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Glossary of Real Estate Terms
This Glossary has
been provided as a courtesy to assist you in
gathering information relative to real estate.
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B
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C
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D
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E
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F
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G
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H
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I
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J
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K
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L
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M
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N
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O
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P
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Q
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R
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S
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T
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U
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V
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W
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X
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Y
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Z
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G |
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General Contractor:
The prime
contractor who contracts for the construction of
an entire building or project, rather than just
a portion of the work. The general contractor
hires subcontractors, (e.g., plumbing,
electrical, etc.), coordinates all work, and is
responsible for payment to subcontractors. |
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General Partner:
A member of a partnership who has authority to
bind the partnership. A general partner also
shares in the profits and losses of the
partnership. |
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Graduated Lease:
A lease, generally long term in nature, which
provides that the rent will vary depending upon
future contingencies, such as a periodic
appraisal, the tenant’s gross income or simply
the passage of time. |
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Grant:
To bestow or transfer an interest in real
property by deed or other instrument; either the
fee or a lesser interest, such as an easement. |
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Grantee:
One to whom a grant is made. |
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Grantor:
The person making the grant. |
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Gross Absorption:
A measure of the total square feet leased over a
specified period of time with no consideration
given to space vacated in the same geographic
area during the same time period. |
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Gross Building Area:
The total floor area of the building measuring
from the outer surface of exterior walls and
windows and including all vertical penetrations
(e.g. elevator shafts, etc.) and basement space. |
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Gross Lease:
A lease in which the tenant pays a flat sum for
rent out of which the landlord must pay all
expenses such as taxes, insurance, maintenance,
utilities, etc. |
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Ground Rent:
Rent paid to the owner for use of land, normally
on which to build a building. Generally, the
arrangement is that of a long-term lease (e.g.
99 years) with the lessor retaining title to the
land. |
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Guarantor:
One who makes a guaranty. |
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Guaranty:
Agreement whereby the guarantor undertakes
collaterally to assure satisfaction of the debt
of another or perform the obligation of another
if and when the debtor fails to do so. Differs
from a surety agreement in that there is a
separate and distinct contract rather than a
joint undertaking with the principal. |
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