Real Estate Glossary
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R-value - A construction term that refers to the resistance of a structure to heat loss. The higher the R-value, the slower the rate of heat loss.
Radon - A ground-generated radioactive gas that seeps into some homes through sump pumps, cracks in the foundation and other inlets.
Rafter - Rafters form the slope of a pitched roof and are analogous to floor joists.
Ranch style - Modern ranch-style homes (where all living areas are on the same level) were popularized in the 1950s.
Rate lock - When interest rates are volatile, many borrowers want to "lock in" an interest rate and many lenders will oblige, setting a limit on the amount of time the guaranteed interest rate is in effect.
Real estate - Land and anything permanently affixed to it, including buildings, fences and other items attached to the structure.
Real estate agent - A real estate agent has a state license to represent a buyer or a seller in a real estate transaction in exchange for a commission. Most agents work for real estate brokers.
Real estate attorney - A lawyers who specializes in real estate transactions.
Real estate broker - A real estate agent who is licensed by the state to represent a buyer or seller in a real estate transaction in exchange for a commission. Most brokers also have agents working for them, and are entitled to a portion of their commissions.
Real Estate Settlement Procedures Act (RESPA) - A federal law designed to make sellers and buyers aware of settlement fees and other transaction-related costs. RESPA also outlaws ækickbacksÆ in the real estate business.
Real property - Land and any permanent fixtures on it, including buildings, trees and minerals.
REALTOR® - A designation for an agent or broker who is a member of the NATIONAL ASSOCIATION OF REALTORS®. They agree to adhere to a strict Code of Ethics.
Recording - The filing of a specific document to the appropriate government entity.
Recording fee - A fee charged for the recordation of the documents, conveying the sale of a piece of property, into the public record.
Redlining - The practice by a bank or insurance company to deny credit or insurance to people based on ethnic background or neighborhood.
Refinancing - The process of replacing an older loan with a new mortgage. Once example might be the replacement of an existing mortgage (with an unfavorable interest rate) with that of a new mortgage with better a rate.
Regulation Z - The federal code issued under the Truth-in-Lending Act which requires that a borrower be advised in writing of all costs associated with the credit portion of a financial transaction.
Relocation benefits - Benefits provided by employers for new workers and can include moving costs, reimbursement for temporary housing and transportation, real estate agent assistance and discounted loans.
Relocation company - A firm that administers all aspects of moving employees to a new community.
Remaining balance - The amount of unpaid principal on a home loan.
Remaining term - The original loan term minus the number of payments made.
Renter's insurance - A policy that covers the replacement value of possessions.
Rent loss insurance - A policy that covers any loss of rent or rental value in the event of fire or other damage that renders the property uninhabitable.
Repayment plan - When a borrower falls behind in mortgage payments, many lenders will negotiate a repayment plan rather than go to court.
Re-point - The process of removing old mortar from between bricks and replacing it with new mortar.
Repossession - When a house is repossessed, it is taken back by the lender holding the mortgage.
Resale value - The future value of a piece of property that can be affected by many factors, including the surrounding neighborhood, school scores, and economic and housing market conditions.
Reserve fund - All homeowners associations set aside a certain amount of money for major repairs or improvements.
Return on investment - The amount of profit a property generates.
Ridge board - A horizontal board that serves as the apex of the roof structure.
Ridge vent - A vent located along the ridge board of the roof that allows moisture to escape.
Right of first refusal - An agreement by a property owner to give another person the right to buy or rent the property before the owner enters into an agreement with a third party.
Right of recission - A provision in the federal Truth-in-Lending Act that allows borrowers to cancel certain kinds of loans within three days of signing. This typically occurs with the re-finance of a primary residence.
Rough-in - The installation of plumbing, electrical and other mechanical systems.
Rural Housing Service - A U.S. Department of Agriculture program that provides financing to farmers and certain borrowers to purchase rural property when other funds are not available.
