gap A defect in
the chain of title; a missing document that raises doubt as to the true owner of
the property.
gas valve A small
faucet-like device that controls the flow of gas to an appliance such as a gas
water heater, dryer, or oven. When the handle is turned in line with the gas
pipe, the valve is open; when it is perpendicular to the pipe, it's
closed.
general contractor The person who hires all of the subcontractors and suppliers for a
project.
general plan A
government's long-range land-use plan.
general-purpose circuit An electric circuit that supplies a number of outlets for lighting
or appliances.
geodesic dome A
structure constructed of lightweight bars forming a grid of
polygons.
Georgian style Popular throughout the 18th century, this type of architecture is
distinguished by a symmetrical façade, a prominent front entrance, and quoins
(decorative blocks of masonry or wood set in the corners of the
house).
gift A cash gift a
buyer receives from a relative or other source. Lenders usually require a "gift
letter" stating that the money will not have to be repaid.
gingerbread decoration An intricate, almost lacy, wood trim.
girders Crossbeams
that support floor joists.
glazed A window that
has been fitted with a glass pane. "Double glazed" refers to a window with
double panes.
glazier's point A
small pointed metal clip that helps hold a pane of glass in a window
frame.
good-faith estimate An estimate from an institutional lender that shows the costs a
borrower will incur, including loan-processing charges and inspection
fees.
Government National Mortgage Association
(GNMA) Commonly known as Ginnie Mae, this
agency buys home loans from lenders, pools them with other loans and sells
shares to investors. Unlike similar agencies Fannie Mae and Freddie Mac, Ginnie
Mae only purchases loans backed by the federal government.
GPM (graduated-payment mortgage) A mortgage that requires a borrower to make larger monthly payments
over the term of the loan. The payment is unusually low for the first few years
but gradually rises until year three or five, then remains
fixed.
grace period A
specified amount of time in which a borrower may make a loan payment after its
due date without penalty.
grade The elevation
of land above level ground.
grade level The flat
or sloping surface upon which a house is built.
Graduate Realtor® Institute
(GRI) A designation issued by the National
Association of Realtors (NAR) to members who meet specific performance and
education requirements for residential real estate sales.
graduated-payment mortgage A mortgage that requires a borrower to make larger monthly payments
over the term of the loan. The payment is unusually low for the first few years
but gradually rises until year three or five, then remains
fixed.
granny flat Slang
term for a separate unit in a house or above the garage, which in the past may
have been occupied by an elderly relative.
grantee A person to
whom an interest in a piece of property is conveyed.
grantor The person
who conveys an interest in a piece of property to another
person.
Greek Revival style A
style introduced in the United States at the end of the 18th century. Its most
prominent feature is a pillar-anchored pediment forming a portico in the front
of the house.
growing-equity mortgage A fixed-rate mortgage that increases payments over a specific
period of time. The extra funds are applied to the principal.
guarantee mortgage A
loan guaranteed by a third party, such as a government
institution.
guaranteed sales program A real estate brokerage program to purchase the seller's equity if
the property does not sell during a predetermined period of
time.
gutters Horizontal
channels installed at the edge of a roof to carry rainwater or melted snow away
from the house.
guy A cable that
guides or holds something, such as an antenna.
