Flashcards in G Terms Deck (39):
growing equity mortgage (GEM)
A mortgage with increasing payments, causing the principal to be rapidly decreased.
A person lawfully charged with managing the property of another who is legally incapable.
North-south survey lines running east and west of a principal meridians. They are 24 miles apart.
A regulation that permits existing conditions or uses to continue despite new laws against them; applies to prior-use zoning.
An agreement to refuse cooperation with another business to reduce competition.
Underground non-flowing water.
The portion of the rent attributable to land rather than to improvements.
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 sales less cost of the merchandise. To obtain net profit, all other expenses also must be deducted.
The total income before any commission splits, other expenses or deductions.
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.
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.
A transfer of title.
The rectangular street system found in many cities usually based on government survey system.
A recorder's index system by grantor/grantee name that makes it easy to research a title.
The person who makes the grant to the grantee.
A deed provision indicating that title is passing.
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.
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.
A period allowed for late payments without penalty.
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.
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.
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.
Acting honestly without deception.
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.
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.
A federal tax on gifts. Donor exemption of $14,000 annually per donee.
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.
A roof in which the two opposite planes slope down from a ridge line.
A partner who is active in management and liable for the debts and actions of the partnership.
A lien against all property of a debtor (for example, judgment liens and federal tax liens).
An agent having all necessary authority to conduct a business or trade.
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.