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| Good repair clause
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Contract clause, indicating that the property must be properly maintained to keep the contract valid, which creates liability for the seller or lessee if the subject property is found to be in need of repairs. |
| Goodwill
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The value of the name and reputation of a person or company, which will generate better future earnings, based on that reputation. |
| Gothic arch
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Also called Tudor, parabolic, or semicircular arches. They are arches having a span of more than six feet with a rise-to-span ratio in excess of 0.15, and a load capacity of 1,000 pounds per foot. |
| Gouge
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(1) A chisel, which has a curved hollow blade, used for cutting grooves or holes in wood. (2) A chisel that has a U shaped cutting end, which makes grooves in the material of choice. (3) The groove or hole made by gouging. |
| Gouge chisel
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The gouge chisel is a wood lathe chisel used for roughing a workpiece to approximate size. |
| Gouging
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(1) To make grooves or holes in something. (2) To scoop, dig, or force out. (3) Rapid removal of excess material by any means. |
| Government mortgage
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A loan in which the government is guaranteeing the lender against loss. Examples of such loans are VA loans, and FHA loans. |
| Government national mortgage association (gnma)
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Nickname for Government National Mortgage Association. These debt securities have the objective of funding high-risk mortgages for high-risk borrowers, typically in areas approved for government construction projects that have no other funding sources. The government body also buys home loans issued by others, such as commercial banks, mortgage banks, and insurers and, after pooling them together, sells shares to investors. Unlike Fannie Mae and Freddie Mac, Ginnie Maes are backed by the United States and thus have a high credit standing. |
| Government rectangular survey
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A rectangular system of land survey used to subdivide public land, that divides a district into 24 square mile quadrangles from the Meridian (north-south line) and the Baseline (east-west line). The tracts are divided into 6-mile-square parts called townships, which are in turn divided into 36 tracts, each 1-mile square, called Sections. |
| Government sponsored enterprise (gse)
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A quasi-governmental organization that is privately owned but was created by the government and retains certain privileges not afforded totally private entities. |
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