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Glossary - R

A strip of land six miles wide, extending north and south and numbered east and west according to its distance from the principal meridian in the rectangular (government) survey system of legal description.

Rate cap
The limit on the amount the interest rate can be increased at each adjustment period in an adjustable-rate loan. The cap may also set the maximum interest rate that can be charged during the life of the loan.

Method of creating an agency relationship in which the principal accepts the conduct of someone who acted without prior authorization as the principal's agent.

Ready, Willing and able buyer
One who is prepared to buy property on the seller's terms and is ready to take positive steps to consummate the transaction.

Real estate land
A portion of the earth's surface extending downward to the center of the earth and upward infinitely into space, including all things permanently attached to it, whether naturally or artificially.

Real estate investment syndicate
See syndicate.

Real estate investment trust (REIT)
Trust ownership of real estate by a group of individuals who purchase certificates of ownership in the trust, which in turn invests the money in real property and distributes the profits back to the investors free of corporate income tax.

Real estate license law
State law enacted to protect the public from fraud, dishonesty and incompetence in the purchase and sale of real estate.

Real estate mortgage investment conduit (REMIC)
A tax entity that issues multiple classes of investor interests (securities) backed by a pool of mortgages.

Real estate recovery fund
A fund established in some states from real estate license revenues to cover claims of aggrieved parties who have suffered monetary damage through the actions of a real estate licensee.

Real estate settlement procedures act (RESPA)
The federal law that requires certain disclosures to consumers about mortgage loan settlements. The law also prohibits the payment or receipt of kickbacks and certain kinds of referral fees.

A registered trademark term reserved for the sole use of active members of local REALTOR(r) boards affiliated with the National Association of Realtors(r).

The final step in the appraisal process, in which the appraiser combines the estimates of value received from the sales comparison, cost and income approaches to arrive at a final estimate of market value for the subject property.

Reconveyance deed
A deed used by a trustee under a deed of trust to return title to the trustor.

The act of entering or recording documents affecting or conveying interests in real estate in the recorder's office established in each county. Until it is recorded, a deed or mortgage ordinarily is not effective against subsequent purchasers or mortgagees.

Rectangular (Government) surver system
A system established in 1785 by the federal government, providing for surveying and describing land by reference to principal meridians and base lines.

The right of a defaulted property owner to recover his or her property by curing the default.

Redemption period
A period of time established by state law during which a property owner has the right to redeem his or her real estate from a foreclosure or tax sale by paying the sales price, interest and costs. Many states do not have mortgage redemption laws.

The illegal practice of a lending institution denying loans or restricting their number for certain areas of a community.

Reduction certificate (Payoff statement)
The document signed by a lender indicating the amount required to pay a loan balance in full and satisfy the debt; used in the settlement process to protect both the seller's and the buyer's interests.

An appraisal principle that states that, between dissimilar properties, the value of the better quality property is affected adversely by the presence of the lesser-quality property.

Regulation Z
Implements the Truth-in-Lending Act requiring credit institutions to inform borrowers of the true cost of obtaining credit.

Release deed
A document, also known as a deed of reconveyance, that transfers all rights given a trustee under a deed of trust loan back to the grantor after the loan has been fully repaid.

Remainder interest
The remnant of an estate that has been conveyed to take effect and be enjoyed after the termination of a prior estate, such as when an owner conveys a life estate to one party and the remainder to another.

A fixed, periodic payment made by a tenant of a property to the owner for possession and use, usually by prior agreement of the parties.

Rent schedule
A statement of proposed rental rates, determined by the owner or the property manager or both, based on a building's estimated expenses, market supply and demand and the owner's long-range goals for the property.

Replacement cost
The construction cost at current prices of a property that is not necessarily an exact duplicate of the subject property but serves the same purpose or function as the original.

Reproduction cost
The construction cost at current prices of an exact duplicate of the subject property.

Resolution trust corporation
The organization created by FIRREA to liquidate the assets of failed savings and loan associations.

Restrictive covenants
A clause in a deed that limits the way the real estate ownership may be used.

Reverse - annuity mortgage (RAM)
A loan under which the homeowner receives monthly payments based on his or her accumulated equity rather than a lump sum. The loan must be repaid at a prearranged date or upon the death of the owner or the sale of the property.

Reversionary interest
The remnant of an estate that the grantor holds after granting a life estate to another person.

Reversionary right
The return of the rights of possession and quiet enjoyment to the lessor at the expiration of a lease.

Right of first refusal
Clause in a lease which gives the lesee (tenant) the right to purchase the rented property if during the term of the lease the lessor (landlord) receives an offer to purchase from a buyer. Usually the lessee must purchase on the terms and conditions of the buyer's offer.

The right given by one landowner to another to pass over the land, construct a roadway or use as a pathway, without actually transferring ownership.

Riparian rights
An owner's rights in land that borders on or includes a stream, river or lake. These rights include access to and use of the water.

Risk management
Evaluation and selection of appropriate property and other insurance.

Rules and regulations
Real estate licensing authority orders that govern licensees' activities; they usually have the same force and effect as statutory law.

Obtaining a new loan to pay off an existing loan. Refinancing is a popular practice when interest rates drop.

Residential sales council
A not-for-profit affiliate of the NATIONAL ASSOCIATION OF REALTORS?. The Council awards the Certified Residential Specialist (CRS) Designation, to experienced members who have completed an advanced course of study in residential real estate.

Ready, willing and able
A buyer who is prepared to buy on the seller's terms and has the financial capacity to do so.

Real estate
Refers to land and improvements and the rights to own or use them. "A leasehold, as well as any other interest or estate in land, whether corporeal, incorporeal, freehold, or non-freehold, and whether the real estate is situated in this state or elsewhere." {TRELA, Section 2(1)} In popular usage, Real Estate is used interchangeably with real property and realty.

Real estate board
A non profit organization representing local real estate agents/brokers and salespeople, which provides services to its members and maintains and operates the Multiple Listing Service in the community.

Real estate agent
A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.

Real estate appraiser, licensed
A person licensed to legally appraise real estate property for a fee. Texas has required its appraiser be licensed since 1939. In 1991 the responsibility for licensing real estate appraisers was transfered from the Texas Real Estate Commission to a newly formed Texas Appraiser Licensing and Certification Board (TALCB). There are several classes of licensed real estate appraisers, with the highest classification - Certified General RE Appraiser, requiring a minimum of 180 classroom hours, and 3,000 hours appraisal work over at least 2? years.

Real estate broker, licensed
To be eligible to apply for a real estate Broker License, an individual must have not less than two (2) years active experience in Texas as a licensed real estate salesperson and 180 classroom hours of core real estate coursesplus an additional 720 classroom hours in related courses acceptable to the Commission. The applicant must also pass the TREC Real Estate Broker's exam, and then continue to maintain his license with mandatory continuing education (MCE) courses .

Real estate center
In 1971, the Texas Real Estate Research Center was created by the state legislature. It is located on the campus of Texas A&M University, and is part of the Lowry Mays College and Graduate School of Business. Today, the shortened "Real Estate Center" name is used. The mission of the Real Estate Center is to conduct real estate related research based on needs of the Texas citizenry and disseminate the results and findings.

Real estate inspector, licensed
A Licensed Real Estate Inspector is someone who is licensed by TREC who holds himself out to the public as being trained and qualified to inspect property. Formerly known as Registered Real Estate Inspector before January 1, 1996.

Real estate salesperson, licensed
To be eligible to apply for a real estate Salesperson License, an individual must complete core education courses in Principles of Real Estate , Law of Agency and Law of Contracts. An additional six (6) semester (90 classroom) hours must be completed in core courses or in related courses acceptable to the Commission. The applicant must also pass the TREC Real Estate Salesperson's exam, and then continue to maintain his license with mandatory continuing education (MCE) courses. Recently licensed real estate salespersons are required to complete a total of 18 semester (270 classroom) hours of education by the end of their third year of licensure, taking at least 30 hours per year.

Refers to land and buildings and other improvements from a physical standpoint. Real Estate and Real Property tend to be used interchangeably with Realty in everyday usage. Contrast with personalty.

Court-appointed custodian who holds property for the court, pending final disposition of the matter before the court.

Recorded plat
A subdivision map filed with the county recorder's office that shows the location and boundaries (lot and block number) of individual parcels of land. Contrast with government survey method and metes and bounds.

Recovery fund
A fund maintained by the Texas Real Estate Commission which upon court order is used to reimburse the public for monetary loss due to illegal acts of licensees.

To apply for a new mortgage in order to gain better terms, usually either a lower interest rate or a different principal amount.

Regulation 'Z'
Truth in lending law developed by the Federal Reserve System which requires lenders to provide full disclosure of the terms of the loan, including interest rates expressed as an annual percentage rate (APR).

Real Estate License Act.

To relinquish an interest or claim to a piece of property.

The future interest in an estate which takes effect after the termination of another estate, such as a life estate; what is left at the termination of a life estate.

Rent control
Laws that limit the amount of rent landlords may charge, and that state when and by how much the rent can be raised. Most rent control laws also require a landlord to provide a good reason, such as repeatedly late rent, for evicting a tenant. Rent control exists in some cities and counties in California, Maryland, New Jersey, New York and Washington, D.C.

Amounts of money set aside by a mortgage company to assure payment of property taxes, homeowners' association dues, and insurance premiums. The money is kept in an escrow account.

A right reserved by a grantor in the sale or lease of a property. In a sale, the title of all property passes to the grantee, but the use may be reserved for the grantor. Contrast with exception.

Real Estate Settlement Procedures Act is a federal law which deals with the procedures to be followed in a real estate closing, and is intended to make borrowers more knowledgeable about possible costs and charges.

Limitations on the use or occupancy of real estate contained in a deed or in local ordinances pertaining to land use.

Right of survivorship
The right of a surviving joint tenant to take ownership of a deceased joint tenant's share of the property. See joint tenancy.

Riparian owner
One who owns land bounding upon a river or water course (stream, creek, bayou, etc.).

Road utility district (RUD)
Pursuant to Article III, Section 52 of the Texas Constitution, a Road Utility District may be created to construct, acquire, improve and provide financing for a road facility. The term "road facility" is defined as a road constructed, acquired or improved by a district; or property, an easement, or work constructed, acquired, or improved by a district and necessary or appropriate for, or in aid of the improvement of, a river, creek, or stream to prevent overflow; or the construction and maintenance of a pool, lake, reservoir, dam, canal or waterway for the purpose of drainage, if the property, easement, or works is related to, or in furtherance of, the construction, acquisition, or improvement of a road.

Running with the land
A phrase used in property law to describe a right or duty that remains with a piece of property no matter who owns it. For example, the duty to allow a public beach access path across waterfront property would most likely pass from one owner of the property to the next.

Rural fire prevention district (RFPD)
A special taxing district created to provide rural residents with fire-fighting, fire prevention and other emergency services.

A radioactive gas found in some homes that in sufficient concentrations can cause health problems.

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.

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.

Real estate agent
A person licensed to negotiate and transact the sale of real estate on behalf of the property owner.

Real estate settlement procedures act (RESPA)
A consumer protection law that requires lenders to give borrowers advance notice of closing costs.

Real property
Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof.

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.

The public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk."

Refinance transaction
The process of paying off one loan with the proceeds from a new loan using the same property as security.

Rehabilitation mortgage
A mortgage created to cover the costs of repairing, improving, and sometimes acquiring an existing property.

Remaining balance
The amount of principal that has not yet been repaid. See principal balance.

Remaining term
The original amortization term minus the number of payments that have been applied.

Rent with option to buy
See lease-purchase mortgage loan.

Repayment plan
An arrangement made to repay delinquent installments or advances. Lenders' formal repayment plans are called "relief provisions".

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.

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.

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.

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 at a specific cost.

Reconveyance clause
The clause in a trust deed that gives the title back to the borrower when the loan is paid in full.

Repayment plan
An arrangement made to repay delinquent installments or advances.

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.

Revolving debt
A credit arrangement, such as a credit card, that allows a customer to borrow against a pre-approved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due.

Right of ingress or egress
The right to enter or leave designated premises.

Right of refusal
A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.

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.


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