REAL ESTATE DICTIONARY
| A | I | B | I | C | I | D | I | E | I | F | I | G | I | H | I | I | I | J | I | K | I | L | I | M | I | N | I | O | I | P | I | Q | I |  R |
I | S | I | T | I | U | I | V | I | W | I | X | I | Y | I | Z |
Results
| R Back to top |
| R-value A measure of a material's resistance to heat loss, usually applied to insulation products. The higher the R-value, the slower the rate of heat loss. |
| radiant heating A form of home heating delivered by electric-resistance elements--either wall registers or cables or foils beneath the flooring or above the ceiling--or via hot water circulated through in-the-floor tubing or room radiators. |
| radon A ground-generated radioactive gas that seeps into some homes through sump pumps, cracks in the foundation and other inlets. A serious health hazard. |
| rafter One of a series of beams that form the slope of a pitched roof and are analogous to floor joists. |
| rails The horizontal structural members of a door. Most doors have a top rail, a bottom rail, and a center rail connected at both ends to vertical stiles. |
| R Back to top |
rammed-earth construction An alternative building process in which dirt is compacted into large structural frames to create walls. |
| ranch style A modern style of home popularized in the 1950s and championed by architect Frank Lloyd Wright, among others. |
| rate cap The maximum interest rate charge allowed on the monthly payment of an adjustable rate mortgage during an adjustment period. |
| rate lock A lender's commitment to a borrower to guarantee (or "lock in") a specific interest rate for a limited amount of time. |
| rate type Rate type determines if and how payments adjust over the loan term. Available rate types include fixed-rate, balloon, and adjustable-rate. |
| rate-improvement mortgage A loan with a clause that entitles a borrower to a one-time interest rate cut without going through refinancing. |
| R Back to top |
real estate Land and anything permanently affixed to it, including buildings. |
| real estate agent A person licensed by a state to represent a buyer or a seller in a real estate transaction in exchange for a commission. Unless they are also brokers, agents must work in association with a real estate broker or brokerage company. |
| real estate broker A person, corporation, or partnership licensed by a state to represent a buyer or seller in a real estate transaction in exchange for a commission. Brokers supervise licensed sales agents, who then act for the broker (who is legally the principal agent in any transaction). |
| real estate investment trust
(REIT) Publicly traded companies that own, develop, and operate commercial properties. |
| real estate professional Any real estate broker, sales agent, or attorney who holds a real estate license. |
| 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 kickbacks in the real estate business. |
| R Back to top |
real property Land and any permanent fixtures on it, including buildings, trees, and other fixtures. |
| Realtist A designation for an agent or broker who is a member of the National Association of Real Estate Brokers. |
| Realtor A designation for an agent or broker who is a member of the National Association of Realtors. |
| reconveyance A lender's act of conveying a property back to a borrower who has completely paid off his or her mortgage. |
| recorder A public official responsible for keeping record of all real estate transactions. |
| recording The filing of property-related documents into the public record. |
| R Back to top |
recording fee A fee charged by real estate agents for conveying the sale of a piece of property into the public record. |
| redlining An illegal practice by a bank or insurance company that denies credit or insurance to people based on ethnic background or neighborhood. |
| refinancing The process of replacing an older mortgage with a new mortgage that has better terms. |
| regression The principle that the value of a better-quality property is adversely affected by the proximity of a lesser-quality property. |
| Regulation Z A federal code issued under the Truth in Lending Act that requires that a borrower be advised in writing of all costs associated with the credit portion of a financial transaction. |
| rehabilitation mortgage A mortgage that provides for the costs of repairing and improving a resale home or building. |
| R Back to top |
REIT (real estate investment trusts) Publicly traded companies that own, develop, and operate commercial properties. |
| release clause A provision in a purchase contract that allows a seller to continue marketing their home and accept other offers. |
| relocation benefits Employer-provided benefits for new employees. These benefits 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 relocating new employees from one location to another. |
| remaining balance The amount of unpaid principal on a home loan. |
| remaining term The original loan term minus the number of payments made. |
| R Back to top |
rent loss insurance A policy that covers any loss of rent or rental value in the event that fire or other damage renders the property uninhabitable. |
| renter's insurance A policy for renters that covers the replacement value of possessions. |
| repayment plan When a borrower falls behind in mortgage payments, many lenders will negotiate a repayment plan rather than go to court. |
| replacement cost The current cost of rebuilding a structure to its original specifications. |
| replacement reserve fund Money that is set aside from homeowners' assessments to replace common property such as furniture in a planned development's community room. |
| repointing Replacing damaged mortar in the joints between bricks or stones. |
| R Back to top |
repossess To take back property. A lender holding a mortgage may repossess a property if the buyer fails to make payments. |
| resale value A property's future value, which can be affected by many factors including the surrounding neighborhood, school district scores, and economic and housing market conditions. |
| rescission The cancellation of a contract by law or consent from the parties involved. |
| reserve fund Money set aside by a homeowners' association for major repairs or improvements. |
| resilient channel A channel run across wall studs underneath wallboard to reduce sound transmission. |
| RESPA (Real Estate Settlement Procedures
Act) A federal law designed to make sellers and buyers aware of settlement fees and other transaction-related costs. RESPA also outlaws kickbacks in the real estate business. |
| R Back to top |
restriction Any limitation on the use of property. |
| restructured loan A mortgage in which new terms are negotiated. |
| return on investment The amount of profit a property generates. |
| reverse mortgage A special type of loan available to equity-rich, older owners. Repayment is not necessary until the borrower sells the property. |
| 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. |
| R Back to top |
right of first refusal An agreement by a property owner to give another person the right to buy or rent the property before it goes on the open market. |
| right of way The right to pass over or use another's land. |
| right to rescission A provision in the federal Truth in Lending Act that allows borrowers to cancel certain kinds of loans within three days of signing. |
| riparian rights An owner's right to use a river, stream, or lake bordering the owner's property. |
| riser Vertical boards between the steps of a stairway. |
| rocker switch An electrical switch operated by tapping the top or bottom of the control plate. |
| R Back to top |
rollback A limitation on annual assessed value increases or a reduction in the amount of property tax paid. |
| roof sheathing Flat boards nailed to the rafters to which a covering is fastened. |
| 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. |
| RV pad A large concrete pad designated for parking a recreational vehicle. 
CLICK ANY DESIGN FOR MORE INFORMATIONLET US EMAIL YOU MORE INFORMATION |