R Terms Flashcards
rod
A surveyor’s measure equal to 16.5 feet.
right-of-way
The right to pass over another’s land, as in an easement.
right of egress (or ingress)
the right to leave real estate; the right to go to real estate.
right of correlative user
The right of a landowner to the reasonable use of underground percolating water (the water table).
ridge board
The highest board in a house, located horizontally between the tops of the opposing rafters.
rezoning
Change of zoning, as opposed to a variance, which is an exception to zoning.
reversionary interest
An interest whereby a property goes back to the original grantor on the occurrence of an event such as the death of a life tenant.
reverse mortgage
A loan where the borrower receives annuity-like payments from the lender but the loan is not repaid until the property is sold or the borrower(s) dies.
reverse annuity mortgage (RAM)
A mortgage in which the mortgagee makes monthly payments to the mortgagor. The loan is paid back when the property is sold or the mortgagor dies.
retaliatory eviction
Eviction resulting from a tenant’s good-faith complaint. May violate the Uniform Residential Landlord and Tenant Act, Fair Housing Act, and state law.
restrictive use appraisal
Report limited to specific valuation purposes.
restrictive endorsement
An endorsement on a negotiable instrument that restricts any further endorsement; “for deposit only.”
restrictive covenant
A private beneficial restriction whereby an owner is limited as to the use of his/her property; for example, minimum size, setback, and height limitations. Also called covenants, conditions, and restrictions (CC&Rs).
restricted license
A probationary license granted by some states after a license has been revoked, suspended, or denied.
restoration
Returning to an original condition.
respondeat superior
The doctrine that a master is liable for the acts of his servants. It applies to employees, as well as agents.
reserve for replacement
A reserve fund established to replace an asset.
reservation
The retention of a right, such as an easement, when property is conveyed. An exception retains part of the property.
rescission of contract
Setting aside the contract and placing the parties back in the conditions they were in before the contract (as opposed to a waiver, which leaves them as they are).
reproduction cost
The cost to reproduce a structure exactly with the same design and materials.
replacement cost
The cost of replacing a structure of the same desirability and utility values using modern methods and materials.
renewal of lease
An extension of a lease that continues the old lease.
renegotiable-rate mortgage (RRNI)
A short-term mortgage where the lender will rewrite the loan, when due, at the current interest rate (rollover mortgage).
remainder interest
An interest that a third person has in property after the death of a life tenant.
remainder depreciation
The depreciation that an owner has left to take.
release clause
A provision in a blanket encumbrance allowing separate releases from the encumbrance by paying a stated sum of money.
rehabilitation
Repair without changing.
reformation
A court action to rectify a mistake in a deed or contract so it reads as it was intended to read.
redlining
Refusing to make loans within designated areas; violates the Civil Rights Act of 1968.
redemption right
The right of the mortgagor to redeem the property after a foreclosure sale. Before a sale, it generally is a reinstatement right.
red flag
Anything that should alert an agent as to a property problem.
recovery fund
A fund maintained by many state real estate departments to repay persons who suffer losses because of wrongful acts of licensees. Recovery is up to a statutory limit and usually requires an uncollected judgment against the licensee.
recordation
The act of recording with the county recorder so as to give constructive notice to all of the instruments recorded.
reconveyance deed
The deed from the trustee returning title to the trustor when the trustor has satisfied the debt to the beneficiary
reconciliation
The process whereby an appraiser assigns various weights to value determined by different appraisal methods (correlation).
R factor
The resistance factor used to measure insulation.
radon
A colorless and odorless naturally occurring gas resulting from decomposition of radioactive minerals.
rafter
A diagonal roof beam running from the eaves to the ridge of the roof.
range
A vertical row of townships, measured east and west from the meridian.
ratification
The approval of an act of the agent by the principal when the agent exceeded her authority. By taking the benefits of the act, the principal also accepts its obligations.
real estate board
An organization of brokers and associates (salespeople).
real estate investment trust (REIT)
An unincorporated group of 100 or more investors who have limited liability.
Under federal law, REITs are taxed on retained earnings only.
Real Estate Settlement Procedures Act (RESPA)
A federal disclosure act requiring that a borrower be given an estimate of settlement costs, and an information booklet. The Consumer Financial Protection Bureau administers RESPA.
