Realty and Mortgage Terms and Definitions
Quadrangle - A square-shaped land area, 24 miles on each side. Frequently used in the government rectangular survey method of land description.
Qualifying Ratios - Calculations performed by lenders to determine your ability to repay a loan. The first qualifying ratio is calculated by dividing the monthly PITI by the gross monthly income. The second ratio is calculated by dividing the monthly PITI and all other monthly debts by the gross monthly income.
Qualifying Thrift Lender - A lender who specializes in home mortgage finance under the rules established by the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).
Quantity Survey - A method used by appraisers to estimate how much it would cost to reproduce an improvement.
Quiet Title - A court action to remove a cloud on the title.
Quitclaim Deed - A deed that transfers, without warranty, whatever interest or rights a grantor may have at the time the transfer is made. Often used to remove a possible cloud on the title.