RAM reverse
annuity mortgage.
Back
to top -- View
Real Estate Listings
RANCH HOUSE originally a low, rambling,
one-story house typical of the western United States;
now used to describe almost any one-story house.
Back
to top -- View
Real Estate Listings
RANGE LINES lines parallel to a
principal meridian, marking off the land into 6-rnile
strips known as ranges; they are numbered east or
west of a principal meridian in the Government Rectangular
Survey
Back
to top -- View
Real Estate Listings
RATE OF INTEREST same as interest
rate.
Back
to top -- View
Real Estate Listings
RATE OF RETURN the percentage relationship
between the earnings and the cost of an investment.
Back
to top -- View
Real Estate Listings
RATE OF RETURN OF INVESTMENT same
as recapture rate.
Back
to top -- View
Real Estate Listings
RAW LAND acreage with no added improvements,
such as landscaping, drainage, streets, utilities,
and structures.
Back
to top -- View
Real Estate Listings
READY, WILLING, AND ABLE capable
of an action and disposed to act
Back
to top -- View
Real Estate Listings
REAL ESTATE 1. In law, land and
everything more or less attached to it. Ownership
below to the center of the earth and above to the
heavens
Back
to top -- View
Real Estate Listings
REAL ESTATE COMMISSION state agency
that enforces real estate license laws.
Back
to top -- View
Real Estate Listings
REAL ESTATE EDUCATORS ASSOCIATION
a professional organization primarily composed of
persons who teach real estate in junior colleges and
proprietary license preparation schools.
Back
to top -- View
Real Estate Listings
REAL ESTATE INVESTMENT TRUST (REIT)
a real estate mutual fund, allowed by income tax laws
to avoid the corporate income tax. It sells shares
of ownership and must invest in real estate or mortgages.
It must meet certain other requirements, including
minimum number of shareholders, widely dispersed ownership,
asset and income tests.
Back
to top -- View
Real Estate Listings
REAL ESTATE MARKET the potential
buyers and sellers of real property at the current
time, and the current transaction activity for real
property. It includes markets for various property
types, such as housing market, office market, condominium
market, land market.
Back
to top -- View
Real Estate Listings
REAL ESTATE MORTGAGE INVESTMENT CONDUIT (REMIC)
The Tax Reform Act of 1986 created a new
entity, the REMIC. The purpose of a REMIC is to hold
a fixed pool of mortgages and issue interests in itself
to mortgage investors. A REMIC may be a partnership,
corporation, trust, or separate pool of assets. REMICs
are intended to become the exclusive means for issuing
multiple-class mortgage backed securities in a form
that avoids the corporate double tax.
Back
to top -- View
Real Estate Listings
REAL ESTATE OWNED (REO) property
acquired by a lender through foreclosure and held
in inventory. Commonly referred to as REO.
Back
to top -- View
Real Estate Listings
REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)
a law that states how mortgage lenders must treat
those who apply for federally related real estate
loans on property with 1-4 dwelling units. Intended
to provide borrowers with more knowledge when they
comparison shop for mortgage money.
Back
to top -- View
Real Estate Listings
REALIZED GAIN in a tax-free exchange,
a gain that has occurred financially, but is not necessarily
taxed.
Back
to top -- View
Real Estate Listings
REAL PROPERTY the rights to use
real estate. Sometimes also defined as real estate.
Back
to top -- View
Real Estate Listings
REALTIST a member of the National
Association of Real Estate Brokers, a group comprised
of mainly minority brokers.
Back
to top -- View
Real Estate Listings
REALTOR a professional in real estate
who subscribes to a strict Code of Ethics as a member
of the local and state boards and of the National
Association of Realtor’s
Back
to top -- View
Real Estate Listings
REALTOR'S ASSOCIATE a licensed salesperson
(not broker) who is a member of the National Association
of Realtors.
Back
to top -- View
Real Estate Listings
REALTORS NATIONAL MARKETING INSTITUTE (RNMI)
an affiliate of the National Association of Realtors;
mainly concerned with educational programs and literature
for members. Address: Realtors National Marketing
Institute 430 North Michigan Avenue Chicago, IL 60611
Back
to top -- View
Real Estate Listings
REALTY same as real estate.
Back
to top -- View
Real Estate Listings
REAPPRAISAL LEASE a lease where
the rental level is periodically reviewed by independent
appraisers. Often, the lessor and lessee will each
select an appraiser; if they do not agree on a value,
they will choose a third appraiser.
Back
to top -- View
Real Estate Listings
REASSESSMENT the process of revising
or updating the value estimate of property for ad
valorem tax purposes.
Back
to top -- View
Real Estate Listings
REBATE a refund resulting from a
purchase or tax.
Back
to top -- View
Real Estate Listings
RECAPTURE CLAUSE in a contract,
a clause permitting the party who grants an interest
or right to take it back under certain conditions.
Back
to top -- View
Real Estate Listings
RECAPTURE OF DEPRECIATION same as
depreciation recapture.
Back
to top -- View
Real Estate Listings
RECAPTURE RATE in appraisal, a term
used to describe the rate of recovery of an investment
in a wasting asset. This rate is added to the discount
rate to derive a capitalization rate in appraisal
terminology. May be based on the straight-line, sinking
fund, or annuity method.
Back
to top -- View
Real Estate Listings
RECASTING the process of adjusting
a loan arrangement, especially under the threat of
default.
Back
to top -- View
Real Estate Listings
RECIPROCITY mutual agreement to
accept, such as a state's acceptance, as valid the
real estate license one has earned in another state.
Back
to top -- View
Real Estate Listings
RECOGNIZED GAIN in a tax-free exchange,
the portion of gain that is taxable. A realized gain
will generally be recognized to the extent of boot
received.
Back
to top -- View
Real Estate Listings
RECONCILIATION in appraisal, the
process of adjusting comparables to estimate the value
of the subject being appraised.
Back
to top -- View
Real Estate Listings
RECONVEYANCE occurs when a mortgage
debt is retired. The lender conveys the property back
to the equity owner, free of the debt.
Back
to top -- View
Real Estate Listings
RECORDING the act of entering in
a book of public records instruments affecting the
title to real property. Recording in this manner gives
notice to the world of facts recorded.
Back
to top -- View
Real Estate Listings
RECOURSE the ability of a lender
to claim money from a borrower in default, in addition
to the property pledged as collateral.
Back
to top -- View
Real Estate Listings
RECOVERY FUND -generally administered
by the Real Estate Commission. Requires licensees
to contribute, then reimburses aggrieved persons who
are unable to collect from brokers for wrong-doings.
Back
to top -- View
Real Estate Listings
RECTANGULAR SURVEY same as government
rectangular survey method.
Back
to top -- View
Real Estate Listings
REDEMPTION, EQUITY OF same as equity
of redemption.
Back
to top -- View
Real Estate Listings
REDEMPTION PERIOD the period during
which a former owner can reclaim foreclosed property.
Back
to top -- View
Real Estate Listings
REDEVELOP the process of demolition
of the existing improvements and construction of new
improvements on a site. The new improvements are often
of a different type from the old.
Back
to top -- View
Real Estate Listings
RED HERRING a proposed prospectus
that has not been approved by the Securities and Exchange
Commission (SEC) or state securities commission.
Back
to top -- View
Real Estate Listings
REDISCOUNT RATE the rate of interest
charged to member banks when they borrow from the
Federal Reserve System. Also called discount rate.
Back
to top -- View
Real Estate Listings
REDLINING the illegal practice of
refusing to originate mortgage loans in certain neighborhoods
on the basis of race or ethnic composition.
Back
to top -- View
Real Estate Listings
REDUCTION CERTIFICATE a document
in which the mortgagee (lender) acknowledges the sum
due on the mortgage loan. Used when mortgaged property
is sold and the buyer assumes the debt.
Back
to top -- View
Real Estate Listings
REEVALUTION LEASE same as reappraisal
lease.
Back
to top -- View
Real Estate Listings
REFERRAL the act of suggesting the
use of a certain broker.
Back
to top -- View
Real Estate Listings
REFINANCE to replace an old loan(s)
with a new loan(s).
Back
to top -- View
Real Estate Listings
REGENCY HOUSE an English-style 2-
or 3-story symmetrical house with a hip roof. A small
octagonal window over the front door is traditional.
Back
to top -- View
Real Estate Listings
REGIONAL SHOPPING CENTER a type
of shopping center containing 300,000 to 900,000 square
feet of shopping space and at least one major department
store.
Back
to top -- View
Real Estate Listings
REGISTRAR the person who is to maintain
accurate official re cords, such as for deeds, mortgages,
and other recorded documents.
Back
to top -- View
Real Estate Listings
REGRESSION a statistical technique
used to estimate mathematical models of economic and
other processes. It is used to find a mathematical
expression which best fits the relationship between
a group of random variables as indicated by a sample
of data.
Back
to top -- View
Real Estate Listings
REGULATION D a regulation of the
Securities and Exchange Commission that sets forth
conditions necessary for a private offering exemption.
Back
to top -- View
Real Estate Listings
REGULATION Q a federal law that
specified the maximum interest rates that banks and
savings and loan associations could pay on various
types of deposits. It was phased out by the Depository
Institutions De-regulations and Monetary Control Act
of 1980.
Back
to top -- View
Real Estate Listings
REGULATION Z a federal regulation
requiring creditors to provide full disclosure of
the terms of a loan. Compliance is compulsory for
anyone who arranges credit for more than 5 sales of
residential real estate in a year. Terms of the loan
must be disclosed. The interest rate must be stated
as an annual percentage rate (APR).
Back
to top -- View
Real Estate Listings
REHABILITATE to restore a structure
to a condition of good repair.
Back
to top -- View
Real Estate Listings
REHABILITATION TAX CREDIT the Tax
Reform Act of 1986 provides a 20% tax credit for rehabilitating
certified historic structures, and a 10% credit for
other buildings that were placed in service after
1936.
Back
to top -- View
Real Estate Listings
REINVESTMENT RATE the interest rate
an investor is assumed to be able to earn on intermediate
cash flow in the projection of a terminal value.
Back
to top -- View
Real Estate Listings
REIT real estate investment trust
Back
to top -- View
Real Estate Listings
RELEASE CLAUSE in a mortgage, a
clause that gives the owner the privilege of paying
off a portion of the mortgage indebtedness, thus freeing
a portion of the property from the mortgage.
Back
to top -- View
Real Estate Listings
RELEASE OF LIEN to free real estate
from a mortgage. .
Back
to top -- View
Real Estate Listings
RELICTION gradual subsidence of
waters, leaving dry land.
Back
to top -- View
Real Estate Listings
RELOCATION CLAUSE a lease stipulation
that allows the landlord to move the tenant within
the building.
Back
to top -- View
Real Estate Listings
RELOCATION NETWORK a geographically
diversified group of independent real estate brokerage
companies, generally not members of a franchise, that
share information with one another concerning potential
customers.
Back
to top -- View
Real Estate Listings
RELOCATION SERVICE a company which
contracts with other firms to arrange the relocation
of employees from one city to another. The service
generally handles the sale of the employee's home
and purchase of a new home. Furniture-moving services
may be included also.
Back
to top -- View
Real Estate Listings
REMAINDER an estate that takes effect
after the termination of a prior estate, such as a
life estate.
Back
to top -- View
Real Estate Listings
REMAINDERMAN the person who is to
receive possession of the property after the death
of a life tenant.
Back
to top -- View
Real Estate Listings
REMIC Real Estate Mortgage Investment
Conduit
Back
to top -- View
Real Estate Listings
REMODEL to change the appearance
and functional utility of a building. This may include
painting, repairing, and replacing of fixtures and
equipment.
Back
to top -- View
Real Estate Listings
RENEGOTIATE to legally revise the
terms of a contract
Back
to top -- View
Real Estate Listings
RENEWAL OPTION the fight, but not
the obligation, of a tenant to continue a lease at
specified term and rent
Back
to top -- View
Real Estate Listings
RENOVATE general term applied to
the process of upgrading an existing improvement.
Usually there is an attempt to keep the same general
appearance of the building with new materials or to
return the building to its original appearance.
Back
to top -- View
Real Estate Listings
RENT a charge for the use of space.
Back
to top -- View
Real Estate Listings
RENTABLE AREA same as net leasable
area.
Back
to top -- View
Real Estate Listings
RENTAL RATE the periodic charge
per unit for the use of a property. The period may
be a month, quarter, or year. The unit may be a dwelling
unit, square foot, or other unit of measurement.
Back
to top -- View
Real Estate Listings
RENT BID MODELS a conceptual tool
used to explain how land is allocated in competitive
markets. The model is based on the assumption that
space is controlled by the activity which offers the
highest bid for the site.
Back
to top -- View
Real Estate Listings
RENT CONTROL laws that govern the
rate that may be charged for space.
Back
to top -- View
Real Estate Listings
RENT-FREE PERIOD a portion of the
term of a lease when no rent is required. It is offered
by a landlord as a rental concession to attract tenants.
Back
to top -- View
Real Estate Listings
RENT-UP PERIOD the time it takes
for newly constructed properties to be fully occupied.
Back
to top -- View
Real Estate Listings
REPAIRS work performed to return
property to a former condition without extending its
useful life, as distinguished from capital improvements.
In income property, repairs are an operating expense
for accounting and tax purposes.
Back
to top -- View
Real Estate Listings
REPLACEMENT COST the cost of erecting
a building to replace or serve the functions of a
previous structure.
Back
to top -- View
Real Estate Listings
REPLACEMENT RESERVE an amount set
aside from net operating income to pay for the eventual
wearing out of short-lived assets.
Back
to top -- View
Real Estate Listings
REPRODUCTION COST the cost of exact
duplication of a property as of a certain date. Reproduction
differs from replacement in that replacement requires
the same functional utility for a property, whereas
reproduction is an exact duplication.
Back
to top -- View
Real Estate Listings
RESALE PRICE in a projection of
real estate investment performance, the assumed selling
price a property could fetch at the end of the projection
period.
Back
to top -- View
Real Estate Listings
RESALE PROCEEDS the amount a former
owner receives upon a sale after paying transaction
Costs, remaining debt, and, sometimes, income taxes.
Same as proceeds from resale.
Back
to top -- View
Real Estate Listings
RESCIND to withdraw an offer or
contract. Regulation Z allows a 3-day period in which
to rescind certain credit transactions.
Back
to top -- View
Real Estate Listings
RESCISSION the act of canceling
or terminating a contract. Rescission is allowed when
the contract was induced by fraud, duress, misrepresentation,
or mistake. Regulation Z allows one to rescind certain
credit transactions within 3 business days (not applicable
to first mortgages on a home); purchasers of certain
land that must be registered by Department of Housing
and Urban Development (HUD) may rescind within 3 business
days.
Back
to top -- View
Real Estate Listings
RESERVE FUND an account maintained
to provide funds for anticipated expenditures required
to maintain a building. A reserve may be required
by a lender in the form of an escrow to pay upcoming
taxes and insurance costs. A replacement reserve may
be maintained to provide for replacement cost of short-lived
components, such as carpets, heating equipment or
roofing. Deposit of money into such a fund does not
achieve a tax deduction.
Back
to top -- View
Real Estate Listings
RESERVE PRICE in an auction or other
bidding procedure, an established amount below which
the seller is not obligated to accept a winning bid.
Back
to top -- View
Real Estate Listings
RESIDENCE the place where one lives,
particularly the dwelling in which one lives.
Back
to top -- View
Real Estate Listings
RESIDENTIAL pertaining to housing.
Back
to top -- View
Real Estate Listings
RESIDENTIAL BROKER one who lists
and sells houses or condominiums. Contrast with commercial
broker.
Back
to top -- View
Real Estate Listings
RESIDENTIAL MEMBER (RM) a professional
designation once offered by the American Institute
of Real Estate Appraisers. It is being exchanged or
phased out in favor of the SRA designation offered
by the Appraisal Institute.
Back
to top -- View
Real Estate Listings
RESIDENTIAL PROPERTY 1. in real
estate brokerage terminology, owner-occupied housing.
Back
to top -- View
Real Estate Listings
RESIDENTIAL SALES COUNCIL affiliate
of the Realtors' National Marketing Institute of the
National Association of Realtors' that provides educational
and promotional materials for members, most of whom
are involved in residential real estate sales or brokerage.
Address: Residential Sales Council 430 North Michigan
Avenue Chicago, IL 60611
Back
to top -- View
Real Estate Listings
RESIDENTIAL SERVICE CONTRACT an
insurance contract or home warranty, generally for
one year, covering the plumbing, mechanical, and electrical
systems of a home. It is available in most areas upon
the purchase of an existing home. Either the buyer
or seller can pay for the contract.
Back
to top -- View
Real Estate Listings
RESIDENT MANAGER one who supervises
the care of an apartment complex while living in one
of the units in the complex.
Back
to top -- View
Real Estate Listings
RESIDUAL value or income remaining
after deducting an amount necessary to meet fixed
obligations.
Back
to top -- View
Real Estate Listings
RESIDUAL TECHNIQUES a method of
estimating the value of a building or land, given
values of one and rate of return.
Back
to top -- View
Real Estate Listings
RESOLUTION TRUST CORPORATION (RTC)
a federal agency created by FIRREA to manage and resolve
insolvent savings and loan associations placed into
its conservatorship or receivership. The agency is
supervised by the Federal Deposit Insurance Corporation.
Back
to top -- View
Real Estate Listings
RESPA Real Estate Settlement Procedures
Act.
Back
to top -- View
Real Estate Listings
RESPONDEAT SUPERIOR in agency law,
the doctrine that a principal is liable for the acts
of an agent
Back
to top -- View
Real Estate Listings
RESTORE to return a building to
its original quality and appearance. While modern
materials are used, the emphasis is on faithful reproduction
of the original style.
Back
to top -- View
Real Estate Listings
RESTRAINT ON ALIENATION a limiting
condition on the right to transfer property. If the
condition is against public policy or is unreasonable,
courts will void the condition.
Back
to top -- View
Real Estate Listings
RESTRICTION a limitation placed
upon the use of property, contained in the deed or
other written instrument in the chain of title or
in local ordinances pertaining to land use.
Back
to top -- View
Real Estate Listings
RESTRICTIVE COVENANT a covenant
or deed restriction that limits the property rights
of the owner.
Back
to top -- View
Real Estate Listings
RETAIL GRAVITATION the drawing power
of a shopping center; generally, the larger the center,
the greater its ability to draw from distant areas.
Back
to top -- View
Real Estate Listings
RETAINAGE in a construction contract,
money earned by a contractor but not paid to the contractor
until the completion of construction or some other
agreed-upon date.
Back
to top -- View
Real Estate Listings
RETALIATORY EVICTION the requirement
that a tenant vacate a unit in response to a complaint
from the tenant concerning the condition of the buildi6g.
Landlord-tenant laws in many states forbid such evictions
if proper channels are taken to lodge the complaint.
Back
to top -- View
Real Estate Listings
RETIRE (A DEBT) to pay off the principal
on a loan, thereby fulfilling the obligation under
the loan contract.
Back
to top -- View
Real Estate Listings
REVENUE STAMPS stamps that are affixed
to deeds (and, in some states, other documents affecting
real estate) and that indicate the payment of the
state's deed transfer (or other transfer) tax. Federal
revenue stamps have not been used since 1968, but
many states have substituted their own.
Back
to top -- View
Real Estate Listings
REVERSE ANNUITY MORTGAGE a type
of mortgage, designed for elderly homeowners with
substantial equity, by which a lender periodically
(monthly, for example) pays an amount to the borrower.
The loan balance increases with interest and periodic
payments, causing negative amortization.
Back
to top -- View
Real Estate Listings
REVERSE LEVERAGE a situation in
which financial benefits from ownership accrue at
a lower rate than the mortgage interest rate.
Back
to top -- View
Real Estate Listings
REVERSION the right of a lessor
to possess leased property upon the termination of
a lease.
Back
to top -- View
Real Estate Listings
REVERSIONARY FACTOR the mathematical
factor that indicates the present worth of one dollar
to be received in the future. Same as present value
of one. The formula is
Back
to top -- View
Real Estate Listings
REVERSIONARY INTEREST the interest
a person has in property upon the termination of the
preceding estate.
Back
to top -- View
Real Estate Listings
REVERSIONARY VALUE the value of
property at the expiration of a certain time period.
Back
to top -- View
Real Estate Listings
REVOCATION an act of recalling a
power of authority conferred, as a revocation of a
power of attorney, a license, an agency, etc.
Back
to top -- View
Real Estate Listings
REZONING an action to change the
designation of a subject parcel or group of parcels
on the zoning map. The effect of a rezoning is to
change the permitted uses for the affected parcels.
Back
to top -- View
Real Estate Listings
RIDER an amendment or attachment
to a contract.
Back
to top -- View
Real Estate Listings
RIGHT OF FIRST REFUSAL the opportunity
of a party to match the terms of a proposed contract
before the contract is executed.
Back
to top -- View
Real Estate Listings
RIGHT OF REDEMPTION same as equity
of redemption.
Back
to top -- View
Real Estate Listings
RIGHT OF SURVIVORSHIP the right
of a surviving joint tenant to acquire the interest
of a deceased joint owner.
Back
to top -- View
Real Estate Listings
RIGHT-OF-WAY 1. the right to use
a particular path for access or passage; a type of
easement. 2. the areas of subdivisions dedicated to
government for use for streets, roads, and other public
access to lots.
Back
to top -- View
Real Estate Listings
RIPARIAN OWNER one who owns land
bounding upon a lake, river, or other body of water.
Back
to top -- View
Real Estate Listings
RIPARIAN RIGHTS rights pertaining
to the use of water on, under, or adjacent to one's
land. May be qualified to avoid nuisance and pollution.
Riparian rights are recognized in most eastern states
but rarely in western states, where they recognize
usufructory rights.
Back
to top -- View
Real Estate Listings
RISK I uncertainty or variability.
The possibility that returns from an investment will
be greater or less than forecast. Diversification
of investments provides some protection against risk.
Back
to top -- View
Real Estate Listings
RISK-FREE RATE the interest rate
on the safest investments, such as federal government
obligations.
Back
to top -- View
Real Estate Listings
ROD a linear unit of measurement
equal to 16@ feet.
Back
to top -- View
Real Estate Listings
ROLLOVER LOAN a type of mortgage
loan, commonly used in Canada, in which the amortization
of principal is based on a long term but the interest
rate is established for a much shorter term. The loan
may be extended, or rolled over, at the end of the
shorter term at the current market interest rate.
Back
to top -- View
Real Estate Listings
ROW HOUSE single-family dwelling
units attached to one another by common walls, generally
with a common facade.
Back
to top -- View
Real Estate Listings
ROYALTY money paid to a property
owner for extraction of some valuable resource from
the land.
Back
to top -- View
Real Estate Listings
RULE OF 72's an approximation of
the time it takes for money to double when earning
compound interest. Divide the percentage rate into
72 to derive the number of years to double the principal.
Back
to top -- View
Real Estate Listings
RULE OF 78's a method for computing
unearned interest used on installment loans with add-on
interest. The number 78 is based on the sum of the
digits from I to 12.
Back
to top -- View
Real Estate Listings
RUN WITH THE LAND an expression
indicating a right or restriction that affects all
current and future owners of a property.
Back
to top -- View
Real Estate Listings
RURAL pertaining to the area outside
the larger and moderate- sized cities and surrounding
population concentrations. Generally characterized
by farms, ranches, small towns, and unpopulated regions.
Compare with suburb.
Back
to top -- View
Real Estate Listings
RURBAN AREAS on the fringe of urban
development, that are in the process of being developed
for urban uses.
Back
to top -- View
Real Estate Listings
R VALUE a measure of the heat conductivity
of material. The higher the R value, the better the
material serves as insulation from heat transfer.
Back
to top -- View
Real Estate Listings
R/W right of way.
Back
to top -- View
Real Estate Listings
|
