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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