TENANCY   
The right to occupy a building or unit.

TENANCY IN COMMON   
A form of holding title, whereby there are two or more people on title to a property, ownership does not pass on to the others upon the death of one individual.

THIRD PARTY ORIGINATION   
When a lender uses a third party to originate and package loans for sale to the secondary market (Fannie Mae, Freddie Mac).

TITLE   
A specific document which serves as proof of ownership.

TITLE COMPANY   
An organization which researches and certifies ownership of real estate before it is bought or sold. Title companies also act at the facilitator ensures all parties are paid during the real estate transaction.

TITLE INSURANCE   
A policy which insures a property owner should a prior claim arise against the property after the purchase has been completed. This also covers a lender should a question of ownership arise.

TITLE SEARCH   
The process whereby the TITLE COMPANY researches a properties title history and ensures that no outstanding claims exist.

TRANSFER OF OWNERSHIP   
Any means by which the ownership of a property changes hands.

TRANSFER OF TAX   
Taxes payable when title passes from one owner to another.

TRAP   
A bend in water pipe.

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

TRUTH IN LENDING   
A federal law requiring full disclosure by lenders to borrowers of all terms, conditions and costs of a mortgage.

TUDOR   
A style of architecture typified by exposed stone, wood and brick construction. Similar in style to English manor homes.

UNDER IMPROVED LAND   
A piece of land which has been improved, but not to the full extent of its potential.

UNENCUMBERED PROPERTY   
Any property which has no outstanding claims or liens against it.

UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (USPAP)   
Developed in 1986 by the Ad Hoc Committee on Uniform Standards and copyrighted in 1987 by The Appraisal Foundation, USPAP forms the guidelines followed by every licensed and certified real estate appraiser in the United States. The purpose of these Standards is to establish requirements for professional appraisal practice, which includes appraisal, appraisal review, and appraisal consulting. The intent of these Standards is to promote and maintain a high level of public trust in professional appraisal practice.

USEFUL LIFE   
The span of time over which a property can be used or can provide benefits to its owner.

VACANCY RATE   
The current percentage of vacant properties in a given area, regardless of why they are vacant.

VA MORTGAGE   
A mortgage that is guaranteed by the Department of Veterans Affairs (VA).

VARIANCE   
An exception to municipal zoning regulations granted for a specific time period to allow for non-conforming use of the land.

VESTED   
Having the right to use a portion of a fund such as an IRA. Typically vesting occurs over time. If you are 100% vested, you have a right to 100% of the fund.

VETERANS AFFAIRS, DEPARTMENT OF (VA)   
The successor to the Veteran's Administration, this government agency is responsible for ensuring the rights and welfare of our nation's veterans and their dependents. Among other duties, the VA insures home loans made to veterans.

VOLTAGE   
An expression of electric force, or pressure. One volt being the force needed to move one amp against one ohm resistance.

WALK-THROUGH INSPECTION   
A process whereby an appraiser examines a property in preparation for estimating its value. Also, the process of inspecting a property for any damage prior to that property being bought or sold.

WARRANTY   
An affidavit given to stipulate the condition of a property. The person giving the warranty assumes liability if the condition turns out to be untrue.

WATT   
An expression of amount of electrical power. Volt times amps equals watts.

WEAR AND TEAR   
A term used to indicate the normal damage inflicted on a property through every-day use.

WEATHER STRIPPING   
Material used around windows and doors to prevent drafts.

WEEP HOLE   
Drainage hole that allows water to escape.

ZERO LOT LINE   
A municipal zoning category wherein a building or other fixture may abut the property line.

ZONE   
A specific area within a municipality or other jurisdiction which conforms to certain guidelines regarding the use of property in the zone. Typical zones include single-family, multi-family, industrial, commercial and mixed-use.