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Common Joe 'n Jane Real Estate Wiki

Your down-to-earth guide to mastering real estate exam terms and concepts! We've stripped away the industry jargon and complex language, breaking down intricate ideas into bite-sized, easy-to-digest pieces for all the common "Joe 'n Jane's" out there.

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

General Agency: General agency is when a homeowner, we'll call them the principal, trusts a real estate agent, known as the agent, to handle a variety of tasks for them in the property world. The agent can do many things for the homeowner, but they might not... (Read more)
General Lien: A "general lien" is a claim on all of a person's assets because they owe money. It's not limited to just one property, but can affect everything they own. If the person doesn't pay back the debt, the person who's owed money can take any of... (Read more)
General Partnership: A general partnership is when two or more people come together to start a business to make money. They all agree to work together, manage the business, and share the profits. In this type of partnership, there are no silent partners who just... (Read more)
General Warranty Deed: A general warranty deed is a special paper used when someone sells a property. It not only says that the person selling the property has the right to sell it, but also promises that the seller will help the buyer if anyone else says they own... (Read more)
Gentrification: Gentrification is the process of fixing up a neighborhood that has become run-down or old. This usually involves remodeling old buildings or even tearing them down to build new ones. As a result, the area becomes more attractive and often... (Read more)
Going-Concern Value: Going-concern value is the value of a property that's still being used for business. It includes not just the physical things like buildings and land, but also the business's reputation, customer base, and ability to make money in... (Read more)
Goodness-of-fit: Goodness-of-fit refers to how well data or an analysis matches or solves a specific problem. It's like trying to find the right puzzle piece that fits perfectly into the puzzle. When the data or analysis is a good fit, it means it works well for... (Read more)
Goodwill: Goodwill is the value of a business's reputation and relationships with customers, which can't be easily measured or touched. It's the extra amount someone is willing to pay when buying a business, beyond the worth of the physical things... (Read more)
Government National Mortgage Association (Ginnie Mae): The Government National Mortgage Association, also known as Ginnie Mae, is a part of the U.S. government that helps people buy homes. It works under a bigger organization called HUD and helps make sure that loans made by other government... (Read more)
Government Survey Method: The Government Survey Method, also known as the Rectangular Survey Method, is a way to describe land and property by dividing it into big squares. Imagine a giant grid of lines, with some running east-west (called "Base Lines") and others... (Read more)
Graduated Rent Lease: A Graduated Rent Lease is a type of agreement between a property owner and a tenant, where the rent starts at a lower amount and then increases over time, usually at specific intervals. This way, the tenant can have lower payments at first,... (Read more)
Grantee: A grantee is someone who receives a right, interest, or title to real property from another person, known as the grantor. So, if someone is selling or giving away a piece of property, the person receiving the property would be... (Read more)
Grantor: A grantor is someone who is giving away or selling something very important, like a special right or ownership of a piece of land or property to another person. In real estate, a grantor is the person who is transferring the property, which could... (Read more)
Gross: In real estate, "gross" usually refers to the total amount of something, without any deductions or expenses taken out. For example, "gross income" would be the total income before any taxes or expenses... (Read more)
Gross Easement: A "gross easement" is an easement that benefits a specific person or entity, rather than a particular property. This means that the right to use or access a portion of someone else's property is granted to a specific individual or... (Read more)
Gross Income Multipliers (GIM): Gross Income Multipliers (GIM) is a way to figure out how much a property is worth compared to the money it makes. Imagine you have a lemonade stand that earns $100 a month. If the GIM for similar lemonade stands is 10, you'd multiply the $100 by... (Read more)
Gross Lease: A gross lease is an agreement between a landlord and tenant where the tenant pays a fixed rent amount and the landlord takes responsibility for paying the expenses of the property. This means that the tenant does not have to worry about... (Read more)
Gross Rent Multiplier (GRM): Gross Rent Multiplier (GRM) is a simple way to compare different properties by looking at how much money they make from rent. To find the GRM, you take the total cost of a property and divide it by the amount of money it makes in rent each month... (Read more)
Gross Rental Income: "Gross Rental Income" refers to the total amount of money earned by a property owner from renting out their property, before any expenses or deductions are taken out. This includes rent payments from tenants, as well as any other income related... (Read more)
Ground Lease: "Ground lease" refers to a type of lease agreement in which a tenant leases land from a landlord or property owner, without any buildings or structures on it. The tenant typically pays rent to the landlord for the use of the land, and may... (Read more)
Growth: "Growth" in real estate refers to the increase in value or desirability of a property or area over time. This can be due to a variety of factors, such as population growth, economic development, and improvements to infrastructure or amenities.... (Read more)

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