R Terms

Question 1

rod

Answer 1

A surveyor’s measure equal to 16.5 feet.

Question 2

right-of-way

Answer 2

The right to pass over another’s land, as in an easement.

Question 3

right of egress (or ingress)

Answer 3

the right to leave real estate; the right to go to real estate.

Question 4

right of correlative user

Answer 4

The right of a landowner to the reasonable use of underground percolating water (the water table).

Question 5

ridge board

Answer 5

The highest board in a house, located horizontally between the tops of the opposing rafters.

Question 6

rezoning

Answer 6

Change of zoning, as opposed to a variance, which is an exception to zoning.

Question 7

reversionary interest

Answer 7

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.

Question 8

reverse mortgage

Answer 8

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.

Question 9

reverse annuity mortgage (RAM)

Answer 9

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.

Question 10

retaliatory eviction

Answer 10

Eviction resulting from a tenant’s good-faith complaint. May violate the Uniform Residential Landlord and Tenant Act, Fair Housing Act, and state law.

Question 11

restrictive use appraisal

Answer 11

Report limited to specific valuation purposes.

Question 12

restrictive endorsement

Answer 12

An endorsement on a negotiable instrument that restricts any further endorsement; “for deposit only.”

Question 13

restrictive covenant

Answer 13

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).

Question 14

restricted license

Answer 14

A probationary license granted by some states after a license has been revoked, suspended, or denied.

Question 15

restoration

Answer 15

Returning to an original condition.

Question 16

respondeat superior

Answer 16

The doctrine that a master is liable for the acts of his servants. It applies to employees, as well as agents.

Question 17

reserve for replacement

Answer 17

A reserve fund established to replace an asset.

Question 18

reservation

Answer 18

The retention of a right, such as an easement, when property is conveyed. An exception retains part of the property.

Question 19

rescission of contract

Answer 19

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).

Question 20

reproduction cost

Answer 20

The cost to reproduce a structure exactly with the same design and materials.

Question 21

replacement cost

Answer 21

The cost of replacing a structure of the same desirability and utility values using modern methods and materials.

Question 22

renewal of lease

Answer 22

An extension of a lease that continues the old lease.

Question 23

renegotiable-rate mortgage (RRNI)

Answer 23

A short-term mortgage where the lender will rewrite the loan, when due, at the current interest rate (rollover mortgage).

Question 24

remainder interest

Answer 24

An interest that a third person has in property after the death of a life tenant.

Question 25

remainder depreciation

Answer 25

The depreciation that an owner has left to take.

Question 26

release clause

Answer 26

A provision in a blanket encumbrance allowing separate releases from the encumbrance by paying a stated sum of money.

Question 27

rehabilitation

Answer 27

Repair without changing.

Question 28

reformation

Answer 28

A court action to rectify a mistake in a deed or contract so it reads as it was intended to read.

Question 29

redlining

Answer 29

Refusing to make loans within designated areas; violates the Civil Rights Act of 1968.

Question 30

redemption right

Answer 30

The right of the mortgagor to redeem the property after a foreclosure sale. Before a sale, it generally is a reinstatement right.

Question 31

red flag

Answer 31

Anything that should alert an agent as to a property problem.

Question 32

recovery fund

Answer 32

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.

Question 33

recordation

Answer 33

The act of recording with the county recorder so as to give constructive notice to all of the instruments recorded.

Question 34

reconveyance deed

Answer 34

The deed from the trustee returning title to the trustor when the trustor has satisfied the debt to the beneficiary

Question 35

reconciliation

Answer 35

The process whereby an appraiser assigns various weights to value determined by different appraisal methods (correlation).

Question 36

R factor

Answer 36

The resistance factor used to measure insulation.

Question 37

radon

Answer 37

A colorless and odorless naturally occurring gas resulting from decomposition of radioactive minerals.

Question 38

rafter

Answer 38

A diagonal roof beam running from the eaves to the ridge of the roof.

Question 39

range

Answer 39

A vertical row of townships, measured east and west from the meridian.

Question 40

ratification

Answer 40

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.

Question 41

real estate board

Answer 41

An organization of brokers and associates (salespeople).

Question 42

real estate investment trust (REIT)

Answer 42

An unincorporated group of 100 or more investors who have limited liability.
Under federal law, REITs are taxed on retained earnings only.

Question 43

Real Estate Settlement Procedures Act (RESPA)

Answer 43

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.