Texas Real Estate Commission (TREC)

The governing real estate body of Texas. This organization oversees licensing, education, and any other real estate practices

Third-party Origination

This term refers to a mortgage that is in some way originated, processed, underwritten, packaged, funded, or closed by a third party originator, such as a mortgage broker or related correspondent.

Time is of the Essence

This is a clause within a contract that requires the completion of specific tasks by a clear date.


This legal document details the ownership of some real property. This is commonly considered as a history of rights.

Title Company

A company that deals specifically in examining and providing insurance for the titles on real estate properties.

Title Insurance

The insurance that covers against loss or other damages resulting from the deficiency of a title of a real property.

Tort Reform

This reform in Texas has made it more difficult for injured people to file a lawsuit, obtain a jury trial, and it also places a limit on the amount of money the injured can receive in a lawsuit. Tort refers to a wrongful act or an infringement of a right, not a breach of contract, which can lead to civil legal liability.


A type of property in which a single family attached dwelling shares a wall and therefore structure with an adjoining family


A measurement of land that encompasses 36 sections of 36 square miles.


Commonly used term referring to a parcel of land.

Transfer of Ownership

The process of the ownership of any real property changing ownership to another owner.

Transfer Tax

The State or local tax charged for transferring the title of a real property from one owner to another.

Treasury Index

This index is used to track interest rate changes on adjustable rate mortgages. This index is based on the results of auctions the U.S. Treasury holds for it


The property right held by one as a fiduciary responsibility for the benefit of another party.


This is the party holding assets in trust as a fiduciary for the benefit of another party.


Occurring during foreclosure proceedings, this is an auction of items held by the trustee under a deed of trust.

Truth in Lending

A Federal Law that requires lenders to give full disclosure of the terms and conditions of a mortgage at the time of the mortgage

Two step mortgage

An adjustable mortgage rate that has two rates, one for the first five to seven years of the loan and another for the remaining life of the loan

Two to Four Family Property

A property that is under a single ownership, but that provides dwelling units for two to four families.


A procedure followed by lenders that evaluates the associated risks attached to a certain borrower and sets the conditions of the loan based on the assessment.

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