Real Estate and Mortgage Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z #

RAFTER   
A structural element of the roof, sloping from the peak to the outer walls.

RANCH HOUSE   
An architectural style typified by a single-story, low-roof construction. Popular in the western U.S.

RATE LOCK   
A guarantee from a lender of a specific interest rate for a period of time.

RAW LAND  
Any land which has not been developed.

REAL ESTATE   
A piece of land and any improvements or fixtures located on that land.

REAL ESTATE AGENT   
A licensed professional who facilitates the buying and selling of real estate.

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)   
A federal law requiring lenders to give full disclosure of closing costs to borrowers.

REAL PROPERTY   
Land, improvements and appurtenances, and the interest and benefits thereof.

REALTOR®   
A real estate agent or broker who is a member of the NATIONAL ASSOCIATION of REALTORS.

RECEPTACLE   
An electrical outlet to plug into.

RECORDER   
A local government employee whose role it is to keep records of all real estate transactions within the jurisdiction.

RECORDING   
The filing of a real estate transaction with the appropriate government agent (normally the RECORDER). A real estate transaction is considered final when it is recorded.

REFINANCE TRANSACTION  
A new loan to pay off an existing loan. Typically to gain a lower interest rate or convert equity into cash.

REGISTER   
Where air from a furnace or air conditioning system enters the room.

RELOCATION SERVICE   
Any company or agency that assists corporate employees in relocating from one place to another. Services may include hiring and coordinating real estate agents, moving companies, utilizes and the like.

REMAINING BALANCE  
The amount of principal, interest and other costs that has not yet been repaid.

REMAINING TERM  
The amount of time remaining on the original amortization schedule.

REMODEL   
An activity designed to improve the value or desirability of a property through rebuilding, refurbishing, redecorating or adding on to it.

REPAYMENT PLAN   
A plan to repay delinquent payments, agreed upon between a lender and borrower, in an effort to avoid foreclosure.

REPLACEMENT RESERVE FUND   
An account, or fund, setup for the replacement of short life items, such as carpeting, in the common areas of a cooperative property.

RESIDENTIAL LEASE AGREEMENT   
A Residential Rental or Lease Agreement sets down terms, rules and obligations between all of the parties involved, most commonly referred to as the "Landlord" and "Tenant."

RESIDENTIAL PROPERTY   
A piece of property whose highest and best use is the maintenance of a residence.

REVOLVING DEBT   
A type of credit that allows the borrower/customer to make charges against a predetermined line of credit. The customer then pays monthly installments on the amount borrowed, plus interest.

RIDGE BOARD   
The structural member of a roof where the rafters join at the top.

RIGHT OF FIRST REFUSAL   
An agreement giving a person the first opportunity to buy or lease a property before the owner offers it for sale to others.

ROOF PITCH   
The degree of slope in a roof.

RURAL   
An area outside of an established urban area or metropolitan district.