> States > R
Real Estate Dictionary
|RANGE - A division of land in the
government survey, being a six mile wide row of townships. running North
and south, and used in legal descriptions. Generally used to describe and
area where livestock graze.
|RAW LAND - Land in its natural state
with no improvements.
|READY, WILLING, AND ABLE - Capable of
present performance. A broker supplying an offer from a ready, willing and
able buyer, which meets the price and terms of the listing, is entitles to
a commission, even though the seller is not bound to accept the offer. A
standard listing agreement should sate this.
|REAL ESTATE - Land and anything
permanently affixed to the land, such as buildings, light fixtures,
plumbing and heating fixtures. Personal property is not attached and is
not normally considered real estate. The term is generally
synonymous with real property, although some states have a fine line to distinguish
real property from personal property. Real estate may refer to rights in
real property as well as the property itself.
|REAL ESTATE BOARD - A board comprised of
regular members (real estate brokers and salespersons) and
affiliated members (lenders, title companies, and etc.) for the purpose of
furthering the real estate business in a given area.
|REAL ESTATE BROKER - Someone licensed by
the state to carry on the business of dealing with real estate. A broker
may receive a commission for his or her part in bringing a buyer and
seller together to transact a transfer of title. Brokers may be
compensated for leasing property or for bring about an exchange of
property. Broker are responsible for the supervision of Associate Brokers,
Realtors, and sales agents. Commissions and all other forms of
compensation related to real estate must flow through the broker.
|REAL ESTATE COMMISSION - 1) A department
in state government, 2) the amount paid to a broker on the sale of real
|REAL ESTATE LICENSE - A state license
granted to one as a broker or salesperson, after passing an examination.
Some states have educational requirements before the brokers' examination
may be taken.
|REAL ESTATE SETTLEMENT PROCEDURES ACT (R.E.S.P.A.)
- Requires advance disclosure to consumers about mortgage loans and
|REALIST - A member of the National
Association of Real Estate Brokers.
|REALTOR - A designation given to a real
estate broker or sales associate who is a member of a board associated
with the National Association of Real Estate Boards. By becoming a Realtor
one must subscribe to a strict Code of Ethics in conducting any and all
Real Estate business. A licensed real estate agent
is not a Realtor unless they join the national association and abide by
its Code of Ethics. A Realtor who is not a broker - owner works
under their real estate broker's supervision.
|REALTY - Real estate.
|REASSESSMENT - Re-estimating the value
of all property in a given area for tax assessment purposes.
|REBATE - A discount or reduction in
price of a product or interest, not given in advance. Many states regulate
gifts and educational aids given to real estate brokers by supporting
companies such as title companies, calling these in effect, a price
discount (rebate) or bribe.
|RECEIVER - A court appointed person who
holds property which is either in dispute or cannot competently be handled
by its owner.
|RECIPROCITY - A mutual exchange of privileges
by states, allowing attorneys, real estate brokers, and others to practice
in one state while being licensed in another. Quickly being fazed our in
real estate due to the liability issues caused by laws that vary from
state to state.
|RECONVEYANCE - An instrument used to transferring
title from a trustee to the equitable owner of real estate, when title is
held as collateral security for a debt. Also known as a deed of
reconveyance or release.
|RECORDATION - Filling instruments for
public record (and notice) with a recorder (usually a county official).
|RECORDED MAP - A map recorded in a
county recorder's office. May be a subdivision map or it may describe a
non-subdivided parcel. Reference to a recorded map is common in legal
|RECORDER'S OFFICE - The county office
where instruments are recorded, giving public notice. Often referred to as
the county recorder's office.
|RECORDING - Filing documents affecting
real property as a matter of public record, giving notice to future
purchasers, creditors, or other interested parties. Recording is
controlled by stature and usually requires the witnessing and notarizing
of an instrument to be recorded.
|RECORDING ACTS - State statutes enacted
to cover the public recording of deeds, mortgages, etc, and the effect of
these recording as notice to creditors, purchasers, and other interested
|RECORD OWNER - Owner of record.
|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, not just to the property.
|REDDENDUM - Technical name for a clause
in a conveyancing instrument or lease, creating a reservation to the
grantor or lessor.
|REDEMPTION - The process of canceling a
defeasible title to land, such as is created by a mortgage foreclosure or
|REDEMPTION PERIOD - A time period during
which a mortgage, land contract, deed of trust, etc., can be redeemed.
Usually set by stature, and after judicial foreclosure.
|RED LINING - The illegal practice of
lending institutions denying loans to certain areas of a community.
Strictly against the law. The term is used to describe an area on a map
that lenders consider "high risk" and in the past refused to
| REFERRAL - In the real estate business,
generally the act of a past client recommending a real estate broker or
agent to one currently seeking to buy or sell real property. Also refers
to a referral from one real estate agent to another. This site screens
agents and in effect refers them to visitors.
| REFINANCING - The borrower pays off one
loan on a property and replaces it with another.
| REFORMATION - An action to correct a
deed or other document which, through mistake or fraud, does not express
the real agreement or intent of the parties.
| REGISTRAR OF DEEDS - A term used in
some states to describe the person in charge of recorded instruments. More
commonly called a recorder.
| REGULATION Z - Federal Reserve
regulation issued under the Truth-in-Lending-Law, which requires that a
credit purchaser be advised in writing of all costs connected with
| REINSTATEMENT - Payment of a note,
mortgage, deed of trust, etc., to bring it from default to good standing.
| REINSURANCE - The transferring of a
portion of the liability to other insurers. One insurance company may
insure $250,000 of a $1,000,000 policy by reinsuring the extra $750,000
with another company. The first $250,000 is known as the primary liability
and the second portion only comes into play when the cost of settlement
| REISSUE RATE - A charge for a
title insurance policy if a previous policy on the same property was
issued within a specified period. The reissue rate is less than the
| REAL ESTATE INVESTMENT TRUST (R.E.I.T.)
- A method of investing in real estate in a group, with certain tax
advantages. Federal and state statutes dictate procedure.
| RELEASE - An instrument releasing
property from the lien of the mortgage judgment, etc. When a trust deed is
used, the instrument is called a reconveyance. In some areas, a
"discharge" is used instead of a release.
| RELEASE CLAUSE - A clause in a blanket
encumbrance allowing for the "release" of certain parcels upon
payment of a specified amount. A developer or builder might might have a
blanket loan for a subdivision that allows for the release of each parcel
upon a preset payment.
| REMAINDER - An estate which vest n one
other than a grantor. A grandparent might grant the use of land to a
child, but leave the land to a grandchild upon the death of the parent.
This also refers to the portion of property remaining after a taking under
| REMAINDER MAN - The one entitled to the
| REMISE - To give up or remit. Used in a
deed, especially a quick claim deed.
| REMNANT - An appraisal term used to
describe the land that remains after the partial taking of a plot by
eminent domain that is so small or poorly shaped as to have no economic
| REMODELING - Improving a structure by
changing its plan, characteristics or function as opposed to
reconditioning which would be to improve a structure without changing its
size or use.
| RENEGOTIATION - An attempt to agree on
new terms to an existing contract. In real estate this often refers to the
repairs found during a "home inspection". Could refer to an
offer when the appraisal returns a value below the price that the two
parties had agreed upon.
| REPLACEMENT COST - In appraising, the
cost of a substitute property either identical to or of equivalent
| REPRODUCTION COST - The cost of
reproducing a property (usually one which has been destroyed) at current
prices using similar materials.
| REQUEST FOR RECONVEYANCE - A request by
a beneficiary under a deed of trust to the trustee, requesting the trustee
to reconvey the property (release of lien) to the trustor, usually upon
payment in full.
| RERECORDING - The recording of a deed
for a second time to correct an error contained in the deed. Also known as
a correction deed, confirmation deed, or reformation deed.
| RESCIND - To void or cancel in
such a way as to treat the contract or other object of the precision as if
it never existed.
| RESIDENCE - A place where someone
| RESIDENTIAL BUILDING RATE - The rate of
residential construction in a given area. Determined by housing starts per
| REAL ESTATE SETTLEMENT PROCEDURES ACT (R.E.S.P.A.)
- A federal statute effective June 20, 1975, requiring disclosure of
certain costs in the sale of residential (one to four family) improved
property which is to be financed by a federally insured lender.
| RESPONDEAT SUPERIOR - Doctrine of
responsibility of a principal for the wrongful acts of an agent arising
fro the authorized acts of said agent. In real estate, one of the reason
for the status of independent contractor.
| RESTRAINT OF ALIENATION - Restrictions
placed against the transfer (vesting) or sale of property. Certain
restriction are lawful but must conform to the rule against perpetuities
and the free right of an owner to sell. You could not sell on the
condition that the grantee could only resell to a member of a certain
family as this would be too restrictive.
| RESTRICTION - Most commonly used to
describe a use of uses prohibited to the owner of land. Restriction are
set froth by former owners n deeds or in the case of a subdivision, a
declaration of restrictions is recorded by the developer. A limitation on
use of the property by law (zoning ordnances) may be termed restrictions.
A similar term would be covenants.
| RESTRICTIVE COVENANT - See restriction
| RUNNING WITH THE LAND - Usually applies
to easements and covenants. Passing with the transfer of the land.
| RURAL - Concerning the country, as
opposed to urban - concerning the city.
> States > R