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gable
A triangular wall enclosed by the sloping ends
of a ridged roof or a triangular decorative feature. |
gable decoration
A triangular filigree or panel fitted into the
rake end of a gable roof. |
gable roof
A ridged roof that forms a triangle at each end. |
gag rule
A provision in contracts signed by new buyers
that prohibits the owners from publicizing complaints
about the builder. |
gambrel roof
A roof with two slopes, often seen on barns. |
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gap
A defect in the chain of title; a missing document
that raises doubt as to the true owner of the property. |
gas valve
A small faucet-like device that controls the flow
of gas to an appliance such as a gas water heater,
dryer, or oven. When the handle is turned in line
with the gas pipe, the valve is open; when it is perpendicular
to the pipe, it's closed. |
general contractor
The person who hires all of the
subcontractors and suppliers for a project. |
general plan
A government's long-range land-use plan. |
general-purpose circuit
An electric circuit that supplies
a number of outlets for lighting or appliances. |
geodesic dome
A structure constructed of lightweight bars forming
a grid of polygons. |
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Georgian style
Popular throughout the 18th century,
this type of architecture is distinguished by a symmetrical
façade, a prominent front entrance, and quoins
(decorative blocks of masonry or wood set in the corners
of the house). |
gift
A cash gift a buyer receives from a relative or
other source. Lenders usually require a "gift letter" stating
that the money will not have to be repaid. |
gingerbread decoration
An intricate, almost lacy, wood
trim. |
girders
Crossbeams that support floor joists. |
glazed
A window that has been fitted with a glass pane. "Double
glazed" refers to a window with double panes. |
glazier's point
A small pointed metal clip that helps hold a pane
of glass in a window frame. |
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good-faith estimate
An estimate from an institutional
lender that shows the costs a borrower will incur,
including loan-processing charges and inspection fees. |
Government National Mortgage
Association (GNMA)
Commonly known as Ginnie Mae, this
agency buys home loans from lenders, pools them with
other loans and sells shares to investors. Unlike
similar agencies Fannie Mae and Freddie Mac, Ginnie
Mae only purchases loans backed by the federal government. |
GPM (graduated-payment mortgage)
A mortgage that requires a borrower
to make larger monthly payments over the term of the
loan. The payment is unusually low for the first few
years but gradually rises until year three or five,
then remains fixed. |
grace period
A specified amount of time in which a borrower
may make a loan payment after its due date without
penalty. |
grade
The elevation of land above level ground. |
grade level
The flat or sloping surface upon which a house
is built. |
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Graduate Realtor® Institute
(GRI)
A designation issued by the National
Association of Realtors (NAR) to members who meet
specific performance and education requirements for
residential real estate sales. |
graduated-payment mortgage
A mortgage that requires a borrower
to make larger monthly payments over the term of the
loan. The payment is unusually low for the first few
years but gradually rises until year three or five,
then remains fixed. |
granny flat
Slang term for a separate unit in a house or above
the garage, which in the past may have been occupied
by an elderly relative. |
grantee
A person to whom an interest in a piece of property
is conveyed. |
grantor
The person who conveys an interest in a piece
of property to another person. |
Greek Revival style
A style introduced in the United
States at the end of the 18th century. Its most prominent
feature is a pillar-anchored pediment forming a portico
in the front of the house. |
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greenbelt
Any stretch of park, open space or other natural
setting in a community. |
gross income
The total income of a household before taxes or
expenses are subtracted. |
ground fault circuit interrupter
A device that detects leakage of
electrical current to the ground and prevents accidental
shock. |
ground rent
The amount of money paid for the use of a piece
of property that is a leasehold estate. |
group home
A single-family residence used as a living space
for unrelated people who require special care or supervision. |
grout
A type of mortar used to fill areas between tiles,
stone, or marble. |
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growing-equity mortgage
A fixed-rate mortgage that increases
payments over a specific period of time. The extra
funds are applied to the principal. |
guarantee mortgage
A loan guaranteed by a third party,
such as a government institution. |
guaranteed sales program
A real estate brokerage program
to purchase the seller's equity if the property does
not sell during a predetermined period of time. |
gutters
Horizontal channels installed at the edge of a
roof to carry rainwater or melted snow away from the
house. |
guy
A cable that guides or holds something, such as
an antenna. |
