Real Estate Glossary R

Radon - A ground generated radioactive gas that seeps into some homes through sump pumps, cracks in the foundation and other inlets. A leading cause of lung cancer , radon is found in mostly the northern half of the country.

Rafter - Rafters form the slope of a pitched roof and are analogous to floor joists.

Rammed-earth construction - An alternative building process in which dirt is compacted into large structural frames to create walls.  

Ranch style - Ranch-style houses (also American Ranch, California Ranch, Rambler or Rancher) is a uniquely American domestic architectural style. First built in the 1920s, the ranch style was extremely popular in the United States during the 1940s to 1970s,

Range - A measurement, used in the government survey system, consisting of a strip of land six miles wide, running in a north-south direction. south direction.

Rate improvement mortgage - A loan with a clause that entitles a borrower to a one time cut in the interest rate without going through refinancing.

Rate lock - When interest rates are volatile, many borrowers want to "lock in" an interest rate and many lenders will oblige, setting a limit on the amount of time the guaranteed interest rate is in effect.

Rate of return - The relationship (expressed as a percentage) between the annual net income generated by a business and the invested capital, or the appraised value, or the gross income, etc., of the business.

Raw land - Unimproved land; land in its unused natural state prior to the construction of improvements such as streets, lighting, sewers, and the like.

Real estate - Land and anything permanently affixed to it, including buildings, fences and other items attached to the structure.

Real estate agent - A real estate agent has a state license to represent a buyer or a seller in a real estate transaction in exchange for a commission. Most agents work for real estate brokers.

Real estate attorney - Lawyer who specializes in real estate transactions.

Real estate broker - A real estate agent who is licensed by the state to represent a buyer or seller in a real estate transaction in exchange for a commission. Most brokers also have agents working for them, and are entitled to a portion of their commissions.

Real estate investment trusts (REITs) - The trusts are publicly traded companies that own, develop and operate commercial properties.

Real estate settlement procedures act (RESPA) - A federal law designed to make sellers and buyers aware of settlement fees and other transaction related costs. RESPA also outlaws kickbacks in the real estate business. related costs.

Real property - All land and appurtenances to land, including buildings, structures, fixtures, fences, and improvements erected upon or affixed to the same; excluding, however, growing crops.

Realtor - A designation for an agent or broker who is a member of the National Association of Real Estate Brokers.

Realty - Land and everything permanently affixed thereto.

Rebate - A reduction or kickback of a stipulated charge.

Recapture clause - A clause usually found in percentage leases, especially in shopping center leases, giving the landlord the right to terminate the lease (and thus "recapture" the premises) if the tenant does not maintain a specified minimum amount of business.

Receiver - An independent party appointed by a court to impartially receive, preserve and manage property which is involved in litigation, pending final disposition of the matter before the court.

Re-conveyance - When a borrower completely pays off the mortgage, the property is re-conveyed to them from the lender.

Recorder - A public official responsible for keeping the records of all real estate transactions.

Recording fee - A fee charged by real estate agents for conveying the sale of a piece of property into the public record.

Redemption, equitable right of - The right of a mortgagor who has defaulted on the mortgage note to redeem or get back his title to the property by paying off the entire mortgage note prior to the foreclosure sale.

Redlining - The practice by a bank or insurance company to deny credit or insurance to people based on ethnic background or neighborhood.

Reduction certificate - An instrument, which shows the amount of the unpaid balance of a mortgage, the rate of interest and the date of maturity.

Refinance - The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another.

Refinancing - The process of replacing an older loan with a new mortgage that has better terms.

Reformation - A legal action to correct or modify a contract or deed which has not accurately reflected the intentions of the parties due to some mechanical error, such as a typo graphical error in the legal description.

Regulation Z - The federal code issued under the Truth-in in Lending Act, which requires that a borrower be advised in writing of all costs associated with the credit portion of a financial transaction.

Rehabilitation mortgage - A mortgage that provides for the costs of repairing and improving a resale home or building.

Release - The discharge or relinquishment of a right, claim or privilege. Releases involving real property transactions should be acknowledged and recorded.

Release clause - A provision found in many blanket mortgages enabling the mortgagor to obtain partial releases of specific parcels from the mortgage upon the payment of, typically, a larger-than-pro-rata portion of the loan.

Relocation benefits - Benefits provided by employers for new workers and can include moving costs, reimbursement for temporary housing and transportation, real estate agent assistance and discounted loans.

Relocation company - A firm that administers all aspects of moving in new employees to the community.

Remainder estate - A future interest in real estate created at the same time and by the same instrument as another estate, and limited to arise immediately upon the termination of the prior estate.

Remaining balance - The amount of unpaid principal on a home loan.

Remaining term - The original loan term minus the number of payments made.

Renewal option - A covenant in some leases, which gives the lessee the right to extend the lease term for a certain period, on, specified terms.

Rent - Fixed periodic payment made by a tenant or occupant of property to the owner for the possession and use thereof, usually by prior agreement of the parties.

Rent control - Regulation by state or local governmental agencies restricting the amount of rent landlords can charge their tenants; such regulation is a valid exercise of the state's police power.

Rent loss insurance - A policy that covers any loss of rent or rental value in the event of fire or other damage that renders the property uninhabitable.

Rental agreement - An agreement, written or oral, which establishes or modifies the terms, conditions, rules, regulations, or any other provisions concerning the use and occupancy of a dwelling unit and premises; a lease on residential property.

Rental pool - A rental arrangement whereby participating owners of rental apartments agree to have their apartment units available for rental as determined by the rental agent, and then share in the profits and losses of all the rental apartments in the pool according to an agreed formula.

Renter's insurance - A policy that covers the replacement value of possessions.

Repayment plan - When a borrower falls behind in mortgage payments, many lenders will negotiate a repayment plan rather than go to court.

Replacement reserve fund - Money that is set aside from homeowners' assessments to replace common property, such as furniture in a planned development's community room.

Repossession - When a house is repossessed, it is taken back by the lender holding the mortgage.

Reproduction cost - The cost, on the basis of current prices, of reproducing a new replica property with the same or fairly similar material.

Resale value - The future value of a piece of property that can be affected by many factors, including the surrounding neighborhood, school scores, and economic and housing market conditions.

Rescission - The cancellation of a contract by law or consent by the parties involved.

Rescission - The legal remedy of canceling, terminating or annulling a contract and restoring the parties to their original positions; a return to the status quo.

Residual process - An appraisal process used in the income approach to estimate the value of the land and/or the building, as indicated by the capitalization of the residual net income attributable to it.

Restrictions - Limitations on the use of property. Private restrictions are created by means of restrictive covenants written into real property instruments, such as deeds and leases.

Restrictive covenant - A private agreement, usually contained in a deed, which restricts the use and occupancy of real property.

Restructured loan - A mortgage in which new terms are negotiated.

Retaliatory eviction - An act whereby a landlord evicts the tenant in response to some complaint made by the tenant.

Return on investment - The amount of profit a property generates.

Reverse mortgage - A special type of loan available to equity rich, older owners. Repayment is not necessary until the borrower sells the property or moves into a retirement community. rich, older owners. Repayment is not necessary until the borrower sells the property or moves into a retirement community.

Reversion - A future estate in real property created by operation of law when a grantor conveys a lesser estate than he has. The residue left in the grantor is called a reversion which commences in possession in the future upon the end of a particular estate granted or devised, whether it be freehold or less than freehold.

Ridge board - A horizontal board that serves as the apex of the roof structure.

Ridge vent - A vent located along the ridge board of the roof that allows moisture to escape.

Right of first refusal - An agreement by a property owner to give another person the right to buy or rent the property before it goes on the open market.

Right of survivorship - The distinctive characteristic of a joint tenancy (also tenancy by entirety) by which the surviving joint tenant (s) succeeds to all right, title and interest of the deceased joint tenant without the need for probate proceedings.

Right to rescission - A provision in the federal Truth-in in Lending Act that allows borrowers to cancel certain kinds of loans within three days of signing.

Right-of-way - The right or privilege, acquired through accepted usage or by contract, to pass over a designated portion of the property of another.

Riparian - Those rights and obligations, which are incidental to ownership of land adjacent to or abutting on watercourses such as streams and lakes.

Risk of loss - Responsibility for damages caused to improvements. The risk of loss passes to the vendee when either title or possession passes, he should protect himself by securing proper insurance.

Rough-in - The installation of plumbing, electrical and other mechanical systems.   The installation of plumbing, electrical and other mechanical systems.

Running with the land - Rights or covenants which bind or benefit successive owners of a property are said to run with the land, such as restrictive building covenants in a recorded deed which would affect all future owners of the property.

Rural housing service - A U.S. Department of Agriculture program that provides financing to farmers and certain borrowers to purchase rural property when other funds are not available.

R-value - A construction term that refers to the resistance of to heat loss. The higher the R-value, the slower the rate of heat loss.

 

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