|
|
|
|
Real estate department
A state office responsible for such matters as license examinations, license issuance, and compliance with state license and subdivision laws.
Real estate investment trust (REIT)
A method of pooling investor money using the trust form of ownership and featuring single taxation of profits.
Real Estate Settlement Procedures Act
A federal law that deals with procedures to be followed in certain types of Real Estate closings.
Real property
Ownership rights in land and its improvements.
Real savings
Savings by persons and businesses that result from spending less than is earned.
Realtist
A member of the National Association of Real Estate Brokers, Inc.
Realtor
A term copyrighted by the national Association of Realtors for use by its members.
Realtor-Associate
A membership designation for salespersons working for Realtors.
Realty
Land and buildings and other improvements to land.
Reasonable care
A requirement that an agent exhibit competence and expertise, keep his client informed, and take proper dare of property entrusted to him.
Recapture
Depreciation in excess of straight-line rates is subject to recapture at ordinary income tax rate when the property is sold.
Reciprocity
An arrangement whereby one state honors licenses issued by another state and vice versa.
Reconciliation
An appraisal technique whereby the appraise weighs the cost, market, and income approaches to arrive at he final indicated value.
Reconveyance
The return to the borrower of legal title to his property upon repayment of the debt against it.
Recorded plat
A subdivision map filed in the country recorders office that shows the location and boundaries of individual parcels of land.
Recorded survey
(same as recorded map or plat).
Recording acts
Laws that provide for the placing of documents in the public records.
Recovery fund
A state-operated fund that can be tapped to pay for uncollectible judgments against Real Estate licensees.
Rectangular survey system
A government system for surveying land that uses latitude and longitude lines as references.
Redlining
The practice of refusing to make loans in certain neighborhoods.
Regulation Z
A federal law requiring lenders to show borrowers how much they are paying for credit.
Reissue rates
Reduced rates on title insurance if the previous owner's policy is available for updating.
Release deed
A document used to reconvey title from the trustee back to property owner once the debt has been paid.
Release of mortgage
A certificate from the lender stating that the loan has been repaid.
Reliction (dereliction)
The process whereby dry land is permanently exposed by a gradually receding waterline.
Remainder interest
A future interest in Real Estate held by a Remainderman.
Remainderman
One who is entitled to take an estate in remainder.
Remise
To give up any existing claim one may have.
Renegotiable rate mortgage
A 30-year loan that must be renewed periodically at current interest rates.
Rent control
Government-imposed restrictions on the amount of rent a property owner can charge.
Replacement cost
The cost, at today's prices and using today's construction methods, of building an improvement have the same usefulness as the one being appraised.
Reproduction cost
The cost, at today's prices, of constructing and exact replica of the subject improvements using the same or similar materials.
Reserve account (impound account)
An account for money collected by a lender each month so as to have enough to pay for property taxes and property insurance when they come due.
Reserves for replacement
Money set aside each year for the replacement of items that have a useful life greater than one year.
RESPA
Real Estate Settlement Procedures Act. Restrictive convenants
Clauses placed in deeds to control how future landowners may or may not use the property; also used in leases.
Reverse mortgage
The lender makes monthly payments to a homeowner who later repays in a lump sum.
Reversionary interest
The right to future enjoyment of property presently possessed or occupied by another.
Rider
An agreement by the insurer to extend coverage to perils not covered by the basic policy.
Right of survivorship
A feature of joint tenancy whereby the surviving joint tenants automatically acquire all the right title and interest of the deceased joint tenant.
Riparian right
The right of a landowner whose land borders a river or stream to use and enjoy that water.
Rod
A survey measurement that is 15 ½ feet long.
RM
Residential Member of the American Institute of Real Estate Appraisers.
Sale and leaseback
Owner-occupant sells his property and then remains as a tenant. |
|
|
|
|
||||||||||||||||||||||||
