REAL ESTATE TERMS YOU MAY WANT TO KNOW WHEN BUYING OR SELLING A HOME IN THE ORLANDO AREA
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Get To Know The “Q’s” Of Real Estate
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a deed transferring ownership of a property but does not make any guarantee of clear title.
To free the title to a parcel of land from the claims of others by means of a court action called a quiet title action.
A quadruplex consists of four units. FHA allows “up to” four (4) units under the single family residence category.
A right that a tenant (typically) or an owner has to the use of the property without interference or possession with others.
A court action brought to establish title from a questionable claim or to remove a defect or cloud on the title to property.
The maximum percentage of a borrower’s income that a lender or government agency will allow a prospective debtor’s payments to be and still be able to approve the loan and which is often referred to a. Guidelines utilized by lenders to determine how much money a homebuyer is qualified to borrow. Lending guidelines typically include a maximum housing expense to income ratio and a maximum monthly expense to income ratio.
A party who cannot be a relative or agent of an exchanging party and who is needed to complete a delayed exchange to legally hold funds to facilitate a Section 1031 delayed exchange.
An obligation that is similar to a contract that is implied by law.
A molding that has a quarter circular profile.
A highly technical process used only by contractors and very experienced estimators to arrive at an estimate of cost for new construction which is sometimes referred to in the building trade as the PR.
They are desirability, utility, scarcity and transferability (or the ability to buy). Much of the pricing of goods and services are dependent on these elements of the Qualities Of Value. Heart Surgeons and top notch Attorney’s are good examples of each element regarding paying a high price for services.
A fee simple absolute interest in land that is capable of being defeated, ended or terminated upon the happening of a specified event. Also known as Defeasible Fee.
A square-shaped land area used in the government survey system method of land description that is 24 miles on each side and contains 16 townships. See United States Government Survey System.
A plane figure with four sides and four angles that is not square or rectangle.
The having of only a limited legal status and being similar to or related to.
(HUD) Quality Management Review Program – Support QMR reviews of a minimum of 10 field and regional offices. The QMR Program assesses the effectiveness of field and regional office management and program operations, evaluates performance results and identifies any deficiencies or shortfalls and shares exemplary practices with all HUD program and support areas. (for oversight of field operations)
Quantitative Easing is an unconventional monetary policy used by central banks to stimulate the national economy when standard monetary policy has become ineffective. A central bank implements quantitative easing by buying financial assets from commercial banks and other private institutions, thus increasing the monetary base. This is distinguished from the more usual policy of buying or selling government bonds in order to keep market interest rates at a specified target value.
Quality Service Certification QSC is revolutionizing the way professional services are delivered by helping consumers and service professionals align their interests so that each can experience the most beneficial outcome.
Keep in mind that this is by no means a complete list of terms, but it does highlight most of the more common terms used in the industry and is a constant work in progress as time passes.
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