Terms Beginning with Letters G - I

The definition of independent brokerage as a business model in the practice of real estate.

Gross Operating Income is a real estate investment term. It is the annual gross income less credit and vacancy losses.

Gross Potential Income in real estate investing refers to the total potential income of a property before any creditor vacancy losses.

Highest and best use in real estate is the use of a property that would be it's must efficient or profitable use.

Land that has certain services to the property, such as electricity, telephone, water, sewer, etc.

Too many real estate agents use the term "survey" when referring to the document generated in a real estate transaction, and showing the property lines and the structures on the property. It might be a survey, but in many cases, it's not a full survey and doesn't carry the same protections for the client that would come with a survey. It is generated for the mortgage and title companies for the purpose of identifying possible encroachments.

In Real Estate, most agents are independent contractors. They run their own business, scheduling, work hours, accounting, marketing, etc. This status is also treated specially by the IRS.

Property access can be dealt with in title insurance with the concept of insured specific access. By including a "together with" clause specifying the easements in the title policy language, the policy holder is assured coverage.

An intranet is an online application that allows a group, team or company to share documents, calendar scheduling, tasking, announcements, listing management, closing and settlement transaction management and more. Any member can access it from any internet computer in a secure environment.