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Common Joe 'n Jane Real Estate Wiki

Your down-to-earth guide to mastering real estate exam terms and concepts! We've stripped away the industry jargon and complex language, breaking down intricate ideas into bite-sized, easy-to-digest pieces for all the common "Joe 'n Jane's" out there.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Tax Base: Tax base refers to the total value of all the properties in a certain area that are used to... (Read more)
Tax Certificate: A tax certificate is a document that shows someone has paid the taxes on a property for a certain period of time. After waiting for a specific amount of time, the person who holds the tax certificate can ask for a special paper called a "tax... (Read more)
Tax Deed: A tax deed is a special type of document that gives someone the legal right to own a property after it has been sold because the previous owner didn't pay their taxes. Think of it like a special receipt that proves you now own... (Read more)
Tax District: A tax district is an area or zone within a city, county, or state that has specific boundaries set by the local government. Each tax district is responsible for collecting taxes from the people who live and own property there. These taxes are... (Read more)
Tax Rate (Millage Rate): A tax rate, also known as a millage rate, is the amount of money a property owner must pay in taxes for every $1,000 of their property's assessed value. Local governments use this rate to collect property taxes, which help fund essential... (Read more)
Tax Sale: A tax sale is a public auction where properties are sold because their owners didn't pay their property taxes. Local governments hold these sales to recover the unpaid taxes and use the money to fund important community services, like... (Read more)
Tax Shelter: A tax shelter is a legal way to reduce the amount of taxes a person or business has to pay. It's like finding a safe place to protect your money from being taken away by taxes. Tax shelters can include various financial strategies, investments,... (Read more)
Taxable Gain: A taxable gain is the profit you make when you sell something, like a property, for more than what you originally paid for it. When you have a tax gain, you might have to pay taxes on the profit, depending on your specific situation and the tax... (Read more)
Taxable Income: Taxable income is the amount of money you earn during a year that is subject to taxes. It includes not only your salary or wages but also other types of income, like rental income, dividends, or profits from selling a property. To calculate... (Read more)
Taxable Value: Taxable value is the amount of a property's value that is used to calculate property taxes. It is usually a percentage of the property's assessed value, which is determined by a tax assessor. The taxable value might be lower than the assessed... (Read more)
Tenancy in Common: Tenancy in Common is a way for two or more people to own a property together, with each person owning a specific percentage. Each owner can sell, give away, or pass on their share of the property to someone else without affecting the other... (Read more)
Tenancy in Severalty: Tenancy in Severalty is when a property is owned by just one person or entity, with no co-owners involved. The single owner has complete control over the property and can sell, rent, or use it as they wish, without needing approval... (Read more)
Testate: Testate is a term used when a person has a written will before they pass away. It's like leaving a set of instructions that say how their belongings and property should be shared after... (Read more)
The Appraisal Foundation: A private not-for-profit, non-governmental organization established to promote qualifications, and standards of professional practice, for the... (Read more)
The Six Functions of a Dollar: "Six Functions of a Dollar" is a concept in finance that helps us understand how money can change over time. It's like a set of tools or formulas that help us calculate different scenarios involving money, like saving, investing,... (Read more)
Tier: A "tier" in the rectangular survey system is like a row of rectangles on a grid. This grid is used to divide land into neat pieces, so people know exactly where their property starts and ends. Tiers run horizontally, and they're lined up between... (Read more)
Time Share: A "time share" is when several people share ownership of a vacation property, either by owning a part of it (fee interest) or having a long-term agreement to use it (leasehold interest). Each person gets to use the property during specific... (Read more)
Time Value of Money: The "time value of money" is the idea that money you have now is worth more than the same amount of money you'll get in the future. This is because you can use the money now to invest or buy things that could grow in value or help you make... (Read more)
Title: A "title" in real estate is like a special paper that says you own a piece of land or a building, like a house. It's the official proof that you have the right to own and use that property, and it helps make sure that everyone knows who the... (Read more)
Title Insurance: Title insurance is like a safety net that protects a person who buys a house or property. It makes sure that the person selling the house actually has the right to sell it, and that there aren't any hidden problems, like unpaid taxes or loans,... (Read more)
Title Plant: A title plant is like a big library that keeps records of all the ownership details and history of houses and properties in a specific area. It helps real estate agents, lawyers, and title companies find important information about a property... (Read more)
Title Records: Title records are like a big collection of documents that show the history of a property, including who has owned it, if there are any loans on it, and if there are any legal issues tied to it. These records help people make sure everything is... (Read more)
Title Theory State: A title theory state is a place where, when you borrow money to buy a house, the lender (the one who lends the money) gets the legal ownership of the property until you pay back the loan. This means that while you live in the house and... (Read more)
Title XI: Title XI is a set of rules made by the government (Congress) to make sure that when people figure out how much a property is worth (appraisal), they do it correctly and fairly. These rules help keep the process honest and protect people who buy... (Read more)
Torrens System: The Torrens System is a way of keeping track of who owns a property by using an official government register. When someone buys or sells a property, the change of ownership is recorded in this register, making it clear and easy to know who... (Read more)
Total Gross Income: Total Gross Income is the entire amount of money a property can make before taking away any costs or empty spaces that don't bring in money. It's like a property's full earning potential without considering any drawbacks... (Read more)
Township: A township is a large piece of land that measures six miles by six miles, which is divided into smaller squares called sections. It's part of a way to organize land called the rectangular survey system, which helps people easily locate and... (Read more)
Trade Fixture: A trade fixture is a special kind of object that helps a person run their business. Even though it's attached to a building or land, it's still considered personal property because it's important for... (Read more)
Trends: Trends are patterns or changes that we can observe over time. By looking at how things happen or develop, we can better understand what's going on in a specific area, like real estate, and make predictions about... (Read more)
Trust: A trust is a special kind of relationship between three people: the trustor, the trustee, and the beneficiary. The trustor gives legal ownership of their property to the trustee, who takes care of the property and manages it for the benefit of... (Read more)
Trust Deed: A trust deed is an agreement between a person who borrows money (the borrower) and the person who lends the money (the lender). In this agreement, a third person (the trustee) holds the ownership of the borrower's property until the borrower... (Read more)

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