REAL ESTATE DICTIONARY - R
Real Estate
Land and anything permanently affixed to the land and
those things attached to the building.
Real Estate Broker
A middle man or agent who buys and sells real estate
for a company, firm, or individual on a commission basis.
The broker does not have title to the property, but
generally represents the owner.
Real Estate Tax
A pecuniary charge laid upon real property for public
purposes.
REALTOR
Registered name for a member of the NATIONAL ASSOCIATION
OF REALTORS.
REALTOR ASSOCIATE
Salesperson associated with a broker who is a member
of a the NATIONAL ASSOCIATION OF REALTORS.
Realty
A synonym for real estate.
Recital
Setting forth in a deed or other writing some explanation
for the transaction.
Recording
The act of writing or entering an instrument in a book
or public record, usually in the office of the county
clerk and recorder. Such recording constitutes notice
to all persons of the rights or claims contained in
the instrument. This type of notice is called "constructive
notice" or "legal notice."
Recourse
The right of the holder of a note secured by a mortgage
or deed of trust to look personally to the borrower
or endorser for payment.
Redlining
The practice of refusing to provide loans or insurance
in a certain neighborhood.
Refinancing
The repayment of a debt from the proceeds of a new loan
using the same property as security.
Reissue rate
A charge for a title insurance policy if a previous
policy on the same property was issued within a specified
period of time. Reissue is less than the original charge.
REIT (Real Estate Investment Trusts)
A method in investing real estate in a group, with certain
tax advantages.
Recession of Contract
Annulling a contract and placing the parties to it in
a position as if there had not been a contract.
Release
An instrument releasing property from the lien of the
mortgage, judgment, etc.
RESPA (Real Estate Settlement Procedures Act)
A federal regulation that requires lenders and mortgage
brokers to disclose to borrowers, in advance, the fees
required to obtain a mortgage loan.
Restrictive Covenants
Private restrictions limiting the use of real property.
Restrictive covenants are created by deed and may "run
with the land," binding all subsequent purchasers
of the land, or may be "personal" and be binding
only between the original seller and buyer.
Revenue Stamps
Formerly, federal tax on a sale of real property. Canceled
and replaced by state tax stamps.
Reverse Mortgage
A special program for the elderly that provides income
until death. Payment requirements are arranged through
the increase in the principal amount of the loan.
Riparian
Pertaining to the banks of a river, stream, waterway,
etc.
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