Mortgage Term 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

QUAD - Also See: Quadrant.

QUADRANGLE - In the Government Survey method of describing real property, a square area of land 24 miles square (24 miles on each side or 576 square miles), containing 16 Townships (six miles square) or 576 Sections (one mile square).

QUADRANT - (1) quarter section of a circle. (2) One of the quarters created by two intersecting roads or streets.

QUALIFIED FEE ESTATE - ownership interest in real property that is not absolute. Also See: Defeasible Title; Fee Tail.

QUALIFIED INTERMEDIARY - party that facilitates the exchange of property to meet the requirements of IRS Code Section 1031. To be "qualified" the party must not be related to the taxpayer and have no interest in the property. Section 1031 sets out the full requirements. The party is also commonly called an Accommodator or Facilitator.

QUALIFYING RATIOS - Guidelines used by lenders to determine how much of a loan a home buyer qualifies for. Often referred to as debt-to-income ratios (or DTI). Also See: Debt Ratio.

QUANTITY SURVEY METHOD - Also called "price take-off" method. A process of arriving at an estimate of new construction costs by a detailed estimate of quantities of necessary building materials plus labor costs.

QUARTER - Also See: Quarter Section.

QUARTER ROUND - molding which, in cross-section, resembles a quarter circle.

QUARTER SECTION - One quarter of a section. A quarter section (commonly called a quarter) contains 160 acres.

QUASH - To abate, annul, overthrow, vacate, void.

QUASI - Similar to but intrinsically different.

QUASI CONTRACT - contract created by operation of law where no actual contract exists. The purpose is to avoid unfairness and create a remedy for the injured party.

QUAY - wharf used for loading or unloading ships.

QUESTION OF FACT - Question as to what actually happened. Determined by physical evidence and decided by a jury in a jury trial.

QUESTION OF LAW - Given the facts, what laws, if any, are applicable; decided by a judge, even in a jury trial.

QUICK ASSETS - Also See: Liquid Assets.

QUIET ENJOYMENT - Also See: Covenant of Quiet Enjoyment.

QUIET TITLE - Also See: Action To Quiet Title.

QUIETUS - Final disposition of a claim or debt.

QUITCLAIM DEED - deed operating as a release; intended to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title in the grantor.

QUOIN - Also See: Coign, Coigne