversight of water districts and utilities, including the processing of petitions to create a district and applications to approve a utility service area. In addition, the agency maintains approval authority over many utility matters including the review of most district bond issues to assure the engineering and economic feasibility of projects, as well as standby fees, impact fees, fire plans, and other district matters plus the rates charged by privately-owned and member-owned utilities.
Texas Real Estate License Act (TRELA)
The law which established the Texas Real Estate Commission and governs the licensure and lawful behavior of Real Estate Brokers and Salespersons. The Texas Real Estate License Act may be amended by the State Legislature, as it deems necessary.
Texas Real Estate Commission (TREC)
The state regulatory agency responsible for the education and licensing of Real Estate Brokers, Inspectors and Salespersons. TREC also provides enforcement of the Texas Real Estate License Act, the Rules of the of the Real Estate Commission, the Texas Timeshare Act and the Residential Service Company Act. The mission of the Texas Real Estate Commission is to assist and protect consumers of real estate services, and foster economic growth in Texas. Through its programs of education, licensing and industry regulation, the Commission ensures the availability of capable and honest real estate service providers.
Texas Veterans Home Improvement Program
This program assists Texas veterans in the repair and improvement of their principle residence by providing low interest home improvement loans up to $15,000.
Texas Veterans Housing Assistance Program (VHAP)
Established by a constitutional amendment in 1984, the VHAP assists Texas veterans in the purchase of a principal residence.
Texas Veterans Land Program
Established by state in 1949 to assist Texas veterans to buy land with a small down payment and with long term mortgages with low interest rates.
Time is of the Essence
A clause, which if included in a contract, makes failure to perform by a specified date a material breach or violation of the contract.
Timeshare
An arrangement under which a purchaser receives an interest in real property and the right to use an accommodation or amenities, or both, for a specified period and on a recurring basis. Used primarily for selling vacation properties.
Title
The right of ownership of a property.
Title Company
A company that provides title insurance policies. In Texas title companies also act as escrow agents, conduct title searches and hold closings.
Title Insurance
Protection for lenders or homeowners against financial loss resulting from legal defects in the title.
Title Search
Checks all the records relating to the property to determine whether the seller can sell the property, and can do so free of liens.
Title Theory State
The system in which the lender has legal title to the mortgaged property and the borrower has equitable title. Texas is not a title theory state. Contrast with lien theory state.
TNRCC
See Texas Natural Resource Conservation Commission.
Torrens System
A system of land registration (not used in Texas) in which clear title is established with a governmental authority, which issues title certificates to owners.
Townhouse
A dwelling unit usually with two,three or four floors, and shared structural walls. It can be individually owned, a condominium, a cooperative, a planned unit development or a rental property.
Transaction Fee
A fee which may be charged each time you draw on a home equity credit line.
TREC
Acronym - Texas Real Estate Commission.
TRELA
Acronym - Texas Real Estate License Act.
TRERC
Acronym - Texas Real Estate Research Center, now renamed Real Estate Center.
Triple Net Lease
See net lease.
Trust Deed
The most common method of financing real estate purchases in California (most other states use mortgages). The trust deed transfers the title to the property to a trustee--often a title company--who holds it as security for a loan. When the loan is paid off, the title is transferred to the borrower. The trustee will not become involved in the arrangement unless the borrower defaults on the loan. At that point, the trustee can sell the property and pay the lender from the proceeds. In Texas it is more commonly refered to as a deed of trust.
Trustee
One who as agent for others handles money or holds title to their land.
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