Rectangular area bordered on all sides by buildings and is often grassy with decorative landscaping. A quadrangle can be found in a central business district or on the site of an academic institution.
Qualified Thrift Lender
Lender specializing in home mortgage finance under the rules established by FIRREA. One requirement being that the lender holds at least 70% of its portfolio in residential mortgage loans and mortgage-backed securities. Qualified lenders are eligible for advances from the district Federal Home Loan Bank.
Process determining an individual’s financial ability to meet the terms of a loan. When selling real estate, the sales broker must qualify the buyer to make certain he/she has the financial ability to purchase the property.
System of control meant to guarantee, by periodic inspections, that a certain amount of quality is being maintained during the production of the product in question. Materials, procedures, tools, etc., as well as the product itself are inspected.
Estimated itemization of all costs in constructing a structure including site acquisition and preparation and a detailed cost estimate of all materials, labor and overhead required to reproduce a structure. Quantity surveys are used by contractors in preparing a project’s bid price. Also, an appraisal estimate of the replacement cost of a structure including current costs of materials and labor.
Tile made from shale, clay or earth, resulting in an unglazed tile with color throughout. Quarry tiles are used for both floors and walls and are normally used indoors. Quarry tiles vary greatly depending on the material used. Some tiles made with earth are soft and irregular and break easily. Others are so soft that they need a seal coat before they can be used.
Wood which is cut from a log which has been quartered lengthwise and at an angle of at least 45 degrees between the board face and the annular growth rings, to lessen warping and shrinking.
Legal obligation to do something imposed upon someone by law, which bears the force of a contract and is subject to legal action as a contract. It is basically a legal obligation to pay for a benefit received as if a contract had actually occurred.
Vertically split brick, which becomes a full-length brick that is only 2 inches wide rather than four inches wide, the normal width of brick. The queen closure is placed next to the last brick in the row, forming an “English” corner.
Quick Assets Ratio
Balance sheet used to quickly discover the financial health of a business by checking the ratio of current assets without inventories (liquid assets) to current liabilities. A ratio of 1:1 is acceptable.
To cause solvent-based paints, which dry by oxidation of polymerization, to dry rapidly, oxidation or polymerization agents are added to the oil-based paint. Soaps, which result from a reaction between a metal oxide, such as cobalt, zinc, calcium or manganese and an organic acid such as petroleum-based naphthenic acid. Driers are soluble in the paint vehicle.
Also called fat lime, or rich lime, calcium oxide (CaO) is a caustic lime that is created by burning a pure or nearly pure limestone. It is mixed with water, making it putty-like in substance, and is used in finish coats of plastering.
Used when normal drying is too slow, this fast-setting drywall joint compound has chemical accelerators added to speed reaction and drying time. Since too much accelerator causes cracking and shrinkage and shortens the working life of the compound, it is used only when necessary.
Electrical switch that is noiseless when moved from one position to another. One example is constructed of a glass bulb with unconnected wires running into both ends and a small amount of mercury, which is electrically conductive. If the bulb is moved into a horizontal position, the mercury connects both wires, which makes a track through which the electricity can flow. When the bulb is vertical, only one wire is touched by the mercury, which breaks the circuit. The switch positions the bulb.
Deed that conveys only the grantor’s rights or interest in real estate, without stating the nature of the rights and with no warranties of ownership. It is often used to remove a cloud on a title.
Highest bid to buy and the lowest offer to sell a parcel of real estate in a particular market at a specified time. Sometimes also refers to a proposal to perform certain work for a specified price.