California License Real Estate Terms Glossary

| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |

GABLE ROOF

Pitched roof with sloping sides.

GAMBREL ROOF

A curb roof, having a steep lower slope with a flatter upper slope above.

GARNISHMENT

A legal process to seize a debtor's property or money in the possession of a third party.

GAURANTEED NOTE

A PERMIT MUST BE RECEIVED FROM THE REAL ESTATE COMMISSIONER BEFORE BEING ALLOWED TO SELL A GAURANTEED NOTE.

GENERAL PLAN RESTRICTIONS

Covenants, conditions, and restrictions placed on a subdivision or other large tract of land, designed to benefit and burden each lot in the tract. GIFT A voluntary transfer of property without consideration.

GIFT DEED

A deed for which there is no material consideration.

GIRDER

A beam used to support other beams, joists, and partitions.

GOVERNMENT NATIONAL MORTGAGE

A federal corporation that assists in financing special ASSOCIATION (GNMA) assistance programs for federally aided housing. The corporation is also known as Ginny Mae.

GRADE

Ground level at the foundation.

GRADUATED LEASE

Usually a long-term lease that provides for adjustments in the rental rate on the basis of some future determination. For example, the rent may be based upon the result of appraisals to be made at predetermined times in the future.

GRANT

1. To transfer.
2. A deed.
3. When used in a deed, a technical term implying certain warranties. A transfer or?conveyance of real estate.

GRANT DEED

In California, a deed in which the word grant is used as a work of conveyance and therefore by law implies certain warrandice deed used to transfer property in California. By statute it impliedly contains only two limited warranties.

GRANTEE

The buyer; a person to whom a grant is made.

GRANTOR

The seller; one who signs a deed. The seller or person who executes a grant.

GRID

A chart used in rating the borrower, property, and neighborhood.

GROSS INCOME

Total income before expenses are deducted.

GROSS RENT MUTIPLIER

A number that reflects the ratio between the sales price of a property and its gross monthly rents. It is used in the income approach of appraising property.

GROUND LEASE

An agreement leasing land only, without improvements, ordinarily with the understanding that improvements will be placed on the land by the tenant.

GROUND RENT

1. Earnings from the ground only.
2. Earnings of improved property after an allowance is made for earnings of improvements.
3. A perpetual rent that a grantor in some states may reserve to himself or herself and his or her heirs when he or she conveys real property.

GROWTH EQUITY MORTGAGE

This type of mortgage will be paid back faster than the typical 30 year fully amortized mortgage.

| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |