Real Estate Glossary

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G

GA Fair Housing Law

This provides its citizens with the same protection as the federal fair housing law. If a person has been discriminated against in Georgia that person may file a complaint under either the federal or the state fair housing laws.

general agent

is authorized to act only in a specific trade or business for the principal.

Examples of general agencies:

Real estate broker hired by property owner to manage all aspects of the real estate.
Real estate salesperson hired by a broker to list and sell real estate, and perform other real estate business services.
You hire a friend and provide them $10,000 to use to shop and buy a good used car for you.

general lien

The right of a creditor to have all of a debtor's property-both real and personal-sold to satisfy a debt.

General partnership

A partnership that involves two or more individuals who share ownership and management of the business.

Control - general partnership will cease to exist upon death of one of the general partners. Partners mus approve the sale of a partnership interest.
Liability - each partner personally liable for the partnership and for the actions of the general partners.
Taxes - the income from the partnership flows to each partner based on his or her share of ownership
Administrative obligations - no formalities necessary to create general partnership.

Georgia Miltia District

Used to define a property description in some areas of Georgia.

Keyword(s):

Georgia Real Estate Commission

the Georgia Real Estate Commission's role is to regulate the real estate brokerage industry through licensing of practitioners with a goal of protecting the public interest.

Ginnie Mae

(Government National Mortgage Association) a government agency that guarantees mortgage backed securites using FHA and VA loans as collateral in the secondary mortgage market.

GLA adjustment

reflect the market’s behavior of paying less per unit with increases in size. GLA adjustments may be obtained by paired sales analysis or by graphing the cost per square foot against the size of the house.

When using paired sales analysis it is necessary to perform analysis for each variation in GLA between the subject and comparables. Graphing permits a broader application of calculating any variation in GLA in that price and quality range of housing.

Keyword(s):

Good-Faith Estimate (GFE)

An initial accounting of expected closing costs.

governmental factors

one of the four broad categories of factors affecting the value of real estate, which are - physical, social, economic and governmental.

Governmental factors have a substantial impact on property values and can be subdivided into three main categories. The first is governmental services which includes the availability and quality of services such as police, fire, and schools. For example, school system popularity may result in measurable increases in property values. The second category is government regulation of real estate, and the third category is taxation.

grant

is the transfer of government owned land to private ownership. This is the functional opposite of land dedication.

grantee

is the party receiving an interest conveyed in a deed.

granting clause

Words of conveyance in a deed is the specific language that expresses the intention of the grantor to transfer their interest in the property ownership to the grantee.

grantor

is the property owner who is transferring their interest conveyed in a deed.

gross lease

lease of property which a landlord pays all property charges incurred through ownership, such as repairs, taxes, insurance, and operating expenses. Most residential leases are gross leases.

Keyword(s):

gross living area

is the total heated area of the house in square feet (SF) as measured from the exterior. Gross Living Area (GLA) does not include attic space, garage, or basement area. Also excluded from GLA is the second floor area of two story rooms such as living rooms, family rooms, great rooms, and morning rooms. However, it is common in some areas to include the second floor of a two-story foyer in the GLA.

Keyword(s):

groundwater

Water under the surface of the earth, which is standing or moving. This does not include water in underground streams.

Group boycotting

An illegal boycott where competitors agree not to do business with targeted individuals or businesses.

Example: the exclusion of a real estate firm from a multiple listing service.

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