Glossary of terms
Tax Rate: The number of dollars pre $1000.00 worth of actual value which is
payable in property taxes
Tenants Agreement: Contract between the landlord and the tenant, pertaining
to the letting of residential premises.
Tenants in Common: Where two or more persons acquire interests in a single
property. Each may sell or bequeath their interest and in the event of death,
their interest becomes a part of their estate.
Term: With respect to mortgages, a time period at the end of which the
outstanding balance of a mortgage is due and payable.
Total Debt Service Ratio (TDS): The percentage of gross income which is the
maximum amount that a mortgagor is allowed to pay annually in principal,
interest and property taxes all other debts.
Transaction Record Sheet: A form, prescribed by the Superintendent of Real
Estate, which contains certain required information on each transaction,
including every transaction where a Deposit is received and paid into the real
estate agent's trust account.