Real Estate Definitions "R"
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Radon Gas
Radon is a cancer-causing natural radioactive gas that you can’t see, smell or taste. (click here for more info)
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.
Real Estate
Real estate is a legal term that encompasses land along with improvements to the land, such as buildings,fences, wells and other site improvements that are fixed in location -- immovable
Real estate agent
A person licensed to negotiate and transact the sale of real estate.
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.
Realtor®
A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.
Recorder
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."
Recording
The noting in the registrar's office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record.
Refinance transaction
The process of paying off one loan with the proceeds from a new loan using the same property as security.
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 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.
REO
REO, also known as, Real Estate Owned, is a property that has been taken back (foreclosed) by a lender or financial institution
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.
Residence history
History as where a person has lived (normally in a chronological order and normally for upto 2 years)
Revolving debt
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.
Right of first 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.
Right of ingress or egress
The right to enter or leave designated premises.
Right of survivorship
In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.
Radon is a cancer-causing natural radioactive gas that you can’t see, smell or taste. (click here for more info)
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.
Real Estate
Real estate is a legal term that encompasses land along with improvements to the land, such as buildings,fences, wells and other site improvements that are fixed in location -- immovable
Real estate agent
A person licensed to negotiate and transact the sale of real estate.
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.
Realtor®
A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors.
Recorder
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."
Recording
The noting in the registrar's office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record.
Refinance transaction
The process of paying off one loan with the proceeds from a new loan using the same property as security.
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 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.
REO
REO, also known as, Real Estate Owned, is a property that has been taken back (foreclosed) by a lender or financial institution
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.
Residence history
History as where a person has lived (normally in a chronological order and normally for upto 2 years)
Revolving debt
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.
Right of first 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.
Right of ingress or egress
The right to enter or leave designated premises.
Right of survivorship
In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant.
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This site is not intended to be a solicitation of offers to buy or sell real estate to residents of any state or jurisdiction where prohibited by law. We will use reasonable efforts to ensure that the information contained in this Web Site is current and accurate. West Palm Realtor makes no representation or warranties as to the accuracy, reliability, or completeness of the information, text, graphics links or other items contained in any Website linked to or from the Website. We are an equal housing opportunity
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