Terms Q-R Flashcards
The right of an owner or a person legally in possession to the use of property without interference of possession.
Quiet Enjoyment
A deed which conveys simple the grantor’s rights or interest in real estate, without any agreement or covenant as to the nature or extent of that interest, or any other covenants; usually used to remove a cloud from the title.
Quitclaim Deed
A measurement of the ability of insulation to slow the transfer of heat or cold. The higher the R value, the greater the insulation power.
R-Value
A colorless, odorless gas that is emitted from soils, rocks and water as a result of radioactive decay in certain areas of the country. Radon is known to cause cancer. Homes should be tested for radon. The local environmental agency should be consulted on its handling, removal and any applicable laws.
Radon
The structural member or beam that supports the roof. It spans from the exterior wall to the ridge board of the peak of the roof.
Rafter
Limits to the interest rate on an adjustable-rate mortgage.
Rate Cap
An agreement between a borrower and a lender that allows the borrower to lock in the interest rate on a mortgage over a specified time period at the prevailing market interest rate.
Rate Lock
A profit on an investment over a period of time, expressed as a proportion of the original investment.
Rate of Return
Land, and generally whatever is erected upon or affixed thereto.
Real Estate / Real Property
A practitioner who has the knowledge and expertise necessary to estimate the value of an asset, or the likelihood of an event occurring, and the cost of such an occurrence. Ideally, an appraiser acts independently of the buying and selling parties in a transaction in order to arrive at the fair value of an asset without bias.
Real Estate Appraiser
A licensed individual or firm that charges a fee to serve as the mediator between the buyer and seller. Mortgage brokers are individuals in the business of arranging funding or negotiating contracts for a client, but who does not loan the money. A real estate broker is someone who helps find a house.
Real Estate Broker
An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.
Real Estate Salesperson
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 Estate Settlement Procedures Act (RESPA)
The tax levy divided by the total taxable assessed value of a taxing jurisdiction, usually expressed in dollars per thousand, dollars per hundred, or mills.
Real Property Tax Rate
The degree of caution and concern for the safety of himself/herself and others an ordinarily prudent and rational person would use in the circumstances. This is a subjective test of determining if a person is negligent, meaning he/she did not exercise reasonable care.
Reasonable Care
When real property is sold at a gain and accelerated depreciation has been claimed, the owner may be required to pay a tax at ordinary (non-accelerated) rates to the extent of the excess accelerate depreciation.
Recaptured Depreciation
The collecting officer for each city and town that receives real property taxes and assessments.
Receiver of Taxes
The right of an individual involved in a contract to return to a state identical to that before they entered into the agreement, due to courts not recognizing the contract is legally binding. In many cases, rescission may be an option if there is a material error in the contract, among other reasons.
Rescission
The agreement between the cooperative building and the bank lending money for purchase of shares of stock in the cooperative.
Recognition Agreement
The final stage in the appraisal process where the appraiser reviews the data and estimates the subject property’s value.
Reconciliation
The refusal to lend money within a specific area for various reasons. This practice is illegal.
Red-Lining
Used to convey real property sold pursuant to a judicial order in an action for the foreclosure of a mortgage or for partition.
Referees deed
A section of a deed that may refer to a plat map, which includes the block and lot number of a particular piece of property.
Reference to a Plat
A remedy whereby a court orders a change in a written document to reflect what it ought to have said in the first place.
Reformation
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.
Regulation Z
A clause found in a blanket mortgage which gives the owner of the property the privilege of paying off a portion of the mortgage indebtedness, and thus freeing a portion of the property from the mortgage.
Release Clause
The person who is to receive the property after the termination of the prior estate.
Remainder Interests / Remainderman
Usable are that can be leased / rented to a tenant.
Rentable Square Footage
Normal cost of exact duplication of a property as of a certain date.
Replacement Cost
A manager of a property who lives on-site.
Resident Manager
Any type of agreement that requires the buyer to either take or abstain from a specific action. In real estate transactions, restrictive covenants are binding legal obligations written into the deed of a property by the seller.
Restrictive Covenant
A form of mortgage in which the lender makes periodic payments to the borrower using the borrower’s equity in the home as satisfaction of mortgage.
Reverse Annuity Mortgage
The interest which a grantor has in lands or other property upon the termination of the preceding estate.
Reversionary Interest
An act of recalling a power of authority conferred, as the revocation of a power of attorney; a license, an agency, etc.
Revocation
Also known as an addendum, in general, is a writing annexed to an agreement.
Rider
A contractural right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before he owner is entitled to enter into the transaction with a third party.
Right of First Refusal
Right of the surviving joint owner to succeed to the interests of the deceased join owner, distinguishing feature of a joint tenancy or tenancy by entirety.
Right of Survivorship
The right to pass over another’s land pursuant to an easement or license.
Right-of-Way
The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means “riverbank”.
Riparian Rights
Controlling and limiting risk in property ownership.
Risk Management
