Real Estate City Glossary

Real Estate City Glossary Q
(Qualifying - Quorum)

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Qualifying
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.

Qualifying Ratio
Ratio used, by a lender, to determine how much a potential buyer can afford to borrow.

Quality Assurance (QA)
Program that is intended, by its actions, to guarantee a standard level of quality.

Quality Control
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.

Quality of Use
Type and value of real estate improvements made, in addition to the use to which the land is put which is controlled by zoning and suitability.

Quntum Meruit
The amount that should be paid as merited by the extent and quality of the original service performed in a contract.

Quiet Title Suit
Lawsuit filed to ascertain the legal rights of an owner to a parcel of property, remove a defect or to remove a cloud on the title.

Quitclaim Deed
A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.

Quite Enjoyment
inserted into a lease or conveyance on the part of the grantor.

Quorum
The minimum number of persons that must be present at a duty constituted meeting of an organization to transit business on behalf of that organization.