Glossary

Glossary

R

Radon
A toxic gas found in the soil beneath a house that can contribute to cancer and other illnesses.
Rafter
A structural element of the roof, sloping from the peak to the outer walls.
Ranch House
An architectural style typified by a single-story, low-roof construction. Popular in the western U.S.
Rate Cap
The limit on the amount that the interest rate on an ARM can increase or decrease during any one adjustment period.
Rate Lock
A guarantee from a lender of a specific interest rate for a period of time.
Ratified Sales Contract
A contract that shows both you and the seller of the house have agreed to your offer. This offer may include sales contingencies, such as obtaining a mortgage of a certain type and rate, getting an acceptable inspections, making repairs, closing by a certain date, and the like.
Raw Land
Any land which has not been developed.
RE
Real Estate
Real Estate
A piece of land and any improvements or fixtures located on that land.
Real Estate Broker
A licensed middle man or agent who represents buyers and/or sellers in real estate transactions. Brokers' fees for their services are usually charged on a commission basis.
Real Estate Professional
An individual who provides services in buying and selling homes. The real estate professional is paid a percentage of the home sale price by the seller. Unless you have specifically contracted with a buyer's agent, the real estate professional represents the interest of the property seller. Real estate professionals may be able to refer you to local lenders or mortgage brokers, but are generally not involved in the lending process.
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.
Realtor
A real estate agent or broker who is a member of the National Association of Realtors.
Receptacle
An electrical outlet to plug into.
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.
Refinance
Obtaining a new mortgage with all or some portion of the proceeds used to pay off the original mortgage.
Refinance Transaction
A new loan to pay off an existing loan. Typically to gain a lower interest rate or convert equity into cash.
Refinancing
The process where a borrower pays off one loan with the proceeds from another loan. A property can be refinanced with a new loan from the current holder of the mortgage or from a new lender.
Register
Where air from a furnace or air conditioning system enters the room.
REIT
Real Estate Investment Trust
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.
REO
Real Estate Owned
Repayment Plan
A plan to repay delinquent payments, agreed upon between a lender and borrower, in an effort to avoid foreclosure.
Replacement Cost
The cost to replace damaged personal property without a deduction for depreciation.
Replacement Reserve Fund
An account, or fund, setup for the replacement of short life items, such as carpeting, in the common areas of a cooperative property.
Repo
Repossessed by the bank
Residential Property
A piece of property whose highest and best use is the maintenance of a residence.
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.
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.
ROI
Return on Investment
Roof Pitch
The degree of slope in a roof.
RPA
Residential Purchase Agreement
RTO
Rent to Own
Rural
An area outside of an established urban area or metropolitan district.