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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

Q

QUADRANGLE A square area of land which measures 24 miles on each side

QUADRAPLEX A four-unit building designed for occupancy and use by four different residences.

QUALIFIED ACCEPTANCE An acceptance of an offer subject to a condition or conditions which must be met. Since new conditions are included, a qualified acceptance is a rejection of the original offer and thus is a counteroffer.

QUALIFIED BUYER A buyer who has satisfied a lender that he or she is financially able to qualify for a loan. Qualifying the buyer is one of the primary steps taken by the lender as part of the loan process.

QUALIFIED FEE ESTATE A legal interest in land which is subject to a limitation(s) placed on the estate by the owner. For example, a qualified fee could be created 'to First Church so long as the land is used exclusively for religious purposes." The two most important kinds of qualified fees are: (1) fee simple determinable and (2) fee simple subject to a condition subsequent.

QUANTITY SURVEY METHOD A method of estimating reproduction cost for appraisal purposes by totaling the cost of each individual part to be used in construction and the cost of labor per part, plus additions for indirect costs.

QUANTUM The duration or length of an estate or interest in land such as 'an estate for life."

QUARTER SECTION An area of land measuring 2,640 feet on each side (one-half mile) and containing 160 acres. Such a measurement is part of the Government Survey Method.

QUASICONTRACT A legal obligation imposed by law where there is unfair or unjust reward to one party.

QUIET ENJOYMENT The legal right of an owner to use and enjoy property without interference of possession by someone with a superior title.

QUIET TITLE ACTION Action by a court to remove a cloud or claim that has been placed on title to property.

QUITCLAIM DEED A deed which conveys only what present interest a person may have in a particular property without making any representations or warranties of title. Such a deed is useful in clearing up doubtful claims such as possible dower rights or disputed liens. A person giving a quitclaim deed releases and waives all present rights, and if the grantor has good and merchantable title, this is what is conveyed. If the grantor actually has no interest in the property, no interest is conveyed. However, if the grantor later acquires good title to the property previously conveyed by a quitclaim deed, the grantor keeps it; it is not automatically passed on to the grantee.