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TermDefinition
- Q1-Q6 Quality RatingsProperty 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.
- Qualified MortgageA 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.
- Qualifying MortgageA 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.
- QM LoanA 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.
- Qualifying GuidelinesCriteria used to determine eligibility for a loan.
- Qualifying RatiosCalculations 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.
- Quality ControlA 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.
- Quarry TileA man-made or machine-made clay tile used to finish a floor or wall. Generally 6" X 6" X 1/4" thick .
- Quarter RoundA small trim molding that has the cross section of a quarter circle.
- QuartzA crystalline mineral composed of silicon and oxygen that is typically used in engineered countertop surfaces made of crushed quartz.
- QuartziteA hard, decorative stone that contains quartz and is used to cover walls, as flooring, and as stair steps, as well as for countertops.
- Quiet EnjoymentA right of a lessee to enter upon and use the premises without any interference from the lessor.
- Quiet Title SuitA 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.
- Quit Claim DeedA 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.
- QuoinLarge square stones or stucco trim used as decorative accents on exterior corners of buildings.