Thursday, May 9, 2024, 9:05 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
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GENERAL AGENTAn agent authorized to handle specified matters for his principal. |
GENERAL LIENA lien attaching claim to all property of a person, both real and personal. |
GENERAL PARTNER - Civil Law TermAll partners are general partners, having the powers, rights, and obligations of partners, unless specified otherwise in the articles of partnership; a partner "in commendam" cannot be a general partner but may become liable as one under certain circumstances. |
GENERAL WARRANTY DEEDA deed in which the grantor certifies that the title conveyed is free of defects which may have arisen before or during the time he owned the property. |
GENUINE ASSENTThe principal that all parties entering into a contract must do so of their own free will and choice. |
GOOD CONSIDERATIONPromises of intangibles (such as love and affection made to fulfill one requirement of a binding contract. |
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA)A federal agency which provides special assistance for federally aided housing programs; active in the secondary money market for government subsidized housing programs; "Ginnie Mae". |
GRADUATED LEASEA lease with fixed increases at stated intervals, or increases based upon periodic appraisals at stated times; also called a step-up lease. |
GRADUATED LOANA loan featuring an unlevel, amortized repayment schedule in which payments start small and become larger as the loan is repaid; graduated payment mortgage. |
GRANTEEThe purchaser; the person to whom an interest in realty is conveyed. |
GRANTING CLAUSEThe part of a deed expressing the grantor's intention to transfer his interest in his property to the grantor. |
GRANTORThe seller; the person who conveys an interest in realty by deed. |
GRATUITOUS - Civil Law TermA donation or contract made without consideration. |
GROSS INCOMETotal income derived from a business or income property before expenses are deducted. |
GROSS LEASEA lease of property in which the lessor meets all property charges incurred through ownership. |
GROSS MULTIPLIERA number which is used to determine the approximate selling price for income property by multiplying the gross income times this number. (Income X Multiplier = Selling Price). |
GROUND LEASEA lease for the use of the land, usually providing for improvements to be placed on the land by the user. |
GROUND RENTThe net rent paid for a parcel of unimproved land; that portion of the total rental is considered to represent a return upon the land only. |