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Glossary
of Mortgage and Real Estate
Terms: R
Select a letter below
to find a definition.
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Real Estate
Land and anything permanently
affixed to the land and
those things attached to
the building.
Real Estate Broker
A middle man or agent who
buys and sells real estate
for a company, firm, or
individual on a commission
basis. The broker does not
have title to the property,
but generally represents
the owner.
Real Estate Tax
A pecuniary charge laid
upon real property for public
purposes.
REALTOR®
Registered name for a member
of the NATIONAL ASSOCIATION
OF REALTORS®.
REALTOR® ASSOCIATE
Salesperson associated with
a broker who is a member
of a the NATIONAL ASSOCIATION
OF REALTORS®.
Realty
A synonym for real estate.
Recital
Setting forth in a deed
or other writing some explanation
for the transaction.
Recording
The act of writing or entering
an instrument in a book
or public record, usually
in the office of the county
clerk and recorder. Such
recording constitutes notice
to all persons of the rights
or claims contained in the
instrument. This type of
notice is called "constructive
notice" or "legal
notice."
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.
Redlining
The practice of refusing
to provide loans or insurance
in a certain neighborhood.
Refinancing
The repayment of a debt
from the proceeds of a new
loan using the same property
as security.
Reissue rate
A charge for a title insurance
policy if a previous policy
on the same property was
issued within a specified
period of time. Reissue
is less than the original
charge.
REIT (Real Estate
Investment Trusts)
A method in investing real
estate in a group, with
certain tax advantages.
Recession of Contract
Annulling a contract and
placing the parties to it
in a position as if there
had not been a contract.
Release
An instrument releasing
property from the lien of
the mortgage, judgment,
etc.
RESPA (Real Estate
Settlement Procedures Act)
A federal regulation that
requires lenders and mortgage
brokers to disclose to borrowers,
in advance, the fees required
to obtain a mortgage loan.
Restrictive Covenants
Private restrictions limiting
the use of real property.
Restrictive covenants are
created by deed and may
"run with the land,"
binding all subsequent purchasers
of the land, or may be "personal"
and be binding only between
the original seller and
buyer.
Revenue Stamps
Formerly, federal tax on
a sale of real property.
Canceled and replaced by
state tax stamps.
Reverse Mortgage
A special program for the
elderly that provides income
until death. Payment requirements
are arranged through the
increase in the principal
amount of the loan.
Riparian
Pertaining to the banks
of a river, stream, waterway,
etc.
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©2005 - 2008
, Team Success and 3
Degree Media