Glossary of Terms

When buying or selling a home, you will encounter many terms that may be unfamiliar. To assist, we have provided this glossary of Real Estate terms.

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Glossary of Terms - Q

QUADRAPLEX: A building containing four dwelling units.

QUALIFICATION RATE: The rate of interest used to calculate whether or not a borrower qualifies for a mortgage.

QUALIFICATION REQUIREMENTS: Those guidelines set by lenders to be used when deciding whether or not an applicant will be given a loan.

QUALIFIED ACCEPTANCE: Also known as "conditional acceptance". Agreeing to enter a contract provided certain conditions are met.

QUALIFIED BUYER: A purchaser who has been pre-approved for financing.

QUALIFIED FEE ESTATE: A legal interest in land which is limited.

QUANTUM: Literally, the amount.

QUARTER SECTION: A measurement from the Government Survey Method, measuring 2,640 feet on each side and containing 160 acres.

QUIET ENJOYMENT: The legal right of an owner or tenant to have uninterrupted use of the property or premises without interference.

QUIT CLAIM DEED: A conveyance which releases any interest the conveying party may have in a property without any warranty as to that party's claim.