|
Radon |
A radioactive gas
that can cause health problems if present in sufficient
concentration, found in some structures |
|
Rate
cap |
In an
adjustable-rate loan, the ceiling on the amount that the
interest rate can be increased at each
adjustment |
|
Rate lock, or
lock-in |
A commitment to a
specified fixed interest rate for a designated period of time,
issued by a lender |
|
Real estate
agent |
An individual
trained and licensed to negotiate the sale of real estate on
behalf of the property owner |
|
Real estate
investment trust (REIT) |
An organization of
individuals who purchase certificates of ownership in the
trust, which then invests their money in real property,
distributing the profits back to the individual investors free
of corporate income tax |
|
Real Estate
Settlement Procedures Act (RESPA) |
A federal consumer
protection law that requires certain disclosures of lenders to
consumers relative to mortgage loans |
|
Real
property |
Land and
appurtenances permanently on it, including buildings, trees,
minerals, and the interest, benefits, and inherent rights
thereof |
|
Realtor |
A real estate
professional who holds active membership in a local real
estate board that is affiliated with the National Association
of Realtors |
|
RealtorŪ |
The registered
trademark reserved for the sole use of members of local
Realtor boards affiliated with the National Association of
Realtors; other real estate professionals who do not belong to
the local board may not advertise themselves as
Realtors |
|
Recision |
The cancellation or
annulment of a transaction or contract based on law or by
mutual consent |
|
Recording |
The entering or
noting of documents affecting all transactions of real estate
in the recorder's office in each county, making it public
record; until recorded, a mortgage or deed is usually not
valid against subsequent buyers |
|
Recording
fees |
Payment made to the
lender for recording the sale of a property with the county
office |
|
Refinance |
To obtain a new
mortgage loan on a property already owned |
|
Regulation
Z |
A federal law that
requires disclosure by a credit institution or lender of the
terms, conditions, and full cost of a loan or mortgage,
including the annual percentage rate and any other charges, to
the borrower when they apply for the loan |
|
Remainder |
An interest in land
that is postponed until the termination of some other
interest |
|
RESPA |
Abbreviation for the
Real Estate Settlement Procedures Act, which is a federal law
that requires lenders to provide information on estimated
settlement costs, which is available for review by the buyers
one time after application, and again once prior to or at the
closing |
|
Restrictive
covenants, or Protective covenants |
A provision in a
deed that limits how real estate ownership may be
used |
|
Reverse-annuity
mortgage (RAM) |
A loan or mortgage
whereby the amount of the monthly payments the borrower
receives is based on accumulated equity, rather than on the
agreed-upon total sum loaned |
|
Reversion |
A clause in a
transfer of title that returns the property to the grantor
upon specified events or occurrences
happening |
|
Right of first
refusal |
The right specified
in an agreement to have the first opportunity to purchase or
lease a given property before it is offered to others, or
alternately, the prior right to purchase a property based on
the same terms made by another buyer that were acceptable by
the seller |
|
Right of
survivorship |
In joint tenancy,
when one of the joint tenants dies, the right of the survivors
to the deceased's interest in the property |
|
Right-of-way |
Permission to pass
across the property of another |
|
Riparian
rights |
The right of an
owner of property to make use of waterways adjoining the
property |
