QUADRANGLE
A square area of land which measures 24 miles on each
side
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QUADRAPLEX A four-unit building
designed for occupancy and use by four different residences.
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QUALIFIED ACCEPTANCE An acceptance
of an offer subject to a condition or conditions which
must be met. Since new conditions are included, a
qualified acceptance is a rejection of the original
offer and thus is a counteroffer.
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QUALIFIED BUYER A buyer who has
satisfied a lender that he or she is financially able
to qualify for a loan. Qualifying the buyer is one
of the primary steps taken by the lender as part of
the loan process.
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QUALIFIED FEE ESTATE A legal interest
in land which is subject to a limitation(s) placed
on the estate by the owner. For example, a qualified
fee could be created 'to First Church so long as the
land is used exclusively for religious purposes."
The two most important kinds of qualified fees are:
(1) fee simple determinable and (2) fee simple subject
to a condition subsequent.
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QUANTITY SURVEY METHOD A method
of estimating reproduction cost for appraisal purposes
by totaling the cost of each individual part to be
used in construction and the cost of labor per part,
plus additions for indirect costs.
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QUANTUM The duration or length of
an estate or interest in land such as 'an estate for
life."
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QUARTER SECTION An area of land
measuring 2,640 feet on each side (one-half mile)
and containing 160 acres. Such a measurement is part
of the Government Survey Method.
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QUASICONTRACT A legal obligation
imposed by law where there is unfair or unjust reward
to one party.
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QUIET ENJOYMENT The legal right
of an owner to use and enjoy property without interference
of possession by someone with a superior title.
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QUIET TITLE ACTION Action by a court
to remove a cloud or claim that has been placed on
title to property.
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QUITCLAIM DEED A deed which conveys
only what present interest a person may have in a
particular property without making any representations
or warranties of title. Such a deed is useful in clearing
up doubtful claims such as possible dower rights or
disputed liens. A person giving a quitclaim deed releases
and waives all present rights, and if the grantor
has good and merchantable title, this is what is conveyed.
If the grantor actually has no interest in the property,
no interest is conveyed. However, if the grantor later
acquires good title to the property previously conveyed
by a quitclaim deed, the grantor keeps it; it is not
automatically passed on to the grantee.
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