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Real Estate Glossary - R
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.
Real Estate Agent
A real estate agent is a person licensed to negotiate
and transact the sale of real estate
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 agent, broker or an associate who holds
active membership in a local real estate board that is
affiliated with the National Association of Realtors.
Reconveyance Clause
The clause in a trust deed that gives the title back to
the borrower when the loan is paid in full.
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.
Repayment Plan
An arrangement made to repay delinquent installments or
advances.
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 Debt
A credit arrangement, such as a credit card, that allows
a customer to borrow against a pre-approved 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 Ingress or Egress
The right to enter or leave designated premises.
Right of 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.
Regulation Z
A truth-in-lending provision that requires lenders to
reveal the actual costs of borrowing.
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-Loss Insurance
Insurance that protects a landlord against loss of rent
or rental value due to fire or other casualty, resulting
in the tenant being excused from paying rent.
Right of Survivorship
In joint tenancy, the right of survivors to acquire the
interest of a deceased joint tenant. |
