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Real Property Glossary -R-
RETURN TO GLOSSARY PLANET
R-valueA measure of a material's resistance to heat loss. The higher the R-value, the slower the rate of heat loss.
Radon
A ground-generated radioactive gas that seeps into some homes through sump
pumps, cracks in the foundation and other inlets. A serious health hazard.
Rafter
One of a series of beams that form the slope of a pitched roof.
Rails
The horizontal structural members of a door. Most doors have a top rail, a
bottom rail, and a center rail connected at both ends to vertical stiles.
Rammed-earth construction
An alternative building process in which dirt is compacted into large structural
frames to create walls.
Rate cap
The maximum interest rate allowed on the monthly payment of an adjustable rate
mortgage during an adjustment period.
A lender's commitment to a borrower to guarantee (or "lock in") a specific interest rate for a limited amount of time.
Rate-improvement mortgage
A loan with a clause that entitles a borrower to a one-time interest rate cut
without going through refinancing.
Real estate
Land and anything permanently affixed to it, including buildings.
A person licensed by a state to represent a buyer or a seller in a real estate transaction in exchange for a commission.
Real estate broker
A person, corporation, or partnership licensed by a state to represent a buyer
or seller in a real estate transaction in exchange for a commission.
Publicly traded companies that own, develop and operate commercial properties.
Real estate professional
Any real estate broker, sales agent or attorney who holds a real estate license.
A federal law designed to make sellers and buyers aware of settlement fees and other transaction-related costs. RESPA also outlaws kickbacks in the real estate business.
Real property
Land and any permanent fixtures on it including buildings, trees and other
fixtures.
Realtor
A designation for an agent or broker who is a member of the National Association
of Realtors.
A lender's act of conveying a property back to a borrower who has completely paid off his or her mortgage.
Recorder
A public official responsible for keeping record of all real estate
transactions.
The filing of property-related documents into the public record.
Recording fee
A fee charged by real estate agents for conveying the sale of a piece of
property into the public record.
An illegal practice by a bank or insurance company that denies credit or insurance to people based on ethnic background or neighborhood.
Refinancing
The process of replacing an older mortgage with a new mortgage.
The principle that the value of a better-quality property is adversely affected by the proximity of a lesser-quality property.
Regulation Z
A federal code issued under the Truth in Lending Act that requires a borrower be
advised in writing of all costs associated with the credit portion of a
financial transaction.
A mortgage that provides for the costs of repairing and improving a resale home or building.
Release clause
A provision in a purchase contract that allows a seller to continue marketing
their home and accept other offers.
A firm that administers all aspects of relocating new employees from one location to another.
Remaining balance
The amount of unpaid principal on a home loan.
The original loan term minus the number of payments made.
Renter's insurance
A policy for renters that covers the replacement value of possessions.
Repayment plan
When a borrower falls behind in mortgage payments many lenders will negotiate a
repayment plan rather than go to court.
The current cost of rebuilding a structure to its original specifications.
Replacement reserve fund
Money that is set aside from homeowners' assessments to replace common property
such as furniture in a planned development's community room.
Replacing damaged mortar in the joints between bricks or stones.
Repossess
To take back property. A lender holding a mortgage may repossess a property if
the buyer fails to make payments.
Rescission
The cancellation of a contract by law or consent from the parties involved.
Money set aside by a homeowners' association for major repairs or improvements.
Resilient channel
A channel run across wall studs underneath wallboard to reduce sound
transmission.
Restriction
Any limitation on the use of property.
A mortgage in which new terms are negotiated.
Reverse mortgage
A special type of loan available to equity-rich, older home owners. Repayment
is not necessary until the borrower sells the property. Many downsides exist to
these loans.
Ridge board
A horizontal board that serves as the apex of the roof structure.
A vent located along the ridge board of the roof that allows moisture to escape.
Right of first refusal
An agreement by a property owner to give another person the right to buy or rent
the property before it goes on the open market.
The right to pass over or use another's land. Similar to an easement.
Right to rescission
A provision in the federal Truth in Lending Act that allows borrowers to cancel
certain kinds of loans within three (3) days of signing.
An owner's right to use a river, stream or lake bordering the owner's property.
Riser
Vertical boards between the steps of a stairway.
An electrical switch operated by tapping the top or bottom of the control plate.
Rollback
A limitation on annual assessed value increases or a reduction in the amount of
property tax paid.
Flat boards nailed to the rafters to which a covering is fastened.
Rough-in
The installation of plumbing, electrical and other mechanical systems.
A U.S. Department of Agriculture program that provides financing to farmers and certain borrowers to purchase rural property when other funds are not available.
