A quadrangle is a square-shaped land area 24 miles on each side, utilized in the Government Rectangular Survey method of land description. Each quadrangle contains 16 townships.
A quadraplex, also known as a four-plex, is a type of real estate property that consists of four separate units within one building. Each unit can be rented out individually, offering multiple income streams for property investors.
A qualified buyer is an individual or entity that has been assessed and deemed financially capable of purchasing a property within a specific price range. This term is crucial in real estate transactions as it helps differentiate between prospective buyers who have the financial means to complete a purchase and those who do not.
A Qualified Intermediary (QI) is a person or entity authorized to hold funds to facilitate a Section 1031 Exchange, enabling property owners to defer capital gains taxes, particularly in delayed exchanges.
Qualified Leasehold Improvement Property (QLIP) refers to improvements made to an interior portion of nonresidential real property by a lessor or lessee under a lease, which may be eligible for certain depreciation benefits.
A Qualified Mortgage (QM) is a home loan that adheres to the guidelines set forth in the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to mitigate the risks associated with mortgage lending and prevent practices that led to the financial crises like the 2008 credit crunch.
A Qualified Real Estate Professional is a taxpayer who qualifies for an exception to passive activity income rules through significant material participation in real property trades or businesses.
A Qualified Thrift Lender (QTL) is a financial institution that specializes in home mortgage finance and is required to hold a significant portion of its portfolio in residential mortgage loans or mortgage-backed securities, as per the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA).
A measure used by lenders to determine the maximum percentage of a borrower's income that can be allocated to debt payments and still qualify for a loan. This ratio helps assess the lender's risk exposure.
A Quantity Survey is a meticulous method used by appraisers to estimate the reproduction cost (new) of an improvement. It involves a detailed cost estimate of all materials, labor, and overhead required to replicate a structure.
A nineteenth-century-style house that is unique-looking, multi-story, and irregular in shape with a variety of surface textures, materials, and colors. The term Queen Anne has come to be applied to any Victorian house that cannot be otherwise classified.
In real estate, quiet enjoyment is the right of an owner or any person legally entitled to possession to use property without interference. It is fundamental for tenants and property owners, ensuring that they can possess and enjoy their property in peace.
A quiet title suit is a legal action taken to settle ownership disputes and remove any clouds on the title of real property, ensuring the owner has clear and undisputed rights to the property.
A quitclaim deed is a legal instrument that transfers the grantor's interest in a property to another party without warranties or guarantees regarding the property's title. It is often used to clear clouds on the title or transfer property between family members.
