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Real Estate Glossary
Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.
- Trace Cloth
- A soft cloth used in certain wood finishing processes.
- Fine lines or a decorative nature.
- Track Dozer
- An excavation machine that moves on tracks to assist movement on soft or rugged terrain.
- Track Lighting
- Lighting fixtures positioned along a ceiling mounted track. The track supports the fixtures and provides the electricity.
- A parcel of land, generally held for subdividing and development into residential units.
- Tract Home
- A mass-produced house constructed within a project by the same builder, with similar style and floor plan as the other homes in the development.
- Tract Index
- System for listing recorded documents affecting a particular tract of land.
- Friction of a body on a surface while moving.
- A tracked vehicle used for a variety of construction and farming tasks.
- A multi-purpose piece of excavation equipment with a loader on one end and a backhoe on the other.
- Trade Association
- A professional organization of manufacturers or other businesses formed to promote and industry or adopt uniform standards.
- Trade Equity
- Other assets, which could include real estate, which are given by a buyer to a seller as part of the down payment.
- Trade Fixture
- Articles of personal property installed, in rented buildings, by the tenant, to help carry out a trade or business. Trade fixtures are removable by the tenant before the lease expires and are not true fixtures.
- Amount received for old property when exchanged for new property.
- Trade Name
- Word, or group of words, that identifies a business or one of its products. The name is registered with the U.S. Patent Office and provides legal protection for an indefinite number of renewals for periods of 20 years each. In effect, the name has an unlimited life.
- Trading Down
- Buying a less expensive home than the one owned currently.
- Trading on Equity
- Also called financial leverage, borrowed funds are used to magnify returns. Trading profitably on the equity, also called favorable financial leverage, means that the borrowed funds generate a higher rate of return than the interest rate paid for the use of the money. The excess accrues to the benefit of the owner because it magnifies, or increases, his or her leverage.
- Trading Up
- Buying a more expensive home than the one owned currently.
- Traffic Circle
- A circular intersection allowing for continuous movement of traffic at the meeting of major roadways.
- A variety of wheeled vehicles lacking an engine that must be towed by another vehicle.
- Trailer Park
- Area containing running water facilities, electrical outlets, recreational accommodations, etc., for the short-term and long-term parking of trailers.
- Trans Union Corporation
- One of the "Big Three" credit-reporting bureaus operating nationwide. Address: 760 Sproul Road, P.O. Box 390, Springfield, Pa. 19064-0390. Phone: (800) 888-4213.
- Transaction Broker
- A real estate profession who does not represent either the buyer or the seller but is hired to help them reach an agreement.
- Transaction Costs
- The costs associated with buying and selling real estate.
- To convey something from one entity or person to another.
- Transfer Development Rights
- A type of zoning ordinance that allows owners of property zoned for low-density development or conservation use to sell development rights to other property owners. The development rights purchased permit the landowners to develop their parcels at higher densities than otherwise. The system is designed to provide for low-density uses, such as historic preservation, without unduly penalizing some landowners.
- Transfer Fee
- Fee charged by a mortgage lender to a buyer, seller or both for transferring a mortgage when the mortgage property is sold.
- Transfer of Ownership
- Legal means by which a piece of real estate changes hands.
- Transfer Switch
- A switch designed to automatically connect to a generator when the primary power fails.
- Transfer Tax
- An assessment by state or local government when a piece of property changes hands.
- Transferable Development Rights
- The permission to increase the intensity of development for a parcel in exchange for decreasing the density of an adjacent parcel.
- An electrical component used to reduce voltage to a level safe for various devices. Transformers are used to reduce voltage from high-tension lines for use in residential and commercial structures. Smaller transformers are used to reduce voltage from the wall socket to a household electrical device such as a computer.
- A small adjustable telescope mounted on a moveable tripod and used by surveyors to establish elevations.
- Transite Pipe
- Pipe manufactured from asbestos and cement, commonly found in water mains.
- Small hinged window, which is directly over a door.
- Clear. Not opaque.
- Transport Velocity
- The minimum required air velocity necessary to keep airborne particles from settling.
- Crosswise. At right angles.
- A curved section of the drainpipe that fills with water and provides a liquid seal to prevent the emission of sewage gases.
- Traverse Rod
- A rod on which draperies or curtains are hung.
- A form of limestone used for a variety of building purposes.
- Tray Ceiling
- A decorative ceiling finish where the center is recessed from the vertical plane of the outside sections (in the shape of an upside-down tray).