Real Estate Terms
Rate Gap: The difference between where the rate is now and where it could adjust to on an ARM.
Rate Lock: The guarantee from a lender "locking" in at a specific interest rate for a loan
Raw Land: The natural state of land before improvements
Ready, Willing and Able: A real estate agent procuring a propspective purchase who is "ready, willing and able" to transact on real estate and therefore the real estate agent should be entitled to receive compensation
Real Estate: Raw land and the improvements made to the land
Real Estate Agent: One who is licensed to sell real estate
Real Estate Commission: The Govermental body that regulates the licensure of real estate
Real Property: Land, improvements, interest and any benefits attributed to the property
Realtor: A Real estate agent/broker who is a member of the National Association of Realtors (NAR)
Reciprocity: A mutual agreement for honoring licenses between two or more states
Reconveyence: A method for transfering title from a trustee to an owner
Recording: The legal process for filing real estate transactions
Redevelpment: The improvement of raw land
Red Lining: An illegal practice of outlining neighborhoods on a map as high risk areas for real estate loans
Refinance: A new loan on a property with the same borrower usually at a better rate and or terms
Regulation Z: The set of rules governing consumer lending issued by the Federal Reserve Board of Governors in accordance with the Consumer Protection Act
Release Clause: The clause in a blanket mortgage that releases certain parcels of land upon agreed payment(s)
Replacement Cost: The present day cost to replace an already existing building
Rescind: To cancel
Reserves: The setting aside of funds for a later expense
Real Estate Settlement Procedures Act (RESPA): A law requiring the full disclosure of certain costs in relation to the sale and purchase of real estate
Reversion: A term used when the title of real estate reverts back to a specified party upon the conclusion of a specified event (ususally death of one party)
Revokable: An agreement that can be cancelled
Right of Survivorship: The right to take over interest in a property one or more persons upon the death of another interested party
Riparian Rights: Rights associated with property along a river
Running with the Land: Easements and convenants that pass along with the transfer of land
Real Estate Terms beginning with Q
Real Estate Terms beginning with S