Real Estate Glossary
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radon
A radioactive gas found in some homes that in sufficient concentrations
can cause health problems.
rate-improvement mortgage
A fixed-rate mortgage that includes a provision that gives the
borrower a one-time option to reduce the interest rate (without
refinancing) during the early years of the mortgage term.
rate lock
A commitment issued by a lender to a borrower or other mortgage
originator guaranteeing a specified interest rate for a specified period
of time. See lock-in.
real estate agent
A person licensed to negotiate and transact the sale of real estate
on behalf of the property owner.
Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give borrowers
advance notice of closing costs.
real property
Land and appurtenances, including anything of a permanent nature
such as structures, trees, minerals, and the interest, benefits, and inherent
rights thereof.
Realtor®
A real estate broker or an associate who holds active membership
in a local real estate board that is affiliated with the National Association of Realtors®.
recission
The cancellation or annulment of a transaction or contract by the
operation of a law or by mutual consent. Borrowers usually have the option
to cancel a refinance transaction within three business days after it
has closed.
recorder
The public official who keeps records of transactions that affect
real property in the area. Sometimes known as a "Registrar of Deeds" or "County
Clerk."
recording
The noting in the registrar’s office of the details of a properly
executed legal document, such as a deed, a mortgage note, a satisfaction
of mortgage, or an extension of mortgage, thereby making it a part of the
public record.
refinance transaction
The process of paying off one loan with the proceeds from a new
loan using the same property as security.
rehabilitation mortgage
A mortgage created to cover the costs of repairing, improving,
and sometimes acquiring an existing property.
remaining balance
The amount of principal that has not yet been repaid. See principal
balance.
remaining term
The original amortization term minus the number of payments that
have been applied.
rent loss insurance
Insurance that protects a landlord against loss of rent or rental
value due to fire or other casualty that renders the leased premises unavailable
for use and as a result of which the tenant is excused from paying rent.
rent with option to buy
See lease-purchase mortgage loan.
repayment plan
An arrangement made to repay delinquent installments or advances.
Lenders' formal repayment plans are called "relief provisions."
replacement reserve fund
A fund set aside for replacement of common property in a condominium,
PUD, or cooperative project -- particularly that which has a short life
expectancy, such as carpeting, furniture, etc.
revolving liability
A credit arrangement, such as a credit card, that allows a customer
to borrow against a preapproved line of credit when purchasing goods and
services. The borrower is billed for the amount that is actually borrowed
plus any interest due.
right of first refusal
A provision in an agreement that requires the owner of a property
to give another party the first opportunity to purchase or lease the property
before he or she offers it for sale or lease to others.
right of ingress or egress
The right to enter or leave designated premises.
right of survivorship
In joint tenancy, the right of survivors to acquire the interest
of a deceased joint tenant.
Rural Housing Service (RHS)
An agency within the Department of Agriculture, which operates
principally under the Consolidated Farm and Rural Development Act of 1921
and Title V of the Housing Act of 1949. This agency provides financing
to farmers and other qualified borrowers buying property in rural areas
who are unable to obtain loans elsewhere. Funds are borrowed from the
U.S. Treasury.
