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  • Term
    Definition
  • Property condition ratings imposed by the Single Family Uniform Appraisal Dataset (UAD), whereby appraisals must rate the condition of the home in addition to it’s quality (see "Q1 - Q6"). A Q1 dwelling employs top quality interior and exterior materials and finishes. Q2 homes are high quality and typically custom-designed for an owner’s site. Q3 houses are good quality with some semi-custom features. Q4 is represented by a standard builder-grade house and meets or exceeds code requirements, but uses commonly available materials. Q5 houses meet building codes, are livable and meet the basic needs for housing, with low-cost materials. Q6 structures are of low quality and may not be suitable for year-round habitation.
  • A home loan that meets certain standards set forth by the Consumer Protection Act and the Dodd-Frank Wall Street Reform Act to protect borrowers from entering loan agreements that they cannot afford to repay.
  • A home loan that meets certain standards set forth by the Consumer Protection Act and the Dodd-Frank Wall Street Reform Act to protect borrowers from entering loan agreements that they cannot afford to repay.
  • A home loan that meets certain standards set forth by the Consumer Protection Act and the Dodd-Frank Wall Street Reform Act to protect borrowers from entering loan agreements that they cannot afford to repay.
  • Criteria used to determine eligibility for a loan.
  • Calculations that are used in determining the loan amount that a borrower qualifies for, typically a comparison of the borrower’s total monthly income to monthly debt payments and other recurring monthly obligations.
  • A system of safeguards to ensure that loans are originated, underwritten and serviced according to the lender’s standards and, if applicable, the standards of the investor, governmental agency, or mortgage insurer.
  • A man-made or machine-made clay tile used to finish a floor or wall. Generally 6" X 6" X 1/4" thick .
  • A small trim molding that has the cross section of a quarter circle.
  • A crystalline mineral composed of silicon and oxygen that is typically used in engineered countertop surfaces made of crushed quartz.
  • A hard, decorative stone that contains quartz and is used to cover walls, as flooring, and as stair steps, as well as for countertops.
  • A right of a lessee to enter upon and use the premises without any interference from the lessor.
  • A lawsuit brought by an owner of real estate for the purpose of cancelling, wiping out, and putting a quietus upon supposedly immaterial, inconsequential, and unenforceable claims and interests that cloud the owner’s title.
  • A deed that does not imply the grantor holds title, but which surrenders and gives to the grantee any possible interest or rights that the grantor may have in the property.
  • Large square stones or stucco trim used as decorative accents on exterior corners of buildings.

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