Real Estate Definitions - Q

qualifying ratios
Calculations that are used in determining whether a borrower can qualify for a mortgage. There are two ratios. The "top" or "front" ratio is a calculation of the borrower's monthly housing costs (principle, taxes, insurance, mortgage insurance, homeowner’s association fees) as a percentage of monthly income. The "back" or "bottom" ratio includes housing costs as will as all other monthly debt.
Qualified Endorsement:
Signing the back of a bill or note followed by the words "without recourse". The receiver has no right to collect the note from the signer.
Qualified Fee:
(A Defeasible Estate) Fee Simple which is subject to some certain limitations established by the person creating the estate. There are three types of Qualified Fees: Fee Simple Determinable; Fee Simple Subject to Condition Subsequent; and Fee Simple Subject to Condition Precedent. (Please refer to these terms)
A name given to non-government entities which have condemnation rights. For example: Railroads and utility companies.
Quiet Enjoyment:
The right of a new owner or tenant to possession without interference.
A clause in most leases stating that the tenant has a right of peaceful and disturbance-free possession of the premises, and that ownership will protect the tenant against the claims of others.
The tenant/lessee has the right to occupy the specified premise. The tenant has the right of quiet enjoyment. The landlord cannot harass the tenant with undue requirements or inspections.
Quiet Title Action:
A court action used to extinguish easements, remove clouds on title, transfer title without warranties, clear tax titles, perfect a claim of adverse possession or prescriptive easement.
quitclaim deed
A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.