Dictionary – Gable Roof – Guardian

GABLE ROOF – A pitched roof with sloping sides.  

GAIN – An increase in money or PROPERTY VALUE.

GAMBREL ROOF – A two-sided pitch roof with each side having two slopes, a steep lower slope and a flatter upper slope that protects a building from water seepage.

GAP LOAN – One that fills the difference between the floor LOAN and the full amount of the permanent LOAN.

GARDEN APARTMENTS – A housing complex whereby some or all TENANTS have access to lawn area.

GATED COMMUNITY – A fenced housing DEVELOPMENT, typically having a security guard.

GAZUMPING – A slang term to describe the practice of reneging on an oral commitment to buy or sell a PROPERTY because a better offer or opportunity was presented after the oral commitment was made but before a legal sales CONTRACT was consummated.

GENERAL AGENCY SYSTEM – Type of LIFE INSURANCE marketing system in which the GENERAL AGENT is an independent businessperson who represents only one INSURER, is in charge of a territory and is responsible for hiring, training, and motivating new AGENTS.

GENERAL AGENT – The person who is empowered to represent the PRINCIPAL in some facets of the PRINCIPAL’S business.

GENERAL AVERAGE – In ocean marine INSURANCE, a LOSS, shared by all parties to the venture, that is incurred for the common good.

GENERAL CONTRACTOR – One who constructs a building or other improvement for the owner or DEVELOPER. May retain a construction labor force or use SUBCONTRACTORS.

GENERAL DAMAGES – Popularly known as PAIN AND SUFFERINGDAMAGES awarded to an injured person for INTANGIBLE LOSS which cannot be measured directly by dollars. See SPECIAL DAMAGES.

GENERAL LIABILITY INSURANCECOVERAGE that pertains, for the most part, to CLAIMS arising out of the INSURED’S LIABILITY for injuries or DAMAGE caused by ownership of PROPERTY, the operation of machinery, contracting operations, manufacturing operations and sale or distribution of products as well as professional services.

GENERAL LIEN – A LIEN against all PROPERTY owned by a DEBTOR, both real and personal, such as an income tax lien or an ESTATE TAX lien.

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) – 1) The set of rules considered standard and acceptable by Certified Public Accountants; 2) principles of accounting and reporting business results developed by the American Institute of Public Accountants.

GENERAL PARTNER – 1) A member of a GENERAL PARTNERSHIP; 2) a member who manages a LIMITED PARTNERSHIP and has unlimited LIABILITY for its LOSSES.

GENERAL PARTNERSHIP – An INVESTMENT SYNDICATE in which all members are called GENERAL PARTNERS and all share equally in the profits, management and losses of the investment.

GENERAL WARRANTY DEED – A DEED that conveys ownership from a GRANTOR to a GRANTEE with expressed WARRANTIES of protection for the GRANTEE’S ownership. A general warranty deed specifies that the GRANTOR will defend the DEED against any CLAIMS arising from the action of any prior owners, without limitations.

GENERATION SKIPPING TAX – A TRANSFER TAX imposed on gift or INHERITANCE to those at least two generations younger than the person making the transfer.

GENTRIFICATION – Generally occurring when an older NEIGHBORHOOD is

REHABILITATED or revitalized, the displacement of lower-income RESIDENTS by higherincome residents in a NEIGHBORHOOD.

GEOGRAPHIC INFORMATION SYSTEMS (GIS) – A computer mapping program where LAND characteristics and/or demographic information are color coded and often overlaid. The purpose is to determine locations of certain activity.

GEORGIAN – A large, English style, formal two or three story rectangular house that is characterized by its classic lines and ornamentation.

GIFT DEED – A DEED used to transfer REAL PROPERTY as a gift, in which the consideration is the love and affection rendered from the GRANTEE to the GRANTOR rather that any monetary or valuable consideration.

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 DONEE 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 index.

GINNIE     MAE     –     Nickname     for     GOVERNMENT    NATIONAL     MORTGAGE

ASSOCIATION (GPM)  – A government organization that is responsible for the SPECIAL ASSISTANCE LOAN PROGRAM, which provides low-interest rate MORTGAGE LOANS

GINNIE MAE PASS THROUGH – A PASS-THROUGH CERTIFICATE secured by a POOL of MORTGAGE LOANS INSURED by the GOVERNMENT NATIONAL MORTGAGE ASSOCIATION.

GLASS INSURANCE – Protection for LOSS of or DAMAGE to glass and its APPURTENANCES.

GOING AND MARKETABLE TITLETITLE 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.

GOOD CONSIDERATION – Though usually not sufficient to enforce a CONTRACT,  GOOD CONSIDERATION may be found in GIFT DEEDS.   It is usually shown as “love and affection rendered.”

GOOD FAITH – A concept of honesty.

GOOD STUDENT DISCOUNT – . Based on the premise that good students are better drivers, a reduction of automobile PREMIUM for a young driver at least sixteen who ranks in the upper twenty percent of his or her class, has a B or 3.0 average or is on the Dean’s list or honor roll

GOOD WILL – A business ASSET of INTANGIBLE VALUE created by customer and supplier relations.

GOVERNMENT CHECK – A SURVEYING correction made every twenty-four miles in all directions to compensate for the effect of the curvature of the earth on RANGE LINES.

GOVERNMENT NATIONAL MORTGAGE ASSOCIATON (GPM) – Also known as GINNIE MAE. A government organization that is responsible for the SPECIAL ASSISTANCE LOAN PROGRAM which provides low-interest rate MORTGAGE LOANS.

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 six-mile square parts called TOWNSHIPS, which are in turn divided into thirty-six TRACTS, each one mile square, called SECTIONS.

GOVERNMENT RIGHTS – The four basic government powers derived from English law are (1) Police power, (2) EMINENT DOMAIN, (3) TAXATION and (4) ESCHEAT. (PETE)

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.

GOVERNMENT SUBSIDIZED HOUSING – Housing where RENT is partially or totally paid by a local, State or  federal government agency.

GOVERNMENT SURVEY METHOD – Also known as RECTANGULAR SURVEY

METHOD – A system established by the federal government for surveying and legally describing LAND by reference to a PRINCIPAL MERIDIAN and BASE LINE or BASEAND-MERIDIAN SYSTEM.

GRACE PERIOD – 1) The period during which one party may fail to perform without being considered in DEFAULT; 2) a specified period after a PREMIUM payment is due in which the POLICYHOLDER may make such payment and during which the protection of the POLICY continues.

GRADE -1) Ground level at the foundation; 2)  to prepare a smooth surface on a site.

GRADED COMMISSION SCALE – A COMMISSION scale providing for payment of a high first-year COMMISSION and lower RENEWAL COMMISSIONS.

GRADED LEASE – Also known as GRADUATED LEASE and STEP-UP LEASE – A

LEASE under which the rental increases are made at scheduled intervals and for specific amounts.

GRADIENT – The slope or rate of increase or decrease in the elevation of a surface, usually expressed as a percentage.

GRADUATED LEASE – Also known as GRADED LEASE and STEP-UP LEASE – A LEASE under which the rental increases are made at scheduled intervals and for specific amounts.

GRADUATED PAYMENT MORTGAGE (GPM) – A MORTGAGE in which the monthly payments will generally increase for a set period of time and then level off. This increasing payment feature can be incorporated into FIXED RATE or ADJUSTABLE RATE LOANS.

GRADUATE, REALTORS INSTITUTE (GRI) – An educational program sponsored by the NATIONAL ASSOCIATION OF REALTORS or State Realtor Boards.

GRAND DEED– Also known as BARGAIN AND SALE DEED –  A DEED that conveys ownership from the GRANTOR to the GRANTEE without any expressions of WARRANTY.

GRANDFATHER CLAUSE – By virtue of this provision, 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.

GRANT – A technical term used in DEEDS of CONVEYANCE of PROPERTY to indicate a transfer.

GRANTEE – The party to whom the TITLE to REAL PROPERTY is transferred; the buyer.

GRANTING CLAUSE – Also known as WORDS OF CONVEYANCE – The clause found in DEEDS through which the GRANTOR CONVEYS any interests in the REAL PROPERTY.

GRANTOR – Anyone who gives a DEED.

GROSS AREA – The total floor area of a building, usually measured from its outside walls.

GROSS ESTATE – All of the ASSETS and LIABILITIES owned at death.

GROSS INCOME – Total INCOME from PROPERTY before any expenses are deducted.

GROSS INCOME MULTIPLIER (GIM) – Also known as GROSS RENT MULTIPLIER – Usually measured as gross monthly income when referring to RESIDENTIAL PROPERTIES and gross annual income when referring to COMMERCIAL PROPERTIES  the relationship or ratio between the sales price of a PROPERTY and its gross RENTAL INCOME as utilized in the INCOME APPROACH TO VALUE.

GROSS LEASABLE AREA (GLA) – The floor area that can be used by TENANTS. Generally measured from the center of joint partitions to outside wall surfaces.

GROSS LEASE – The usual situation in RESIDENTIAL LEASES, a LEASE under which the LESSOR receives a gross rent or a GROSS INCOME from the LESSEE and consequently pays all of the PROPERTY charges such as insurance, taxes and maintenance.

GROSS NEGLIGENCE – In reckless disregard of the consequences as affecting the life or

PROPERTY of another, the intentional failure to perform a manifest duty

GROSS POTENTIAL INCOME – Also known as SCHEDULED GROSS INCOME – The maximum possible INCOME to be derived from the operation of a business, not including

SUPPLEMENTAL INCOME.

GROSS PREMIUM – The PREMIUM paid by the POLICYHOLDER.

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 taxable gain from each receipt.

GROSS RATE – The sum of the pure PREMIUM and a LOADING element.

GROSS RENT MULTIPLIER (GRM) – Also known as RENT MULTIPLIER – In the INCOME APPROACH TO VALUE, the relationship or ratio between the sales price of a PROPERTY and its gross rental INCOME, usually GROSS monthly INCOME when referring to RESIDENTIAL PROPERTIES and gross annual INCOME when referring to COMMERCIAL PROPERTIES.

GROUND LEASE – A LEASE under which the LESSEE LEASES only the ground, and the LESSOR allows the LESSEE to construct IMPROVEMENTS such as a service station or convenience store at the LESSEE’S expense.

GROUND RENT – The amount of RENT paid for the use of VACANT LAND. If the LAND is improved, then the GROUND RENT is that portion of the RENT attributable only to the LAND.

GROUND WATER – All water under the surface of the earth, except water flowing in underground streams with definite beds and banks.

GROUP ANNUITY – Usually issued to an employer for the benefit of employees, a pension plan providing ANNUITIES at retirement to a group of people under a master contract. The individual members of the group hold CERTIFICATES as evidence of their ANNUITIES.

GROUP ANNUITY CONTRACT – A CONTRACT issued by a LIFE INSURANCE COMPANY that may be used as the FUNDING INSTRUMENT for BENEFITS to be made in accordance with a PENSION PLAN. A single master contract provides that the group of persons participating in the plan will receive ANNUITIES during retirement. Individual CERTIFICATES state COVERAGE may be issued to members of the group.

GROUP CONTRACT – A CONTRACT of INSURANCE made with an employer or other ENTITY that covers a group of persons identified as individuals by reference to their relationship to the ENTITY.

GROUP CREDITOR LIFE INSURANCELIFE INSURANCE provided to DEBTORS by a lending institution to provide for the cancellation of any outstanding DEBT should the borrower die. Normally TERM INSURANCE is limited to the amount of the loan.

GROUP INSURANCEINSURANCE written on a number of people under a single master policy, issued to their employer or to an association with which they are affiliated.

GROUP LIFE INSURANCELIFE INSURANCE, usually without medical examination, on a group of people under a master policy typically issued to an employer for the benefit of employees, or to members of an association, for example a professional membership group. The individual members of the group hold CERTIFICATES as evidence of their INSURANCE.

GROUP ORDINARY LIFE INSURANCEGROUP INSURANCE plan providing LIFE INSURANCE for employees. Traditional WHOLE LIFE POLICY is split into decreasing INSURANCE protection and increasing cash values.

GROUP PAID-UP LIFE INSURANCE – Provided through a GROUP LIFE INSURANCE PLAN, accumulating units of single PREMIUM WHOLE LIFE INSURANCE and decreasing TERM INSURANCE, which together equal the FACE AMOUNT of the POLICY.

GROUP PERMANENT PLAN – Type of PENSION PLAN in which cash value LIFE INSURANCE is issued on a group basis and cash values in each policy are used to pay retirement BENEFITS when a worker retires.

GROUP TERM LIFE INSURANCE – The most common form of GROUP LIFE INSURANCE that provides a  yearly RENEWABLE TERM INSURANCE for employees during their working careers.

GROUP UNIVERSAL LIFE PRODUCTS (GULP)UNIVERSAL LIFE INSURANCE plans sold to members of a group, such as individual employees of an employer. There are some differences between GULP plans and individual universal life plans; for instance, GULP expense charges generally are lower than those assessed against individual policies.

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. Due to  the added principal retirement, the MATURITY of the LOAN is significantly shorter than a comparable LEVEL PAYMENT MORTGAGE.

GUARANTEED INSURABILITY OPTION – Also known as FUTURE INCREASE

OPTION – A provision found in some policies that allows the INSURED to purchase additional DISABILITY INCOME INSURANCE at specified future dates regardless of the insured’s physical condition.

GUARANTEED INVESTMENT CONTRACT – An investment CONTRACT with an INSURER in which the INSURER guarantees both PRINCIPAL and INTEREST on a PENSION contribution.

GUARANTEED PURCHASE OPTIONBENEFIT that can be added to a LIFE INSURANCE POLICY permitting the INSURED to purchase additional amounts of LIFE INSURANCE at specified times in the future without requiring EVIDENCE OF INSURABILITY.

GUARANTEED RENEWABLE – A CONTRACT that the INSURED has the right to continue in force by the timely payment of PREMIUMS (1) until at least age fifty or (2) in the case of a POLICY issued after age forty-four for at least five years from its date of issue, during which period the INSURER has no right to make unilaterally any change in any PROVISION of the CONTRACT while the CONTRACT is in force, except that the INSURER may make changes in PREMIUM rate by classes.

GUARANTEED RENEWABLE CONTRACT – 1) A health policy which the company guarantees to renew for life or until the insured reaches a specified age; 2) a CONTRACT that the INSURED person or ENTITY has the right to continue in force by the timely payment of PREMIUMS for a substantial period of time, during which period the INSURER has no right to make unilaterally any change in any PROVISION of the CONTRACT, while the CONTRACT is in force, other than a change in the PREMIUM rate for classes of POLICYHOLDERS.

GUARANTY FUND – Derived from ASSESSMENTS against solvent INSURANCE COMPANIES, a fund to absorb LOSSES of claimants against insolvent insurance companies.

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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