Glossary |
Terms that are on use on this site.
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| There are 45 entries in the glossary. |
| Pages: 1 |
| R-value | A construction term that refers to the resistance of to heat loss. The higher the R-value, the slower the rate of heat loss. |
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| Radon | A ground-generated radioactive gas that seeps into some homes through sump pumps, cracks in the foundation and other inlets. A leading cause of lung cancer , radon is found in mostly the northern half of the country. |
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| Rafter | Rafters form the slope of a pitched roof and are analogous to floor joists. |
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| Rammed-earth construction | An alternative building process in which dirt is compacted into large structural frames to create walls. |
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| Ranch style | Modern ranch-style homes, popularized in the 1950s, were championed by such architectural giants as Frank Lloyd Wright. |
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| Rate lock | When interest rates are volatile, many borrowers want to "lock in" an interest rate and many lenders will oblige, setting a limit on the amount of time the guaranteed interest rate is in effect. |
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| Rate-improvement mortgage | A loan with a clause that entitles a borrower to a one-time cut in the interest rate without going through refinancing. |
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| Real estate | Land and anything permanently affixed to it, including buildings, fences and other items attached to the structure. |
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| Real estate agent | A real estate agent has a state license to represent a buyer or a seller in a real estate transaction in exchange for a commission. Most agents work for real estate brokers. |
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| Real estate attorney | A lawyers who specializes in real estate transactions. |
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| Real estate broker | A real estate agent who is licensed by the state to represent a buyer or seller in a real estate transaction in exchange for a commission. Most brokers also have agents working for them, and are entitled to a portion of their commissions. |
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| Real estate investment trusts (REITs) | The trusts are publicly traded companies that own, develop and operate commercial properties. |
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| Real Estate Settlement Procedures Act (R | A federal law designed to make sellers and buyers aware of settlement fees and other transaction-related costs. RESPA also outlaws kickbacks in the real estate business. |
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| Real property | Land and any permanent fixtures on it, including buildings, trees and minerals. |
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| Realtist | A designation for an agent or broker who is a member of the National Association of Real Estate Brokers. |
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| Realtor | A designation for an agent or broker who is a member of the National Association of Realtors. |
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| Recission | The cancellation of a contract by law or consent by the parties involved. |
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| Reconveyance | When a borrower completely pays off the mortgage, the property is reconveyed to them from the lender. |
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| Recorder | A public official responsible for keeping the records of all real estate transactions. |
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| Recording | The filing of a specific document to the appropriate government entity. |
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| Recording fee | A fee charged by real estate agents for conveying the sale of a piece of property into the public record. |
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| Redlining | The practice by a bank or insurance company to deny credit or insurance to people based on ethnic background or neighborhood. |
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| Refinancing | The process of replacing an older loan with a new mortgage that has better terms. |
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| Regulation Z | The federal code issued under the Truth-in-Lending Act which requires that a borrower be advised in writing of all costs associated with the credit portion of a financial transaction. |
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| Rehabilitation mortgage | A mortgage that provides for the costs of repairing and improving a resale home or building. |
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| Relocation benefits | Benefits provided by employers for new workers and can include moving costs, reimbursement for temporary housing and transportation, real estate agent assistance and discounted loans. |
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| Relocation company | A firm that administers all aspects of moving in new employees to the community. |
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| Remaining balance | The amount of unpaid principal on a home loan. |
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| Remaining term | The original loan term minus the number of payments made. |
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| Rent loss insurance | A policy that covers any loss of rent or rental value in the event of fire or other damage that renders the property uninhabitable. |
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| Renters insurance | A policy that covers the replacement value of possessions. |
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| Repayment plan | When a borrower falls behind in mortgage payments, many lenders will negotiate a repayment plan rather than go to court. |
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| Replacement reserve fund | Money that is set aside from homeowners assessments to replace common property, such as furniture in a planned developments community room. |
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| Repossession | When a house is repossessed, it is taken back by the lender holding the mortgage. |
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| Resale value | The future value of a piece of property that can be affected by many factors, including the surrounding neighborhood, school scores, and economic and housing market conditions. |
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| Reserve fund | All homeowners associations set aside a certain amount of money for major repairs or improvements. |
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| Restructured loan | A mortgage in which new terms are negotiated. |
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| Return on investment | The amount of profit a property generates. |
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| Reverse mortgage | A special type of loan available to equity-rich, older owners. Repayment is not necessary until the borrower sells the property or moves into a retirement community. |
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| Ridge board | A horizontal board that serves as the apex of the roof structure. |
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| Ridge vent | A vent located along the ridge board of the roof that allows moisture to escape. |
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| Right of first refusal | An agreement by a property owner to give another person the right to buy or rent the property before it goes on the open market. |
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| Right to recission | A provision in the federal Truth-in-Lending Act that allows borrowers to cancel certain kinds of loans within three days of signing. |
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| Rough-in | The installation of plumbing, electrical and other mechanical systems. |
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| Rural Housing Service | A U.S. Department of Agriculture program that provides financing to farmers and certain borrowers to purchase rural property when other funds are not available. |
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