"G" Vocab Flashcards
General Agent
an agent who is authorized to act for and obligate a principal in a specific range of matters, as specified by thier mutual agreement
General Lien
a claim on all property, real and personal, owned by a debtor
General Warranty Deed
an instrument in which the grantor guarantees the grantee that the title being conveyed is good and free of other claims or encumbrances
Government backed Mortgage
a mortgage that is insured by the FHA or guaranteed by the Dept of VA or the Rural housing Service. Mortgagest that aren’t govt loans are identified as conventional loans
Government National Mortgage Association
a govt–owned corporation within the U.S. dept of housing and Urban Development (HUD). Ginnie Mae manages and liquidates govt–backed laons and assists HUD in special lending projects
Government Survey System
a method of land description in which meridians (longitude) and base lines (latitude) are used to divide land into townships and sections
Graduated Lease
a lease that calls for periodic, stated changes in rent during the term of the lease
Grant Deed
a deed that includes 3 warranties: 1) that the owner has the right to convey title to the property 2) there are no encumbrances other than those noted specifically in the deed 3) the owner will convey any future interest that he or she may acquire in the property
Grantee and Grantor
“Grantee––One who receives title to real property
Grantor–– One who conveys title to real property; the present owner”
Gross income
the total income reveived from a property before deducting expenses
Gross Income Multiplier
A rough method of estimating the market value of an income property by lutiplying its gross annual rent by a multiplier discovered by dividing the sales prices of comparable properties by their annual gross rent
Gross Lease
a lease in which a tenant pays only a fixed amount for rental and the landlord pays all operating expenses and taxes
Ground Lease
a lease of land only, on which a tenant already owns a building or will construct improvements
Guaranteed Sales Plan
an agreement between a broker and a seller that the broker will buy the seller’s property if it does not sell within a specified period of time
