Real Estate Glossary R

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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^®

Realtor®

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

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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^®
Realtor®	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

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Real Estate Glossary R

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Do
any of these definitions raise questions for you? Didn’t find the word
you’re looking for? Let us know! We’re happy to answer ANY questions.
It’s our job! There’s no obligation, and we promise to get back to you
quickly…