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University of Phoenix

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Term Definition
Gable Roof
A triangular shaped roof with the ridges creating an angle at the top and the eaves creating an angle at the bottom.

An increase the value of a property.

Gain on Sale
Selling Price minus Adjusted Basis. This is the taxable profit that's made when an income-producing property is sold.

Garden Apartments
A housing complex that contains a lawn area that all or some of the tenants can access.

General Contractor
A person who constructs a building, improvement, etc. for a property’s owner or developer.

General Lien
A lien that encompasses every property owned by the debtor instead of a single specific property.

General Warranty Deed
A deed in which the the grantee is protected by the grantor against any other claims against the property.

The phenomenon of higher income residents displacing lower income residents in a neighborhood.

Graduated-Payment Mortgage(GPM)
A mortgage in which a borrower makes increasingly larger monthly payments over the loan term. For the first few years, the payment is very low, then rises gradually until the third or fifth year and remains constant thereafter.

the party to whom a real property’s title is conveyed.

the party who gives the deed to the grantee.

Gross Debt Service
the amount of money that is required to pay principal, interest and taxes. Also occasionally includes energy costs. If the unit is a condominium, all or part of the common fees are excluded, depending on which expenses are covered.

Gross Monthly Income
A person’s income before deducting taxes, saving plans, social security, etc.

Gross Operating Expenses
All the expenses that are required to keep the property cashflowing. Does not include capital improvements or mortgage payments.

Gross Operating Income
Gross Scheduled Income minus Vacancy allowance.

Gross Rent Multiplier
Sales price of a property divided by the gross annual rental rate.

Gross Scheduled Income
Total annual rent value of all units in the property. This figure represents the total rent that the property would generate given 0% vacancy.

Ground Lease
A lease that rents only the land of a property.

Investment - Companies
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