Real Estate & Investing Dictionary
Search: GO
R
Radon
A radioactive gas found in some homes that in sufficient concentrations can cause health problems.

Range
A column of land running North and South, usually measured six miles wide, beginning at the Principal Meridian and moving outward. Used to create coordinates identifying Townships.

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 at a specific cost.

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.

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.

Re-recording
The recording of a deed for the second time to correct an error contained in the deed when originally recorded. Also called Confirmation Deed, Correction Deed, or Reformation Deed.

Real Estate Agent
A person licensed to negotiate and transact the sale of real estate.

Real Estate Agent
A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.

Real Estate Lien Note
See Note.

Real Estate Owned - REO
Property acquired by a lender through foreclosure and held in inventory; commonly referred to as REO.

Real Estate Settlement Procedures Act
A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

Real Estate Settlement Procedures Act
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.

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.

Realtor®
A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.

Recasting
Restructuring a loan with a new interest rate and term. It may be the same loan from the same lender, but the terms change. FHA has a formal procedure to recast loans to assist home buyers to stay in their houses.

Receivership
After a bank is taken over by FDIC, it may be placed in receivership to liquidate its assets. The employees are fired and the assets shipped off to be sold at auction. The real estate is turned over to the RTC or the FDIC's liquidation division. Existing contracts with the institution in receivership are voidable at the option of the FDIC.

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."

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.

Recording
The act of writing or entering in a book of public record instruments affecting the title to real property.

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.

Recourse
The right to claim against a prior owner of a property or note.

Redemption
The right of a mortgagor to redeem property by paying a debt before sale at foreclosure; the right of an owner to reclaim his or her property after it has been sold to settle claims for unpaid taxes.

Refinance
The process of replacing an old loan with a high interest rate with a new one, usually at a lower interest rate.

Refinance Transaction
The process of paying off one loan with the proceeds from a new loan using the same property as security.

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.

Release
An instrument relinquishing the hold on a previously established claim against property. Most commonly used as a Release of Lien or Release of Mortgage where the debt has been satisfied or forgiven.

Release Clause
A clause included in a blanket mortgage that gives the owner of the property the privilege of paying off part of the debt, and thus freeing part of the property from the mortgage.

Release Of Liability
The document that relieves a person who is obligated to pay a loan of any further obligations. It may be obtained when a buyer takes over the payments on the seller's old loan, provided the buyer meets the lender's standards for income and creditworthiness. If granted, the release of liability means the seller will not be responsible if the buyer fails to pay.

Relief
Various types of loans, depending on their insurers (FHA, PMI companies, etc.) or their owners (FNMA, FHLMC), will offer various types of special payment plans or other assistance for borrowers who have missed payments. If it appears that the borrower can bring the loan current, the lender can allow a period of reduced payments with the difference made up at a later time during the loan. The lender could also assist with an early sale.

Remaining Balance
The amount of principal that has not yet been repaid. See principal balance.

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.

Remaining Term
The original amortization term minus the number of payments that have been applied.

Removal
The process of transferring a case from state court to federal court.

Rent Control
The regulation or restrictions set by government agencies on the amount of rent that landlords may charge.

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 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."

Repayment Plan
An arrangement made to repay delinquent installments or advances.

Repayment Plan
A plan for repaying missed payments over time.

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.

Reproduction Cost Analysis
A technique used to evaluate a property by estimating the cost of building the same or similar structure, adding the cost of land and subtracting an allowance for wear and tear.

Request For Notice Of Default
A document that under statutory provisions, allows certain interested parties to request and be entitled to notification of a default.

Resolution Trust Corporation
A government-chartered corporation whose primary function is to manage and liquidate the assets of S&Ls that have lost too much money and been taken over and shut down by the FDIC. The Resolution Trust Corporation was created by FIRREA. It is probably the largest owner of real estate in the world.

RESPA
A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

Restrictive Covenant
A clause in a deed in which there is an agreement between buyer and seller stating certain restraints as to the use of the property.

Revolving Debt
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.

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.

RI AUX APN
An auxiliary parcel number for certain Riverside County, California properties having portional ownership (leased land) that is nontaxable, i.e., owned by Native Americans. Since the structure and not the land is taxed, two APN's are recorded.

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 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 Ingress or Egress
The right to enter or leave designated premises.

Right Of Redemption
See Redemption.

Right Of Rescission
The right to back out of a contract.

Right of Survivorship
In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.

Right Of Survivorship
Right of the surviving joint owner to succeed to the the interests of the deceased joint owner. This right is a distinguishing feature of a joint tenancy or tenancy by the entirety.

Right of Survivorship
In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.

Right of Way
An easement on land whereby an owner grants or gives to another the right of passage over their land.

Riparian Rights
The landowner's right to water on, under, or next to his land.

Rod
A unit of measurement equaling ¼ of one chain, five and ½ yards, or sixteen and ½ feet.

Room Count
The total number of rooms in a living structure, excluding a garage.

RTC
See Resolution Trust Corporation.
To report errors or omissions, please email me with the details.