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R-value
A construction term that refers to the resistance of to heat
loss. The higher the R-value,
the slower the rate of heat loss. |
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Radon
A ground-generated radioactive gas that seeps into some homes
through sump pumps, cracks in the foundation and other inlets.
A leading cause of lung cancer , radon is found in mostly
the northern half of the country. |
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Rafter
Rafters form the slope of a pitched roof and are analogous
to floor joists. |
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Rammed-earth construction
An alternative building process in which dirt is compacted
into large structural frames to create walls. |
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Ranch style
Modern ranch-style homes, popularized in the 1950s, were championed
by such architectural giants as Frank Lloyd Wright. |
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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. |
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Rate sheet
Printed card that gives the price charged for each room, crib,
extra person and pets. |
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Rate-improvement mortgage
A loan with a clause that entitles a borrower to a one-time
cut in the interest rate without going through refinancing. |
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Real estate
Land and anything permanently affixed to it, including buildings,
fences and other items attached to the structure. |
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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. |
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Real estate attorney
A lawyers who specializes in real estate transactions. |
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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. |
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Real estate investment trusts (REITs)
The trusts are publicly traded companies that own, develop
and operate commercial properties. |
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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.
website |
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Real property
Land and any permanent fixtures on it, including buildings,
trees and minerals. |
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Realtist
A designation for an agent or broker who is a member of the
National Association of Real Estate Brokers. |
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Realtor
A designation for an agent or broker who is a member of the
National Association of Realtors | website |
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Reasonable consent
Standard applied in a lease limiting landlord's ability to
withhold consent in its sole discretion. |
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Recission
The cancellation of a contract by law or consent by the parties
involved. |
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Reconveyance
When a borrower completely pays off the mortgage, the property
is reconveyed to them from the lender. |
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Recorder
A public official responsible for keeping the records of all
real estate transactions. |
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Recording
The filing of a specific document to the appropriate government
entity. |
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Recording fee
A fee charged by real estate agents for conveying the sale
of a piece of property into the public record. |
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Redlining
The practice by a bank or insurance company to deny credit
or insurance to people based on ethnic background or neighborhood. |
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Refinancing
The process of replacing an older loan with a new mortgage
that has better terms. |
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Registration
Notifying the owner that you have shown the property to a
prospect in order to establish your claim to a commission.
(Exhange of business cards between owner and prospective buyer/tenant
often serves this purpose. You should also send the owner
a letter showing the names and dates of meetings, showings,
or other actions you have taken.) |
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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. |
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Rehabilitation mortgage
A mortgage that provides for the costs of repairing and improving
a resale home or building. |
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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
tools |
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Relocation company
A firm that administers all aspects of moving in new employees
to the community. |
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Remaining balance
The amount of unpaid principal on a home loan. |
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Remaining term
The original loan term minus the number of payments made. |
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Renewal
Right of a tenant to renew a lease at a rent to be deterimined
(e.g. 9.5 percent of 'fair market rent'). |
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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. |
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Renter's insurance
A policy that covers the replacement value of possessions. |
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Repayment plan
When a borrower falls behind in mortgage payments, many lenders
will negotiate a repayment plan rather than go to court. |
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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. |
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Repossession
When a house is repossessed, it is taken back by the lender
holding the mortgage. |
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Request for proposal (RFP)
Document issued by a tenant's agent to an owner, inviting
submission of a proposal to the tenant for leasing of space.
Document outlines the specifics of the lease term, expansion
and renewal options, rental rate, tenant imrovements and other
allowances to be provided by the owner. |
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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.
request
a market analysis |
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Reservation system
With a good reservation system and a desired location, you
should receive 30 to 55% of your occupancy via the reservation
system. This is the basic reason for having a franchise motel. |
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Reserve fund
All homeowners associations set aside a certain amount of
money for major repairs or improvements. |
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Restructured loan
A mortgage in which new terms are negotiated. |
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Return on equity (ROE)
An investment return ratio derived by dividing cash return,
or net profit, by equity. |
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Return on investment (ROI)
The amount of profit a property generates. |
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Reverse mortgage
A special type of loan available to equity-rich, older owners.
Repayment is not necessary until the borrower sells the property
or moves into a retirement community. |
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Ridge board
A horizontal board that serves as the apex of the roof structure. |
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Ridge vent
A vent located along the ridge board of the roof that allows
moisture to escape. |
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Right of first offer
Right which gives the tenant the first option of buying or
leasing occupied property if the owner decides to sell or
lease. |
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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. |
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Right of offset
Specific clause in lease in which the tenant has the right
to deduct from the rent costs which are incurred to the tenant
from the landlord. |
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Right to recission
A provision in the federal Truth-in-Lending Act that allows
borrowers to cancel certain kinds of loans within three days
of signing. |
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Rough-in
The installation of plumbing, electrical and other mechanical
systems. |
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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 | website |
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