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Radon
A radioactive gas that can cause health problems if present in
sufficient concentration, found in some structures
Rate cap
In an adjustable-rate loan, the ceiling on the amount that the
interest rate can be increased at each adjustment
Rate lock, or lock-in
A commitment to a specified fixed interest rate for a designated
period of time, issued by a lender
Real estate agent
An individual trained and licensed to negotiate the sale of real
estate on behalf of the property owner
Real estate investment trust (REIT)
An organization of individuals who purchase certificates of
ownership in the trust, which then invests their money in real
property, distributing the profits back to the individual investors
free of corporate income tax
Real Estate Settlement Procedures Act (RESPA)
A federal consumer protection law that requires certain disclosures
of lenders to consumers relative to mortgage loans
Real property
Land and appurtenances permanently on it, including buildings,
trees, minerals, and the interest, benefits, and inherent rights
thereof
Realtor
A real estate professional who holds active membership in a local
real estate board that is affiliated with the National Association
of Realtors
Realtor®
The registered trademark reserved for the sole use of members of
local Realtor boards affiliated with the National Association of
Realtors; other real estate professionals who do not belong to the
local board may not advertise themselves as Realtors
Recision
The cancellation or annulment of a transaction or contract based on
law or by mutual consent
Recording
The entering or noting of documents affecting all transactions of
real estate in the recorder's office in each county, making it
public record; until recorded, a mortgage or deed is usually not
valid against subsequent buyers
Recording fees
Payment made to the lender for recording the sale of a property with
the county office
Refinance
To obtain a new mortgage loan on a property already owned
Regulation Z
A federal law that requires disclosure by a credit institution or
lender of the terms, conditions, and full cost of a loan or
mortgage, including the annual percentage rate and any other
charges, to the borrower when they apply for the loan
Remainder
An interest in land that is postponed until the termination of some
other interest
RESPA
Abbreviation for the Real Estate Settlement Procedures Act, which is
a federal law that requires lenders to provide information on
estimated settlement costs, which is available for review by the
buyers one time after application, and again once prior to or at the
closing
Restrictive covenants, or Protective covenants
A provision in a deed that limits how real estate ownership may be
used
Reverse-annuity mortgage (RAM)
A loan or mortgage whereby the amount of the monthly payments the
borrower receives is based on accumulated equity, rather than on the
agreed-upon total sum loaned
Reversion
A clause in a transfer of title that returns the property to the
grantor upon specified events or occurrences happening
Right of first refusal
The right specified in an agreement to have the first opportunity to
purchase or lease a given property before it is offered to others,
or alternately, the prior right to purchase a property based on the
same terms made by another buyer that were acceptable by the seller
Right of survivorship
In joint tenancy, when one of the joint tenants dies, the right of
the survivors to the deceased's interest in the property
Right-of-way
Permission to pass across the property of another
Riparian rights
The right of an owner of property to make use of waterways adjoining
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