Real Estate Glossary: Terms starting with letter 'Q'

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•  Qualified intermediary:  An individual or legal entity in a Like-Kind Exchange that satisfies certain IRS rules and is permitted to hold money or title to property for a short time to facilitate an exchange transaction.

• Qualified personal residence trust (QPRT):  A type of irrevocable trust where a homeowner transfers ownership of the residence to a trustee but retains the right to live in the residence for a specified period of time. At the end of the specified time period, ownership of the residence transfers to the beneficiary of the trust and is valued at a substantial discount for estate tax purposes.

• Qualified retirement plan:  An employer-sponsored plan that meets requirements specified in the Internal Revenue Code with respect to eligibility, participation, and benefits is qualified to receive preferential tax treatment. A qualified retirement plan may be either a defined benefit plan or a defined contribution plan such as a 401(k).

• Qualifying ratios:  Calculations that are used in determining whether a borrower can qualify for a mortgage. They consist of two separate calculations: a housing expense as a percent of income ratio and total debt obligations as a percent of income ratio.

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