Terms Q-R

Question 1

The right of an owner or a person legally in possession to the use of property without interference of possession.

Answer 1

Quiet Enjoyment

Question 2

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.

Answer 2

Quitclaim Deed

Question 3

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.

Answer 3

R-Value

Question 4

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.

Answer 4

Radon

Question 5

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.

Answer 5

Rafter

Question 6

Limits to the interest rate on an adjustable-rate mortgage.

Answer 6

Rate Cap

Question 7

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.

Answer 7

Rate Lock

Question 8

A profit on an investment over a period of time, expressed as a proportion of the original investment.

Answer 8

Rate of Return

Question 9

Land, and generally whatever is erected upon or affixed thereto.

Answer 9

Real Estate / Real Property

Question 10

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.

Answer 10

Real Estate Appraiser

Question 11

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.

Answer 11

Real Estate Broker

Question 12

An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.

Answer 12

Real Estate Salesperson

Question 13

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.

Answer 13

Real Estate Settlement Procedures Act (RESPA)

Question 14

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.

Answer 14

Real Property Tax Rate

Question 15

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.

Answer 15

Reasonable Care

Question 16

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.

Answer 16

Recaptured Depreciation

Question 17

The collecting officer for each city and town that receives real property taxes and assessments.

Answer 17

Receiver of Taxes

Question 18

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.

Answer 18

Rescission

Question 19

The agreement between the cooperative building and the bank lending money for purchase of shares of stock in the cooperative.

Answer 19

Recognition Agreement

Question 20

The final stage in the appraisal process where the appraiser reviews the data and estimates the subject property’s value.

Answer 20

Reconciliation

Question 21

The refusal to lend money within a specific area for various reasons. This practice is illegal.

Answer 21

Red-Lining

Question 22

Used to convey real property sold pursuant to a judicial order in an action for the foreclosure of a mortgage or for partition.

Answer 22

Referees deed

Question 23

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.

Answer 23

Reference to a Plat

Question 24

A remedy whereby a court orders a change in a written document to reflect what it ought to have said in the first place.

Answer 24

Reformation

Question 25

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.

Answer 25

Regulation Z

Question 26

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.

Answer 26

Release Clause

Question 27

The person who is to receive the property after the termination of the prior estate.

Answer 27

Remainder Interests / Remainderman

Question 28

Usable are that can be leased / rented to a tenant.

Answer 28

Rentable Square Footage

Question 29

Normal cost of exact duplication of a property as of a certain date.

Answer 29

Replacement Cost

Question 30

A manager of a property who lives on-site.

Answer 30

Resident Manager

Question 31

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.

Answer 31

Restrictive Covenant

Question 32

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.

Answer 32

Reverse Annuity Mortgage

Question 33

The interest which a grantor has in lands or other property upon the termination of the preceding estate.

Answer 33

Reversionary Interest

Question 34

An act of recalling a power of authority conferred, as the revocation of a power of attorney; a license, an agency, etc.

Answer 34

Revocation

Question 35

Also known as an addendum, in general, is a writing annexed to an agreement.

Answer 35

Rider

Question 36

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.

Answer 36

Right of First Refusal

Question 37

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.

Answer 37

Right of Survivorship

Question 38

The right to pass over another’s land pursuant to an easement or license.

Answer 38

Right-of-Way

Question 39

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”.

Answer 39

Riparian Rights

Question 40

Controlling and limiting risk in property ownership.

Answer 40

Risk Management