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Quadrangle – A square-shaped land area used in the government survey system method of land description that is 24 miles on each side and contains 16 townships. See United States Government Survey System.

Quadrilateral – A plane figure with four sides and four angles that is not square or rectangle.

Qualified fee – See Defeasible fee.

Qualified intermediary – A party who cannot be a relative or agent of an exchanging party and who is needed to complete a delayed exchange to legally hold funds to facilitate a Section 1031 delayed exchange.
As an exception, a real estate agent may serve as intermediary if the current transaction is the only instance in which the agent has represented the exchanging party over the past two years.

Qualifying ratio – The maximum percentage of a borrower’s income that a lender or government agency will allow a prospective debtor’s payments to be and still be able to approve the loan and which is often referred to as a debt-to-income ratio or DTI.

Qualities of value – They are desirability, utility, scarcity and transferability or the ability to buy.

Quantity survey method – A highly technical process used only by contractors and very experienced estimators to arrive at an estimate of cost for new construction which is sometimes referred to in the building trade as the price take-off method which involves a detailed estimate of the quantities of raw material, such as lumber, plaster, brick, cement, etc. to be used, as well as the their current prices and the costs of installation which are all added together to arrive at the believed replacement cost of a structure.

Quarter round – A molding that has a quarter-circle profile.

Quasi – The having of only a limited legal status and being similar to or related to.

Quasi-contract – An obligation similar to a contract but is implied by law.

Quiet enjoyment – A right that typically a tenant has to the use of the property without interference of the owner or possession with others.

Quiet title – To free the title to a parcel of land from the claims of others by means of a court action called a quiet title action.

Quiet title action – A court action brought about to establish title arising from a questionable claim or to remove a defect or cloud on the title to a property.

Quitclaim deed – A deed that operates as a release and which intends to pass any title, interest or claim which the grantor may have in the property, if any, but not containing any warranty form the grantor.

Quitclaim deed – A deed used to surrender any interest in property which the grantor may have without any warranty as to the quality of title or interest held.

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Categories: Real Estate Words Glossary