QCT

See Qualified Census Tract (US Dept of HUD)

quad

One quadrillion Btu. (1,000,000,000,000,000 Btu) (US Dept of Energy)

quadraplex

Any building designed to accommodate four families. (HardwickAssociates)

quadrat

Sampling area, most commonly one square meter, used for analyzing vegetation. A square or rectangular plot of land marked off for the study of plants and animals. (US Dept of the Interior- Bureau of Reclamation)

qualification

As determined by a lender, the ability of the borrower to repay a mortgage loan based on the borrower's credit history, employment status, assets, debts and income. (Ginnie Mae)

Qualified Census Tract

(aka QCT) Any Census tract (or equivalent geographic area defined by the Census Bureau) in which at least 50 percent of households have an income less than 60 percent of the area median gross income or have a poverty rate of at least 25 percent. (US Dept of HUD)

qualified financial contract

(aka QFC) A type of financial agreement that includes, but is not limited to, securities contracts, forward contracts, repurchase agreements, and swap agreements. When a receiver repudiates a QFC, damages are measured as of the date of the repudiation and may include the cost of acquiring a replacement QFC. Special rules for the repudiation of QFCs are necessary to protect domestic financial markets. (Federal Deposit Insurance Corporation)

qualified mortgagee

An entity approved by the HUD Secretary that is capable of servicing, as well as originating, FHA-insured mortgages, and is not suspended or debarred by the Secretary, is not suspended or on probation imposed by HUD�s Mortgagee Review Board, and is not in default under any Government National Mortgage Association obligation. (US Dept of HUD)

qualified plan

A tax-deferred retirement plan for the self-employed. (Federal Reserve Education)

qualifying facility

A category of electric power producer established under the Public Utility Regulatory Policy Act (PURPA) of 1978, that includes small-power producers (SPP) who use renewable sources of energy such as biomass, geothermal, hydroelectricity, solar (thermal and photovoltaic), and wind, or cogenerators who produce both heat and electricity using any type of fuel. PURPA requires utilities to purchase electricity from these power producers at a rate approved by a state utility regulatory agency under Federal guidelines. PURPA also requires power providers to sell electricity to these producers. Some states have developed their own programs for SPPs and utilities. (US Dept of Energy)

qualifying ratio(s)

Calculations that are used in determining the loan amount that a borrower qualifies for, typically a comparison of the borrower�s total monthly income to monthly debt payments and other recurring monthly obligations. (Federal Trade Commission) A borrower�s total regular monthly debt as a percentage of gross monthly income. (Federal Reserve Bank- SF) Guidelines utilized by lenders to determine how much money a homebuyer is qualified to borrow. Lending guidelines typically include a maximum housing expense to income ratio and a maximum monthly expense to income ratio. (US Dept of HUD) The ratio of the borrower�s fixed monthly expenses to his gross monthly income. Ratios are expressed as two numbers like 29/41 where 29 would be the Front-End Ratio and 36 would be the Back-End Ratio. The Front-End Ratio is the percentage of a borrower�s gross monthly income (before income taxes) that would cover the cost of PITI (Mortgage Principal Payment + Mortgage Interest Payment + PropertyTaxes + Homeowners Insurance). In the case of a 29% Front-End Ratio a borrower could qualify if the proposed monthly PITI payments were 29% or less than the borrower�s gross monthly income. The Back-End Ratio is the percentage of a borrower�s gross monthly income that would cover the cost of PITI plus any other monthly debt payments like car or personal loans and credit card debt. Please note that qualifying ratios are only a rough guideline in determining a potential borrower�s credit-worthiness. Many factors such as excellent or poor credit history, amount of down payment, and size of loan will influence the decision to approve or disapprove a particular loan. Moving.com urges all borrowers to discuss their particular situation with a qualified lender regardless of the outcome of any self-qualification exercise. (US Dept of Agriculture- Home Loans) Two ratios used in determining credit worthiness for a mortgage loan. One is the ratio of a borrower's monthly housing costs to monthly income. The other is a ratio of all monthly debt to monthly income. (HardwickAssociates)

qualitative

Having to do with quality or qualities. Descriptive of kind, type or direction, as opposed to size, magnitude or degree. (US Dept of the Interior- Bureau of Reclamation)

quality assurance/quality control

A system of procedures, checks, audits, and corrective actions to ensure that all technical, operational, monitoring, and reporting activities are of the highest achievable quality. (US EPA- Pesticides)

quality control

A system of safeguards to ensure that loans are originated, underwritten and serviced according to the lender�s standards and, if applicable, the standards of the investor, governmental agency, or mortgage insurer. (Federal Trade Commission)

quantitative

Having to do with quantity, capable of being measured. Descriptive of size, magnitude or degree. (US Dept of the Interior- Bureau of Reclamation)

quantitative precipitation forecasts

A projection that uses the interpretation of various observational, numerical, and objective aids to estimate the amount, location, and duration of precipitation. The precipitation forecasts are used as a decision making tool for flood warning systems in basins subject to flash floods. (US Dept of the Interior- Bureau of Reclamation)

quarry

A rock pit. An open cut mine in rock chosen for physical rather than chemical characteristics. (US Dept of the Interior- Bureau of Reclamation)

quarterlies

Interim financial reports on the condition of a publicly held company, released each quarter of its fiscal year. (Federal Reserve Bank- SF)

quartz

Very hard, clear or translucent mineral composed of silica. (US Dept of the Interior- Bureau of Reclamation)

quartzite

Metamorphic rock composed of sand-sized quartz grains that have fused together by heat and pressure. Also, a hard, well-cemented quartz-rich sandstone. (US Dept of the Interior- Bureau of Reclamation)

quaternary

Refers to the geologic period of the last 2,000,000 years and includes the Pleistocene and Holocene (last 10,000 years) epochs. (US Dept of the Interior- Bureau of Reclamation)

quicksand

Fine sand or silt that is prevented from settling firmly together by upward movement of ground water. Any wet inorganic soil so unsubstantial that it will not support any load. (US Dept of the Interior- Bureau of Reclamation)

quiet title

An action in a proper Court to remove record defects or possible claims of other parties named in the action. (Old Republic National Title Insurance Co)

quitclaim deed

A deed that transfers without warranty whatever interest or title, if any, a grantor may have at the time the conveyance is made. A grantor need not have an interest in the property to execute a quitclaim deed. (Federal Financial Institutions Examination Council) A deed transferring ownership of a property but does not make any guarantee of clear title. (US Dept of HUD) A legal document which transfers any ownership an individual has in a piece of property. Often used when the amount of ownership is not known or is unclear. (HardwickAssociates)