Q

    - Glossary

 

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QR (Quick Response) codes - Those weird square bar codes are showing up all over the place – in newspapers, magazines, advertisements, flyers, business cards, even on web pages. The code can contain various types of information. It can contain a [1] Web page address (when scanned in, the phone’s browser will open to the web page contained in the code), [2]an email address (when scanned in, the phone will open it’s default email program with an email already addressed to the email address contained in the code with or without a message already in it), [3] a phone number (when scanned in, the phone will show the phone number, and ask if you would like to call that number – you can also save the phone number to your address book), [4] a text message (when scanned in, the phone will show the text message and phone number contained in the code).  

Qualified intermediary   a 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 Residential Mortgage   The Consumer Financial Protection Bureau (CFPB) and other federal agencies are currently developing guidelines for loans that will have a statistically lower risk of default, based on the underwriting guidelines and product features built into the loan. All loans meeting these new guidelines will be a Qualified Residential Mortgage.

What impact will this have on the mortgage market?  “The bottom line is that borrowers who fail to meet the basic criteria for a qualified residential mortgage will have a harder time finding a loan, when compared to borrowers who do meet those criteria.  They might end up paying a higher interest rate, as well…Financial analysts from J.P. Morgan Securities have estimated that borrowers might pay up to 3% points more for loans that are subject to risk-retention (i.e., loans that don’t meet the definition of a qualified residential mortgage).”  

Quiet enjoyment    an implied warranty that the landlord will not interfere with the tenant's reasonable use and enjoyment of a leased property.

Quiet title   a court action to remove a cloud on the title.

Quitclaim Deed   A deed that transfers whatever ownership interest the transferor (grantor) has in a particular property without warranties or obligations.  The Quitclaim Deed does not guarantee anything about the extent of what is being transferred …. A legal document which is used to transfer (convey) rights in real property from one entity (the grantor) to another (the grantee), however what is being conveyed is "only the interest" that the grantor holds currently in the property. Commonly used in transfers of title or interests in title, quitclaims are often made to family members, divorcing spouses, or in other transactions between people well-known to each other.

 

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