Real Estate Terms- Part 10

Terrazzo Flooring
A sturdy flooring finish of marble chips mixed with cement mortar. After drying, the surface is ground and polished.

Tillable Acres
Arable: (of farmland) capable of being farmed productively

Timber Farm
A privately owned forest managed on a multiple use basis with timber production as an important management goal.

Timeshare
Ownership that involves the acquisition of a specific period of time or percentage of interest in a vacation home or resort.

Title
The evidence one has of right to possession of land.

Title Insurance
Insurance against loss resulting from defects of title to a specifically described parcel of real property.
Title Search
An investigation into the history of ownership of a property to check for liens, unpaid claims, restrictions or problems, to prove that the seller can transfer free and clear ownership.

To Be Built
Shall be listed as Residential properties only if a plan has been selected, selling price established, and the database entry labeled in the Year Built Description field.

Toilets
The number of toilets/stalls in a building.

Topography
The state of the surface of the land; may be rolling, rough, flat, etc.

Topography Map
A map displaying the state of the surface of the land; may be rolling, rough, flat, etc.

Total Annual Expenses
All expenses for the year added together.

Total Appx. Net Rentable Space
In a building or project, floor space tha tmay be rented to tenants; area upon which rental payments are based.

Total Assessment Value
The assessed values for the land and building added together.

Total Available Space
The whole area available to lease by the tenant.

Total Debt Ratio
Monthly debt and housing payments divided by gross monthly income. Also know as Obligations-to-Income Ratio or Back-End Ratio.

Town House
A dwelling unit, generally having 2 or more floors and attached to other similar units via party walls. Town houses are often used in planned unit developments and condominium developments, which provide for clustered or attached housing and common open space.

Triple Net (NNN)
Lease under which the tenant pays all operating expenses of the property. The landlord receives a net rent.

Triplex
A building with three apartment or town house units.

Truck Crop Operation
Farming food crops such as tomatoes, potatoes, peas, etc.

Truth-in-Lending Act
A federal law requiring a disclosure of credit terms using a standard format. This is intended to facilitate comparisons between the lending terms of different financial institutions.

Turbines
Device that converts the flow of a fluid (air, steam, water, or hot gases) into mechanical motion for generating electricity.

Type of Home Allowed
The type of dwelling allowed by deed and/or land restrictions.

Under Construction
A property where the construction has begun on the dwelling, but is not complete.

Underground Utilities
Utility lines are dug and buried underground.

Unit #
In multifamily residential property, a suite of rooms making up a residence for 1 tenant. It is generally characterized by a private entrance and some method of individuality from other units in the building or complex.

Unit Mix
The number of bedrooms and bathrooms per unit.

Unit Style
Description of the individual unit available to possess.

Universal Land Use Code
Finally, since coding systems vary county-to-county (and state-to-state), First American CoreLogic offers a “Universal Land Use” coding system that enables users to employ a simplified and consistent coding system for their searches in all counties. The Universal Land Use code is routinely featured on Realist searches and data presentations as a drop list.

Updated A/C Unit (≥13 Seer)
The A/C unit has been recently replaced with a unit that is rated 13 SEER or higher.

Updated/Remodeled
To change the appearance and functional utility of a building. This may include painting, repairing, and replacing of fixtures and equipment.

Urethane
A synthetic chemical structure formed by one of three specific chemical reactions. See Polyurethane.

Utility Easement
Use of another’s property for the purpose of laying gas, electric, water, and sewer lines. .

Vacancy Amount
The amount of the property that is not currently leased by tenants.

Variable Rate Commission
The commission being paid to the Buyer’s Agent has a variance. This could go higher or lower than the commission being offered.

Vaulted Ceiling
A ceiling formed in any variety of curved shape, which arches above the floor within a home.

Vermiculite
One off a group of micaceous hydrated silicate minerals related to the chlorites and used in lightweight insulating concrete.

Vertical Siding
Any finishing material that covers the outside walls of a frame building. Can be made of wood boards, aluminum, steel, vinyl or any other length of material that can be attached in a repetitive manner on outside walls hung vertically.

Veterans Administration (VA)
A government agency guaranteeing mortgage loans with no down payment to qualified veterans.

Veneer
Wood or brick exterior that covers a less attractive and less expensive surface.

Vertical Siding
Any finishing material that covers the outside walls of a frame building. Can be made of wood boards, aluminum, steel, vinyl or any other length of material that can be attached in a repetitive manner on outside walls hung vertically.

Walk-in Closet
A closet measuring a minimum of 84″ wide by 72″ deep.

Water Access
The property has close access to a body of water, through the neighborhood.

Water Access Type
The type of access to the body of water close to the property.

Water District
Any district, including any multipurpose district, created by the private and special laws of the State to perform the functions of a water utility.

Waterfront
A waterfront yard is the yard adjacent to public waterways. Waterfront yards front bays, bayous, wetlands, lakes, canals, aquatic conservation areas, aquatic preservation areas and similar waterways.

Water/Well Test
A test that is conducted by a licensed well driller, a licensed pump installer, a hydrogeologist, or an engineer to determine the sustained production capability of the well.

Weight Limit – Ex-Large (over 50 lbs.)
Weight limit for the animal(s) in or on the property may be over 50 lbs.

Weight Limit – Large (over 50 lbs.)
Weight limit for the animal(s) in or on the property may be up to 50 lbs.

Well Needed
A well will be needed to supply water to the property.

Well on Property
A well is currently on the property.

Well Shared
A well that is shared among multiple properties.

Whole House Fan
A fan designed to move air through and out of a home and normally installed in the ceiling.

Wildlife Tax Exemption
A full or partial retraction of property from the tax base, based on animal life on the property.

Withdrawn (W)
The listing is no longer available. The contract was terminated before the expiration date.

Withdrawn Date
The date the status of the listing was changed to Withdrawn.

Wood Shake
Rough shingles split from a piece of log, usually cedar, used for roofing and siding.

Wood Shingle
Roofing material, usually made from cedar, which is tapered to fit one piece over the other.

Wood Under Carpet Flooring
Wood flooring that is currently covered by carpeting.

Xeriscape
Creative landscaping for water and energy efficiency and lower maintenance. The seven xeriscape principles are: good planning and design; practical lawn areas; efficient irrigation; soil improvement; use of mulches; low water demand plants; good maintenance.

Year Built
The actual date in time when real property improvements were placed into service, or when construction of the improvements was completed.

Year Built Description
Where the information comes from or any designations pertaining to the year built.

Years Established
How long as the property/business existed?

Years on Lease
The amount of years left on the current lease of the property.

Zero Down
General term referring to real estate acquisition strategies based on seller-provided financing and/or existing loan assumption and minimal use of cash down payments. It is a method of achieving maximum profits from real estate investments.

Zoned Air/Heat
Divide your central air/heat system into up to multiple zones for independent temperatures in various areas of your home.

Zoned
An area set off by local ordinance for specific use, subject to certain restrictions or conditions.

If you are looking for a home, please call Amy Underwood at 972-921-8787, or visit our site: www.NorthTexasHomeFinders.com Please put “Amy” in the ‘How Did You Hear About Us” section.