[
Dictionary of Terms ]
 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
G
GABLE
ROOF one with a triangle, with the ridge forming an angle at
the top and each eave forming an angle at the bottom.
GAIN
an increase in money or property value.
GAMBREL
ROOF one having two slopes on two sides with a steeper lower
slope than the upper, flatter sections.
GAP
LOAN one that fills the difference between the floor loan and
the full amount of the permanent loan.
GARDEN
APARTMENTS a housing complex whereby some or all tenants have
access to a lawn area.
GENERAL
CONTRACTOR one who constructs a building or other improvement
for the owner or developer. May retain a construction labor force
or use sub contractors.
GENERAL
LIEN a lien that includes all of the property owned by the debtor,
rather than a specific property.
GENERAL
PARTNER in a partnership, a partner whose liability is not limited.
All partners in an ordinary partnership are general partners.
A limited partnership must have at least one general partner.
GENERAL
WARRANTY DEED a deed in which the grantor agrees to protect the
grantee against any other claim to title of the property and
provides other promises.
GENTRIFICATION
the displacement of lower-income residents by higher-income residents
in a neighborhood. Generally occurs when an older neighborhood
is rehabilitated or revitalized.
GEORGIAN
a large, English-style, formal 2- or 3-story rectangular house
that is characterized by its classic lines and ornamentation.
GIFT
DEED a deed for which consideration is love and affection and
no material consideration is involved.
GIFT
TAX federal tax upon a monetary gift to a relative or friend.
Generally, each person may give up to $10,000 per year to each
done without imposition of a federal gift tax. On higher gifts,
there may be a gift tax, or the gift may affect the donor's estate
tax.
GI
LOAN same as VA loan.
GIM
gross income multiplier.
GINNIE
MAE nickname for Government National Mortgage Association.
GINNIE
MAE PASS THROUGH a pass-through certificate secured by a pool
of mortgage loans insured by the Government National Mortgage
Association, an arm of the federal government. Ginnie Mae pass
throughs often provide high yields with security to investors,
although the returns may be affected by the pattern of loan repayments
on the mortgages in the pool.
GOOD
AND MARKETABLE TITLE title to a piece of real estate that can
be shown, usually by title search or abstract of title to be
vested in the owner of record, and free of claims or liens that
would impair its marketability.
GOOD
AND MERCHANTABLE TITLE same as good and marketable title.
GOOD
FAITH an act done honestly.
GOODWILL
a business asset of intangible value created by customer and
supplier relations.
GOVERNMENT
NATIONAL MORTGAGE ASSOCIATION (GNMA) a government organization
to assist in housing finance. There are 2 main programs: 1. to
guarantee payments to investors in mortgage-backed securities
2. to absorb the write-down of low-interest rate loans that are
used to finance low-income housing
GOVERNMENT
RECTANGULAR SURVEY a rectangular system of land survey that divides
a district into 24-square mile quadrangles from the meridian
(north-south line) and the baseline (east-west line); the tracts
are divided into 6-mile square parts called townships, which
are in turn divided into 36 tracts, each 1 mile square, called
sections.
GOVERNMENT-SPONSORED
ENTERPRISE (GSE) a quasi-governmental organization that is privately
owned but was created by the government and retains certain privileges
not afforded totally private entities.
GPM
graduated-payment mortgage.
GRACE
PERIOD the period during which one party may fail to perform
without being considered in default
GRADE
1. ground level at the foundation. 2. to prepare a smooth surface
on a site.
GRADED
LEASE same as graduated lease.
GRADIENT
the slope or rate of increase or decrease in the elevation of
a surface; usually expressed as a percentage:
GRADUATED
LEASE a lease that provides for graduated changes, at stated
intervals, in the amount of rent
GRADUATED-PAYMENT
MORTGAGE (GPM) a mortgage requiring lower payments in early years
than in later years. Payments increase in step each year until
the installments are sufficient to amortize the loan.
GRADUATE
REALTORS INSTITUTE (GRI) an educational program sponsored by
the National Association of Realtors or State Boards.
GRANDFATHER
CLAUSE when a law is changed or a new law is passed, those whose
specific activity was legal under the previous law are often
allowed to continue, by virtue of this provision.
GRANT
a technical term used in deeds of conveyance of property to indicate
a transfer.
GRANTEE
the party to whom the title to real property is conveyed; the
buyer.
GRANTOR
anyone who gives a deed.
GRANTOR/GRANTEE
INDEX a reference kept with public records that cross-indexes
grantors and grantees with one another and the properties they
relate to.
GRI
graduate of the Realtors Institute, which is affiliated with
the National Association of Realtors.
GRM
gross rent multiplier.
GROSS
AREA the total floor area of a building, usually measured from
its outside walls.
GROSS
INCOME total income from property before any expenses are deducted.
GROSS
INCOME MULTIPLIER (GIM) same as gross rent multiplier.
GROSS
LEASABLE AREA the floor area that can be used by tenants. Generally
measured from the center of joint partitions to outside wall
surfaces. Contrast net LEASABLE area.
GROSS
LEASE a lease of property whereby the landlord (lessor) is responsible
for paying all property expenses, such as taxes, insurance, utilities,
and repairs.
GROSS
POSSIBLE RENT same as potential gross income.
GROSS
PROFIT RATIO in an installment sale, the relationship between
the gross profit (gain) and the contract price. The resulting
fraction is applied to periodic receipts from the buyer to determine
the taxable gain from each receipt.
GROSS
RENT MULTIPLIER (GRM) the sales price divided by the contract
rental rate.
GROUND
RENT the rent earned by leased land.
GROWING-EQUITY
MORTGAGE (GEM) a mortgage loan in which the payment is increased
by a specific amount each year, with the additional payment amount
applied to principal retirement. As a result of the added principal
retirement, the maturity of the loan is significantly shorter
than a comparable level-payment mortgage.
(TO)
GUARANTEE (A LOAN) to agree to indemnify the holder of a loan
all or a portion of the unpaid principal balance in case of default
by the borrower.
GUARANTY
an assurance provided by one party that another party will perform
under a contract.
GUARDIAN
one appointed by a court to administer the personal affairs or
property of an individual who is not capable of such duties.
GUIDELINE
LIVES depreciable lives, for buildings and equipment, that are
used in trade or business. Generally applied to assets bought
before 1981 the accelerated cost recovery system applies to depreciable
assets bought in 1981-1986; the modified accelerated cost recovery
system.
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