R words Flashcards
Radon
A colorless, odorless, radioactive gas present in the soil that enters a home through small
spaces and openings.
Ratification
The adoption or approval of an act performed on behalf of a person without previous
authorization, such as the approval by a principal or previously unauthorized acts of an agent, after the
acts have been performed.
Real Estate
Land, and generally whatever is erected upon or affixed thereto. Improvements, such as
buildings, structures, landscaping, fences, etc, are included.
Real Estate Broker
A person or an organization acting as the agent for others in negotiating the
purchase and sale of real property or other commodities for a fee.
Real Estate Owned (REO)
A term used to denote that the real estate has been foreclosed upon.
Real Estate Salesperson
A person performing any of the acts included in the definition of real estate
broker but while associated with and supervised by a broker.
Real Estate Settlement Procedures Act (RESPA)
A consumer protection statute, first passed in 1974.
The purpose of RESPA are:
1) To help consumers become better shoppers for settlement services and
2) To eliminate kickbacks and referral fees that unnecessarily increase the costs of certain settlement
services.
Real Property
That which is immovable. Land, things affixed to land, and appurtenances. Real estate
plus the Bundle of Rights.
Real Property Sales Contract
An agreement to convey title to real property upon satisfaction of
specified conditions which does not require conveyance within one year of formation of the contract.
Rear Yard
A yard that extends along the full length of a real lot line.
Reasonable Skill and Care
The degree of care and skill ordinarily used by others competently engaged
in the same business.
Recession
Two or more consecutive quarters of negative growth.
Reconveyance
The transfer of the title of land from one person to the immediate preceding owner.
This instrument of transfer is commonly used to transfer the legal title from the trustee to the trustor
(borrower) after a trust deed debt has been paid in full.
Recording
The process of placing a document on file with a designated public official for public notice.
Redlining
The refusal to lend money within a specific area for various reasons.
Regulation Z
The Truth in Lending Act of 1968 is United States federal law designated to promote the
informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the
manner in which costs associated with borrowing are calculated and disclosed
Remainderman
A person who inherits or is entitled to inherit property upon the termination of the
estate of the former owner.
Remaining Economic Life
Equals the economic life minus the effective age.
Renunciation
When someone who has been granted something or has accepted something later gives
it up or rejects it; as when an agent withdraws from the agency relationship.
Rescission
The cancellation of a contract and restoration of the parties to the same position they held
before the contract was entered into.
Resident Manager
An individual who supervises the care of an apartment complex while living in one
of the units in the complex.
Respondeat Superior
A common‐law doctrine that makes an employer liable for the actions of an
employee when the actions take place within the scope of employment.
Return of Investment
Return or recapture of the original investment amount.
Return on Investment
Any additional amount after the return of investment.
Reverse Annuity Mortgage
Used by older people who need additional income and want to take
advantage of the equity in their homes.
Reversion
A future interest that is retained by the grantor after the conveyance of an estate of a lesser
quantum that he/she has.
Revocation
When someone who granted or offered something withdraws it; as when a principal
withdraws the authority granted to the agent, an offeror withdraws the offer or the DRE cancels a
salesperson or broker license.
Right of First Refusal
A statement that provides for a lessee or a buyer to have the first opportunity to
purchase the property before it is offered to anyone else.
Right of Survivorship
The right of a surviving tenant or tenants to succeed to the entire interest of the
deceased tenant; the distinguishing feature of a joint tenancy.
Riparian Rights
The right of a landowner whose land borders on a stream or watercourse to use and
enjoy the water which is adjacent to or flows over the owner’s land provided such use does not injure
other riparian owners.
