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 Impound
Money paid to and held by a lender for annual tax payments.

Tax Lien
Claim against a property for unpaid taxes. 

Tax Sale
Public sale of property by a government authority as a result of non-payment 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.

tenancy in common
As opposed to joint tenancy, when there are two or more individuals on title to a piece of property, this type of ownership does not pass ownership to the others in the event of death.

tenure
A common-law term referring to the way in which a piece of property is held, such as a fee simple or leasehold.

Term
The period of time between the beginning loan date on the legal documents and the date the entire balance of the loan is due. 

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. 

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. 

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
A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.

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.

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

title
A legal document evidencing a person's right to or ownership of a property. 

title company
A company that specializes in examining and insuring titles to real estate. 

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.

title insurance
Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property. 

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
A check of the title records to ensure that the seller is the legal owner of the property and that there are no liens or other claims outstanding. 

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.

top producer
A real state industry term that refers to agents and brokers who sell a high volume of homes.

top rail
The horizontal structural member of a door that runs across the top of the door.

top soil
The top layer of soil that is removed when lots are graded in preparation for construction.

total expense ratio
The percentage of monthly debt obligations relative to gross monthly income.

total lender fees
Fees required by the lender to obtain the loan, apart from other fees associated with transferring a property between buyer and seller. Also known as finance charges.

total loan amount
The base loan amount plus any financed closing costs.

total monthly housing costs
The sum of principal, interest, property taxes, and if applicable, private mortgage insurance (PMI) and either hazard insurance or homeowners' association dues.

total of all payments
The total cost of the loan, including repayment of the principal amount and the sum of monthly interest payments.

total paid at closing
All closing costs, prepaid fees, and the down payment. The lender may require you to demonstrate extra cash reserves equal to two months' worth of housing expenses as well.

townhouse
An attached home that is not a condominium.

TPRV
Temperature/pressure relief valve. A device that releases built-up energy in a tank at a certain temperature or pressure.

tract home
Another term for a production home, a mass-produced house constructed by one builder in a project.

trade equity
Other real estate or assets that a buyer gives to a seller as part of the down payment.

trading down
Buying a home that is less expensive than the one's current house.

trading up
Buying a home that is more expensive than one's current house.

transaction broker
A real estate professional who is hired to help a buyer and seller reach an agreement. The transaction broker does not represent either the buyer or the seller.

transfer of ownership
Any means by which the ownership of a property changes hands. Lenders consider all of the following situations to be a transfer of ownership: the purchase of a property "subject to" the mortgage, the assumption of the mortgage debt by the property purchaser, and any exchange of possession of the property under a land sales contract or any other land trust device. 

transfer tax
State or local tax payable when title passes from one owner to another. 

transom
A small hinged window directly above a door.

trap
In plumbing, a curved section of drainpipe that fills with water, providing a liquid seal to prevent the emission of sewage gases.

trap
A trap is the U- or S-shaped section of drainpipe directly beneath a plumbing fixture such as a sink or shower. Its shape is intended to hold a small amount of water so that it blocks sewer gasses from rising into the home.

tray ceiling
A tray ceiling has edges that slant toward the middle from the walls.

tread
The flat part of a stair step.

Treasury bills
Securities issued by the Treasury Department that have the full backing of the U.S. government.

Treasury index
An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities or is derived from the U.S. Treasury's daily yield curve, which is based on the closing market bid yields on actively traded Treasury securities in the over-the-counter market. 

trellis
A decorative landscape structure made of thin strips of wood or plastic.

trim work
The finishing of doors, doorways, window frames, and floors.

truss
A prefabricated framework of girders, struts and other items used to support a roof or other load-bearing elements.

trust account
A special account used by a broker or escrow agent to safeguard funds for a buyer or seller.

trustee
A legally empowered person who holds or controls a piece of property for another person.

 Truth-in-Lending
A federal law that requires lenders to fully disclose, in writing, the terms and conditions of a mortgage, including the annual percentage rate (APR) and other charges.

tuck-point
The process of removing old mortar from between bricks and replacing it with new mortar. 

two-step mortgage
An adjustable-rate mortgage (ARM) that has one interest rate for the first five or seven years of its mortgage term and a different interest rate for the remainder of the amortization term. 

two- to four-family property
A property that consists of a structure that provides living space (dwelling units) for two to four families, although ownership of the structure is evidenced by a single deed. 

trustee
A fiduciary who holds or controls property for the benefit of another.