G Terms Flashcards
growing equity mortgage (GEM)
A mortgage with increasing payments, causing the principal to be rapidly decreased.
guardian
A person lawfully charged with managing the property of another who is legally incapable.
guide meridians
North-south survey lines running east and west of a principal meridians. They are 24 miles apart.
grandfather clause
A regulation that permits existing conditions or uses to continue despite new laws against them; applies to prior-use zoning.
group boycotting
An agreement to refuse cooperation with another business to reduce competition.
ground water
Underground non-flowing water.
ground rent
The portion of the rent attributable to land rather than to improvements.
ground lease
A lease of land only; tenant puts in the improvements.
gross rent multiplier (GRM) method
An appraisal variation to get an approximate idea of value where gross income is multiplied by a gross rent multiplier. It does not take into account unusual expenses.
gross profit
Gross sales less cost of the merchandise. To obtain net profit, all other expenses also must be deducted.
gross income
The total income before any commission splits, other expenses or deductions.
granny flat
An extra apartment in a zoned single-family area. Sometimes allowed if used for relatives such as in- laws. Otherwise it would violate the zoning.
grant deed
A deed used in some states in conjunction with title insurance whereby the seller warrants that title has not been conveyed previously, and that there is nothing against the property that the seller knows of that has not been disclosed to the buyer.
grant
A transfer of title.
gridiron
The rectangular street system found in many cities usually based on government survey system.
grantor/grantee index
A recorder’s index system by grantor/grantee name that makes it easy to research a title.
grantor
The person who makes the grant to the grantee.
granting clause
A deed provision indicating that title is passing.
grantee
The person who receives the grant from the grantor.
graduated payment mortgage (GPM)
A loan where early payments are lower, and increase during the term of the loan, making it easier for young people, whose incomes are likely to increase, to purchase property.
general power of attorney
A broad power given by a principal to an agent that enables the agent to act for the principal. A specific power of attorney allows the agent to act only in the manner and area specified.
graduated lease
A step lease with payments that increase as of agreed-on dates.
Graduate REALTORS® Institute (GRI)
A professional designation that requires seminar attendance and courses of study.
grace period
A period allowed for late payments without penalty.
government survey
The survey system used for most of the nation whereby land is measured from principal base lines and meridians and laid out in townships and sections.
government lot
A portion of land less than a quarter section because of physical features such as lakes that limit the size of the lot. Established by government survey.
good funds
Closing funds where the checks have cleared; cashier’s checks or certified checks.
general warranty deed
A deed where the grantor warrants title as to the claims of all others.
good faith
Acting honestly without deception.
good consideration
Love and affection are considered good consideration for a completed gift transfer; however, they are not considered valuable consideration to enforce a promise to make a transfer.
Ginnie Mae
A federal corporation that provides assistance for federally aided housing projects that are at below-market interest rates. Funds are raised through the sale of government-backed securities.
gift tax
A federal tax on gifts. Donor exemption of $14,000 annually per donee.
gift deed
A deed given for love and affection. Creditors of the donor can reach the property if it can be shown that the gift was made while the donor was insolvent in an effort to evade creditors. A recorded gift deed does not take precedence over a prior unrecorded deed by the grantor for value.
gable roof
A roof in which the two opposite planes slope down from a ridge line.
general partner
A partner who is active in management and liable for the debts and actions of the partnership.
general lien
A lien against all property of a debtor (for example, judgment liens and federal tax liens).
general agent
An agent having all necessary authority to conduct a business or trade.
gap loan
A temporary loan, usually at a higher interest rate, where the borrower intends to obtain better financing; also called a bridge loan or swing loan.
gambrel roof
A roof with a steep lower slope and a flatter upper slope; found on some barns and on Dutch colonials.
