Sunday, April 28, 2024, 1:33 AM
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. |