G Terms

Question 1

growing equity mortgage (GEM)

Answer 1

A mortgage with increasing payments, causing the principal to be rapidly decreased.

Question 2

guardian

Answer 2

A person lawfully charged with managing the property of another who is legally incapable.

Question 3

guide meridians

Answer 3

North-south survey lines running east and west of a principal meridians. They are 24 miles apart.

Question 4

grandfather clause

Answer 4

A regulation that permits existing conditions or uses to continue despite new laws against them; applies to prior-use zoning.

Question 5

group boycotting

Answer 5

An agreement to refuse cooperation with another business to reduce competition.

Question 6

ground water

Answer 6

Underground non-flowing water.

Question 7

ground rent

Answer 7

The portion of the rent attributable to land rather than to improvements.

Question 8

ground lease

Answer 8

A lease of land only; tenant puts in the improvements.

Question 9

gross rent multiplier (GRM) method

Answer 9

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.

Question 10

gross profit

Answer 10

Gross sales less cost of the merchandise. To obtain net profit, all other expenses also must be deducted.

Question 11

gross income

Answer 11

The total income before any commission splits, other expenses or deductions.

Question 12

granny flat

Answer 12

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.

Question 13

grant deed

Answer 13

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.

Question 14

grant

Answer 14

A transfer of title.

Question 15

gridiron

Answer 15

The rectangular street system found in many cities usually based on government survey system.

Question 16

grantor/grantee index

Answer 16

A recorder’s index system by grantor/grantee name that makes it easy to research a title.

Question 17

grantor

Answer 17

The person who makes the grant to the grantee.

Question 18

granting clause

Answer 18

A deed provision indicating that title is passing.

Question 19

grantee

Answer 19

The person who receives the grant from the grantor.

Question 20

graduated payment mortgage (GPM)

Answer 20

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.

Question 21

general power of attorney

Answer 21

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.

Question 22

graduated lease

Answer 22

A step lease with payments that increase as of agreed-on dates.

Question 23

Graduate REALTORS® Institute (GRI)

Answer 23

A professional designation that requires seminar attendance and courses of study.

Question 24

grace period

Answer 24

A period allowed for late payments without penalty.

Question 25

government survey

Answer 25

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.

Question 26

government lot

Answer 26

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.

Question 27

good funds

Answer 27

Closing funds where the checks have cleared; cashier’s checks or certified checks.

Question 28

general warranty deed

Answer 28

A deed where the grantor warrants title as to the claims of all others.

Question 29

good faith

Answer 29

Acting honestly without deception.

Question 30

good consideration

Answer 30

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.

Question 31

Ginnie Mae

Answer 31

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.

Question 32

gift tax

Answer 32

A federal tax on gifts. Donor exemption of $14,000 annually per donee.

Question 33

gift deed

Answer 33

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.

Question 34

gable roof

Answer 34

A roof in which the two opposite planes slope down from a ridge line.

Question 35

general partner

Answer 35

A partner who is active in management and liable for the debts and actions of the partnership.

Question 36

general lien

Answer 36

A lien against all property of a debtor (for example, judgment liens and federal tax liens).

Question 37

general agent

Answer 37

An agent having all necessary authority to conduct a business or trade.

Question 38

gap loan

Answer 38

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.

Question 39

gambrel roof

Answer 39

A roof with a steep lower slope and a flatter upper slope; found on some barns and on Dutch colonials.