GABLE ROOF
one with a triangle, with the ridge forming an angle
at the top and each eave forming an angle at the bottom.
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GAIN an increase in money or property
value.
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GAMBREL ROOF one having two slopes
on two sides with a steeper lower slope than the upper,
flatter sections.
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GAP LOAN one that fills the difference
between the floor loan and the full amount of the
permanent loan.
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GARDEN APARTMENTS a housing complex
whereby some or all tenants have access to a lawn
area.
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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.
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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.
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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.
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GENTRIFICATION the displacement
of lower-income residents by higher-income residents
in a neighborhood. Generally occurs when an older
neighborhood is rehabilitated or revitalized.
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GEORGIAN a large, English-style,
formal 2- or 3-story rectangular house that is characterized
by its classic lines and ornamentation.
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GIFT DEED a deed for which consideration
is love and affection and no material consideration
is involved.
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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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GI LOAN same as VA loan.
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GIM gross income multiplier.
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GINNIE MAE nickname for Government
National Mortgage Association.
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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.
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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.
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GOOD AND MERCHANTABLE TITLE same
as good and marketable title.
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GOOD FAITH an act done honestly.
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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
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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.
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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.
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GPM graduated-payment mortgage.
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GRACE PERIOD the period during which
one party may fail to perform without being considered
in default
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GRADE 1. ground level at the foundation.
2. to prepare a smooth surface on a site.
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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:
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GRADUATED LEASE a lease that provides
for graduated changes, at stated intervals, in the
amount of rent
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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.
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GRADUATE REALTORS INSTITUTE (GRI) an
educational program sponsored by the National Association
of Realtors or State Boards.
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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.
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GRANT a technical term used in deeds
of conveyance of property to indicate a transfer.
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GRANTEE the party to whom the title
to real property is conveyed; the buyer.
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GRANTOR anyone who gives a deed.
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GRANTOR/GRANTEE INDEX a reference
kept with public records that cross-indexes grantors
and grantees with one another and the properties they
relate to.
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GRI graduate of the Realtors Institute,
which is affiliated with the National Association
of Realtors.
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GRM gross rent multiplier.
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GROSS AREA the total floor area
of a building, usually measured from its outside walls.
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GROSS INCOME total income from property
before any expenses are deducted.
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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.
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GROSS LEASE a lease of property
whereby the landlord (lessor) is responsible for paying
all property expenses, such as taxes, insurance, utilities,
and repairs.
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GROSS POSSIBLE RENT same as potential
gross income.
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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.
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GROSS RENT MULTIPLIER (GRM) the
sales price divided by the contract rental rate.
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GROUND RENT the rent earned by leased
land.
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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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(TO) GUARANTEE (A LOAN) to agree
to indemnify the holder of a loan all or a portion
of the unpaid principal balance in case of default
by the borrower.
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GUARANTY an assurance provided by
one party that another party will perform under a
contract.
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GUARDIAN one appointed by a court
to administer the personal affairs or property of
an individual who is not capable of such duties.
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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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