Real Estate Glossary
QM
Qualified Mortgage
qualified intermediary
Corporation or entity who facilitates a 1031 tax deferred exchange (also known as an "accommodator"). To be a qualified intermediary, the intermediary must not be a related party.
qualified manager
A qualified manager is an individual, designated by a mortgage loan company, responsible for the activities of the licensed mortgage loan company's office, divisional office, or branch office in conducting the business of that mortgage loan company's office, divisional office, or branch office, and who meets requirements as specified by the director.
qualified real estate agent
A qualified real estate agent under the IRS definition is someone who meets three criteria: (1) they hold a current real estate license, (2) they have a written contract with their brokerage stating they will not be treated as an employee for federal tax purposes, and (3) a significant portion of their income is based on sales production rather than hours worked.
qualified substitute
A qualified substitute is any person who represents the seller or buyer (or both) in settling the transaction. For further information, see the I.R.S. website: Qualified Substitute (agent)
qualifying statement
A qualifying statement (also called a withholding certificate) is a certificate issued by the I.R.S. It certifies that the dollar amount that must be withheld from the disposition of a U.S. real property interest has been adjusted. The buyer, buyer's agent, or the seller may request a withholding certificate. The IRS will generally act on these requests within 90 days after receipt of a complete application including the Taxpayer Identification Numbers (TIN’s) of all the parties to the transaction. A seller that applies for a withholding certificate must notify the buyer in writing that the certificate has been applied for on the day of or the day prior to the transfer. For further information, see: Qualifying statement (also called withholding certificate)
quality service standards
Companies set quality service standards so that everyone, especially the salespeople, know what is expected. The standards should reflect the company's business philosophy and the nature of the services it provides. Most importantly, quality service standards must become a priority in the company.
quantitative easing
Quantitative easing is a monetary policy in which a central bank purchases government securities or other securities from the market in order to lower interest rates and increase the money supply. Quantitative easing increases the money supply by flooding financial institutions with capital in an effort to promote increased lending and liquidity. Quantitative easing is considered when short-term interest rates are at or approaching zero, and does not involve printing new banknotes. (See liquidity, monetary policy)
quantity-survey method
Way of estimating building reproduction cost by making a thorough itemization of all construction costs, both direct (material and labor) and indirect (permits, overhead, profit), then totaling those costs. (See appraisal)
quantum
Quantity; portion; part; a discrete subdivision of magnitude.
quantum number
Any of a set of numbers that indicate the magnitude of various discrete quantities of a particle or system.
quasi contract
A contract implied by law, as a matter of equity, when no actual contract exists.
quasi-community property
Any California real estate acquired by an out-of-state married person that would be considered community property if acquired by a resident of California; any California real estate acquired in exchange for real or personal property located anywhere, when the California real estate would have been considered community property if it had been acquired by a California resident.
quasi-judicial
Noting, pertaining to, or exercising powers or functions that resemble those of a court or a judge.
query
A response to a specific inquiry to a Internet search engine for information on a specific topic. (See search engine, SQL)
quiet title
1. A legal action taken to establish an individual's right to ownership of real property against one or more adverse claimants. 2. A court action to remove a cloud on the title. Quiet title actions are necessary because real estate may change hands often, and it is not always easy to determine who has title to the property.
quitclaim deed
A conveyance by which the grantor transfers whatever interest he or she has in the real estate, without warranties or obligations.
Qualified Mortgage
qualified intermediary
Corporation or entity who facilitates a 1031 tax deferred exchange (also known as an "accommodator"). To be a qualified intermediary, the intermediary must not be a related party.
qualified manager
A qualified manager is an individual, designated by a mortgage loan company, responsible for the activities of the licensed mortgage loan company's office, divisional office, or branch office in conducting the business of that mortgage loan company's office, divisional office, or branch office, and who meets requirements as specified by the director.
qualified real estate agent
A qualified real estate agent under the IRS definition is someone who meets three criteria: (1) they hold a current real estate license, (2) they have a written contract with their brokerage stating they will not be treated as an employee for federal tax purposes, and (3) a significant portion of their income is based on sales production rather than hours worked.
qualified substitute
A qualified substitute is any person who represents the seller or buyer (or both) in settling the transaction. For further information, see the I.R.S. website: Qualified Substitute (agent)
qualifying statement
A qualifying statement (also called a withholding certificate) is a certificate issued by the I.R.S. It certifies that the dollar amount that must be withheld from the disposition of a U.S. real property interest has been adjusted. The buyer, buyer's agent, or the seller may request a withholding certificate. The IRS will generally act on these requests within 90 days after receipt of a complete application including the Taxpayer Identification Numbers (TIN’s) of all the parties to the transaction. A seller that applies for a withholding certificate must notify the buyer in writing that the certificate has been applied for on the day of or the day prior to the transfer. For further information, see: Qualifying statement (also called withholding certificate)
quality service standards
Companies set quality service standards so that everyone, especially the salespeople, know what is expected. The standards should reflect the company's business philosophy and the nature of the services it provides. Most importantly, quality service standards must become a priority in the company.
quantitative easing
Quantitative easing is a monetary policy in which a central bank purchases government securities or other securities from the market in order to lower interest rates and increase the money supply. Quantitative easing increases the money supply by flooding financial institutions with capital in an effort to promote increased lending and liquidity. Quantitative easing is considered when short-term interest rates are at or approaching zero, and does not involve printing new banknotes. (See liquidity, monetary policy)
quantity-survey method
Way of estimating building reproduction cost by making a thorough itemization of all construction costs, both direct (material and labor) and indirect (permits, overhead, profit), then totaling those costs. (See appraisal)
quantum
Quantity; portion; part; a discrete subdivision of magnitude.
quantum number
Any of a set of numbers that indicate the magnitude of various discrete quantities of a particle or system.
quasi contract
A contract implied by law, as a matter of equity, when no actual contract exists.
quasi-community property
Any California real estate acquired by an out-of-state married person that would be considered community property if acquired by a resident of California; any California real estate acquired in exchange for real or personal property located anywhere, when the California real estate would have been considered community property if it had been acquired by a California resident.
quasi-judicial
Noting, pertaining to, or exercising powers or functions that resemble those of a court or a judge.
query
A response to a specific inquiry to a Internet search engine for information on a specific topic. (See search engine, SQL)
quiet title
1. A legal action taken to establish an individual's right to ownership of real property against one or more adverse claimants. 2. A court action to remove a cloud on the title. Quiet title actions are necessary because real estate may change hands often, and it is not always easy to determine who has title to the property.
quitclaim deed
A conveyance by which the grantor transfers whatever interest he or she has in the real estate, without warranties or obligations.
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