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REAL ESTATE GLOSSARY
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RAFTER
A structural element of the roof, sloping from the peak to the outer walls.
RADON
A radioactive gas found in some homes that in sufficient concentrations can cause health problems.
RANCH HOUSE
An architectural style typified by a single-story, low-roof construction. Popular in the western U.S.
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.
RAW LAND
Any land which has not been developed.
REAL ESTATE
A piece of land and any improvements or fixtures located on that land.
REAL ESTATE AGENT
A licensed professional who facilitates the buying and selling of real estate.
REAL ESTATE BROKER
An individual who often owns a real estate company or is in a management position, and who is licensed to represent a buyer or a seller in a real estate transaction.
REAL ESTATE NVESTMENT TRUSTS ( REIT )
A trust that uses investors money to purchase and manage real estate. Investors realize some of the tax advantages in owning real estate.
REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
A federal law requiring lenders to give full disclosure of closing costs to borrowers.
REAL PROPERTY
Land, improvements and appurtenances, and the interest and benefits thereof.
REALTORŪ
A real estate broker or an associate holding active membership in a local real estate board affiliated with the National Association of Realtors.
RECAST
To redesign an existing loan balance into a new loan for the same period or longer, to reduce payments and help a distressed borrower.
RECEPTACLE
An electrical outlet to plug into.
RECISION
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.
RECONCILLATION
Determining the final estimate of value by weighing the results of the various approaches in an appraisal.
RECONVEYANCE
When a mortgage is paid off in full, the lender conveys the property back to the owner.
RECONVEYANCE CLAUSE
The clause in a trust deed that gives the title back to the borrower when the loan is paid in full.
RECORDER
A local government employee whose role it is to keep records of all real estate transactions within the jurisdiction.
RECORDING
The filing of a real estate transaction with the appropriate government agent (normally the RECORDER). A real estate transaction is considered final when it is recorded.
RECORDING FEES
Money paid to the lender for recording a home sale with the local authorities, thereby making it part of the public records.
RECOURSE
The right of the holder of a note secured by a mortgage or deed of trust to claim money from the borrower in default in addition to the property pledged as a collateral.
REFINANCE
Obtaining a new mortgage loan on a property already owned. Often to replace existing loans on the property.
REFINANCE TRANSACTION
A new loan to pay off an existing loan. Typically to gain a lower interest rate or convert equity into cash.
REGISTER
Where air from a furnace or air conditioning system enters the room.
REGULATION Z ( REG Z )
A federal regulation requiring creditors to provide full disclosure of the terms of a loan including the terms of the loan and the annual percentage rate (APR).
REHABILITATION MORTGAGE
A mortgage created to cover the costs of repairing, improving, and sometimes acquiring an existing property.
RELOCATION SERVICE
Any company or agency that assists corporate employees in relocating from one place to another. Services may include hiring and coordinating real estate agents, moving companies, utilizes and the like.
REMAINING BALANCE
The amount of principal, interest and other costs that has not yet been repaid.
REMAINING TERM
The amount of time remaining on the original amortization schedule.
REMODEL
An activity designed to improve the value or desirability of a property through rebuilding, refurbishing, redecorating or adding on to it.
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.
REPAYMENT PLAN
A plan to repay delinquent payments, agreed upon between a lender and borrower, in an effort to avoid foreclosure.
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.
RESIDENTIAL PROPERTY
A piece of property whose highest and best use is the maintenance of a residence.
RESIDUAL QUALIFYING
Under a VA loan, using specified housing expenses to qualify for a loan payment.
RESTRICTIONS
Rules imposed on the use of real estate in an effort to preserve property values.
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 binding only between the original seller and buyer.
REVERSE ANNUITY MORTGAGE ( RAM )
Form of mortgage in which the lender makes periodic payments to the borrower using the borrower's equity in the home as Satisfaction of Mortgage: The document issued by the mortgagee when the mortgage loan is paid in full. Also called a "release of mortgage."
REVERSE MORTGAGE
A mortgage used by the elderly that provides income as long as they live in exchange. Payments made cause the loan principal to increase.
REVOLVING DEBT
A type of credit that allows the borrower/customer to make charges against a predetermined line of credit. The customer then pays monthly installments on the amount borrowed, plus interest.
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.
RIDGE BOARD
The structural member of a roof where the rafters join at the top.
RIGHT OF FIRST REFUSAL
An agreement giving a person the first opportunity to buy or lease a property before the owner offers it for sale to others.
RIGHT OF INGRESS OR EGRESS
The right to enter or leave designated premises.
RIGHT OF SURVIVORSHIP
In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.
ROLLOVER LOAN
A loan that is amortized over a long period of time (e.g. 30 years) but the interest rate is fixed for a short period (e.g. 5 years). The loan may be extended or rolled over, at the end of the shorter term, based on the terms of the loan.
ROOF PITCH
The degree of slope in a roof.
RURAL
An area outside of an established urban area or metropolitan district.
RURAL HOUSING SERVICE ( RHS )
An agency within the Department of Agriculture, which operates principally under the Consolidated Farm and Rural Development Act of 1921 and Title V of the Housing Act of 1949. This agency provides financing to farmers and other qualified borrowers buying property in rural areas who are unable to obtain loans elsewhere. Funds are borrowed from the U.S. Treasury.
RULE OF 78
Calculates proportionate amount of interest due on a loan being paid in full before its maturity.
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