Realty Texas

Real Estate Glossary Terms

• Exclusionary Zoning

  Property zoning having the net effect, intended or not, of excluding the poor and minority groups from living in a particular area. Building lot size is the most frequently used exclusionary zonong method. Large property size requirements increase the cost of housing, and can serve to discriminate a ...

• Functional Depreciation

  A reduction in structural value from all reasons except physical failure. For example, a commercial building having an outdated elevator or electrical wiring system is experiencing functional depreciation. ...

• Truth In Lending (TIL)

  The federal law that specifies the information that must be provided to borrowers on different types of loans. Also, the form used to disclose this information. Truth in Lending (TIL) is a great idea, in principle. The idea is to require lenders to provide one uniform set of price disclosures th ...

• Drug Formularies

  Recommendation of medications that should be prescribed for certain ailments. They can be classified as follows: open or voluntary recommends a list of drugs to physicians that is supposed to be the most cost-effective for a certain ailment; closed dictates which drugs will be covered by a benefit p ...

• Guarantor

  Term in surety coverage. Through the issue of a surety bond, a surety company is in effect the guarantor. ...