REAL ESTATE 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
G ---
GABLE ROOF
one with a triangle, with the ridge forming an angle at the top and each eave forming an angle at the bottom.
GAIN
an increase in money or property value.
GAMBREL ROOF
one having two slopes on two sides with a steeper lower slope than the upper, flatter sections.
GAP LOAN
one that fills the difference between the floor loan and the full amount of the permanent loan.
GARDEN APARTMENTS
a housing complex whereby some or all tenants have access to a lawn area.
GENERAL CONTRACTOR
one who constructs a building or other improvement for the owner or developer. May retain a construction labor force or use sub contractors.
GENERAL LIEN
a lien that includes all of the property owned by the debtor, rather than a specific property.
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GENERAL PARTNER
in a partnership, a partner whose liability is not limited. All partners in an ordinary partnership are general partners. A limited partnership must have at least one general partner.
GENERAL WARRANTY DEED
a deed in which the grantor agrees to protect the grantee against any other claim to title of the property and provides other promises.
GENTRIFICATION
the displacement of lower-income residents by higher-income residents in a neighborhood. Generally occurs when an older neighborhood is rehabilitated or revitalized.
GEORGIAN
a large, English-style, formal 2- or 3-story rectangular house that is characterized by its classic lines and ornamentation.
GI LOAN
same as VA loan.
GIFT DEED
a deed for which consideration is love and affection and no material consideration is involved.
GIFT TAX
federal tax upon a monetary gift to a relative or friend. Generally, each person may give up to $10,000 per year to each done without imposition of a federal gift tax. On higher gifts, there may be a gift tax, or the gift may affect the donor's estate tax.
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GIM
gross income multiplier.
GINNIE MAE
nickname for Government National Mortgage Association.
GINNIE MAE PASS THROUGH
a pass-through certificate secured by a pool of mortgage loans insured by the Government National Mortgage Association, an arm of the federal government. Ginnie Mae pass throughs often provide high yields with security to investors, although the returns may be affected by the pattern of loan repayments on the mortgages in the pool.
GOOD AND MARKETABLE TITLE
title to a piece of real estate that can be shown, usually by title search or abstract of title to be vested in the owner of record, and free of claims or liens that would impair its marketability.
GOOD AND MERCHANTABLE TITLE
same as good and marketable title.
GOOD FAITH
an act done honestly.
GOODWILL
a business asset of intangible value created by customer and supplier relations.
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GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)
a government organization to assist in housing finance. There are 2 main programs: 1. to guarantee payments to investors in mortgage-backed securities 2. to absorb the write-down of low-interest rate loans that are used to finance low-income housing
GOVERNMENT RECTANGULAR SURVEY
a rectangular system of land survey that divides a district into 24-square mile quadrangles from the meridian (north-south line) and the baseline (east-west line); the tracts are divided into 6-mile square parts called townships, which are in turn divided into 36 tracts, each 1 mile square, called sections.
GOVERNMENT-SPONSORED ENTERPRISE (GSE)
a quasi-governmental organization that is privately owned but was created by the government and retains certain privileges not afforded totally private entities.
GPM
graduated-payment mortgage.
GRACE PERIOD
the period during which one party may fail to perform without being considered in default
GRADE
1. ground level at the foundation. 2. to prepare a smooth surface on a site.
GRADED LEASE
same as graduated lease.
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GRADIENT
the slope or rate of increase or decrease in the elevation of a surface; usually expressed as a percentage:
GRADUATE REALTORS INSTITUTE (GRI)
an educational program sponsored by the National Association of Realtors or State Boards.
GRADUATED LEASE
a lease that provides for graduated changes, at stated intervals, in the amount of rent
GRADUATED-PAYMENT MORTGAGE (GPM)
a mortgage requiring lower payments in early years than in later years. Payments increase in step each year until the installments are sufficient to amortize the loan.
GRANDFATHER CLAUSE
when a law is changed or a new law is passed, those whose specific activity was legal under the previous law are often allowed to continue, by virtue of this provision.
GRANT
a technical term used in deeds of conveyance of property to indicate a transfer.
GRANTEE
the party to whom the title to real property is conveyed; the buyer.
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GRANTOR
anyone who gives a deed.
GRANTOR/GRANTEE INDEX
a reference kept with public records that cross-indexes grantors and grantees with one another and the properties they relate to.
GRI
graduate of the Realtors Institute, which is affiliated with the National Association of Realtors.
GRM
gross rent multiplier.
GROSS AREA
the total floor area of a building, usually measured from its outside walls.
GROSS INCOME
total income from property before any expenses are deducted.
GROSS INCOME MULTIPLIER (GIM)
same as gross rent multiplier.
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GROSS LEASABLE AREA
the floor area that can be used by tenants. Generally measured from the center of joint partitions to outside wall surfaces. Contrast net LEASABLE area.
GROSS LEASE
a lease of property whereby the landlord (lessor) is responsible for paying all property expenses, such as taxes, insurance, utilities, and repairs.
GROSS POSSIBLE RENT
same as potential gross income.
GROSS PROFIT RATIO
in an installment sale, the relationship between the gross profit (gain) and the contract price. The resulting fraction is applied to periodic receipts from the buyer to determine the taxable gain from each receipt.
GROSS RENT MULTIPLIER (GRM)
the sales price divided by the contract rental rate.
GROUND RENT
the rent earned by leased land.
GROWING-EQUITY MORTGAGE (GEM)
a mortgage loan in which the payment is increased by a specific amount each year, with the additional payment amount applied to principal retirement. As a result of the added principal retirement, the maturity of the loan is significantly shorter than a comparable level-payment mortgage.
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GUARANTY
an assurance provided by one party that another party will perform under a contract.
GUARDIAN
one appointed by a court to administer the personal affairs or property of an individual who is not capable of such duties.
GUIDELINE LIVES
depreciable lives, for buildings and equipment, that are used in trade or business. Generally applied to assets bought before 198 1; the accelerated cost recovery system applies to depreciable assets bought in 1981-1986; the modified accelerated cost recovery system applies to purchases after 1986.
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