[
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
Q
QUADRANGLE
A square area of land which measures 24 miles on each side
QUADRAPLEX
A four-unit building designed for occupancy and use by four different
residences.
QUALIFIED
ACCEPTANCE An acceptance of an offer subject to a condition or
conditions which must be met. Since new conditions are included,
a qualified acceptance is a rejection of the original offer and
thus is a counteroffer.
QUALIFIED
BUYER A buyer who has satisfied a lender that he or she is financially
able to qualify for a loan. Qualifying the buyer is one of the
primary steps taken by the lender as part of the loan process.
QUALIFIED
FEE ESTATE A legal interest in land which is subject to a limitation(s)
placed on the estate by the owner. For example, a qualified fee
could be created 'to First Church so long as the land is used
exclusively for religious purposes." The two most important kinds
of qualified fees are: (1) fee simple determinable and (2) fee
simple subject to a condition subsequent.
QUANTITY
SURVEY METHOD A method of estimating reproduction cost for appraisal
purposes by totaling the cost of each individual part to be used
in construction and the cost of labor per part, plus additions
for indirect costs.
QUANTUM
The duration or length of an estate or interest in land such
as 'an estate for life."
QUARTER
SECTION An area of land measuring 2,640 feet on each side (one-half
mile) and containing 160 acres. Such a measurement is part of
the Government Survey Method.
QUASICONTRACT
A legal obligation imposed by law where there is unfair or unjust
reward to one party.
QUIET
ENJOYMENT The legal right of an owner to use and enjoy property
without interference of possession by someone with a superior
title.
QUIET
TITLE ACTION Action by a court to remove a cloud or claim that
has been placed on title to property.
QUITCLAIM
DEED A deed which conveys only what present interest a person
may have in a particular property without making any representations
or warranties of title. Such a deed is useful in clearing up
doubtful claims such as possible dower rights or disputed liens.
A person giving a quitclaim deed releases and waives all present
rights, and if the grantor has good and merchantable title, this
is what is conveyed. If the grantor actually has no interest
in the property, no interest is conveyed. However, if the grantor
later acquires good title to the property previously conveyed
by a quitclaim deed, the grantor keeps it; it is not automatically
passed on to the grantee.
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