RANGE - A
division of
land in the government survey, being a six mile wide row of townships.
running North and south, and used in legal descriptions. Generally used
to describe and area where livestock graze.
RAW LAND - Land in
its natural state with no improvements.
READY, WILLING, AND ABLE
-
Capable of present performance. A broker supplying an offer from a
ready, willing and able buyer, which meets the price and terms of the
listing, is entitles to a commission, even though the seller is not
bound to accept the offer. A standard listing agreement should sate
this.
REAL ESTATE - Land
and
anything permanently affixed to the land, such as buildings, light
fixtures, plumbing and heating fixtures. Personal property is not
attached and is not normally considered real estate. The term
is
generally synonymous with real property, although some states have a
fine line to distinguish real property from personal property. Real
estate may refer to rights in real property as well as the property
itself.
REAL ESTATE BOARD -
A board
comprised of regular members (real estate brokers and
salespersons) and affiliated members (lenders, title companies, and
etc.) for the purpose of furthering the real estate business in a given
area.
REAL ESTATE BROKER -
Someone
licensed by the state to carry on the business of dealing with real
estate. A broker may receive a commission for his or her part in
bringing a buyer and seller together to transact a transfer of title.
Brokers may be compensated for leasing property or for bring about an
exchange of property. Broker are responsible for the supervision of
Associate Brokers, Realtors, and sales agents. Commissions and all
other forms of compensation related to real estate must flow through
the broker.
REAL ESTATE COMMISSION
- 1) A
department in state government, 2) the amount paid to a broker on the
sale of real property.
REAL ESTATE LICENSE
- A state
license granted to one as a broker or salesperson, after passing an
examination. Some states have educational requirements before the
brokers' examination may be taken.
REAL ESTATE SETTLEMENT
PROCEDURES ACT (R.E.S.P.A.) - Requires advance disclosure
to consumers
about mortgage loans and settlement costs.
REALIST - A member
of the National Association of Real Estate Brokers.
REALTOR - A
designation given
to a real estate broker or sales associate who is a member of a board
associated with the National Association of Real Estate Boards. By
becoming a Realtor one must subscribe to a strict Code of Ethics in
conducting any and all Real Estate business. A licensed real estate
agent is not a Realtor unless they join the national association and
abide by its Code of Ethics. A Realtor who is not a broker - owner
works under their real estate broker's supervision.
REALTY - Real
estate.
REASSESSMENT -
Re-estimating the value of all property in a given area for tax
assessment purposes.
REBATE - A discount
or reduction in
price of a product or interest, not given in advance. Many states
regulate gifts and educational aids given to real estate brokers by
supporting companies such as title companies, calling these in effect,
a price discount (rebate) or bribe.
RECEIVER - A court
appointed
person who holds property which is either in dispute or cannot
competently be handled by its owner.
RECIPROCITY - A
mutual
exchange of privileges by states, allowing attorneys, real estate
brokers, and others to practice in one state while being licensed in
another. Quickly being fazed our in real estate due to the liability
issues caused by laws that vary from state to state.
RECONVEYANCE - An
instrument
used to transferring title from a trustee to the equitable owner of
real estate, when title is held as collateral security for a debt. Also
known as a deed of reconveyance or release.
RECORDATION -
Filling instruments for public record (and notice) with a recorder
(usually a county official).
RECORDED MAP - A map
recorded
in a county recorder's office. May be a subdivision map or it may
describe a non-subdivided parcel. Reference to a recorded map is common
in legal descriptions.
RECORDER'S OFFICE -
The county office
where instruments are recorded, giving public notice. Often referred to
as the county recorder's office.
RECORDING - Filing
documents
affecting real property as a matter of public record, giving notice to
future purchasers, creditors, or other interested parties. Recording is
controlled by stature and usually requires the witnessing and
notarizing of an instrument to be recorded.
RECORDING ACTS -
State
statutes enacted to cover the public recording of deeds, mortgages,
etc, and the effect of these recording as notice to creditors,
purchasers, and other interested parties.
RECORD OWNER - Owner
of record.
RECOURSE - The right
of the
holder of a note secured by a mortgage or deed of trust to
look
personally to the borrower or endorser for payment, not just to the
property.
REDDENDUM -
Technical name for
a clause in a conveyancing instrument or lease, creating a reservation
to the grantor or lessor.
REDEMPTION - The
process of canceling a defeasible title to land, such as is created by
a mortgage foreclosure or tax sale.
REDEMPTION PERIOD -
A time
period during which a mortgage, land contract, deed of trust, etc., can
be redeemed. Usually set by stature, and after judicial foreclosure.
RED LINING - The
illegal
practice of lending institutions denying loans to certain areas of a
community. Strictly against the law. The term is used to describe an
area on a map that lenders consider "high risk" and in the past refused
to service.
REFERRAL - In the
real estate
business, generally the act of a past client recommending a real estate
broker or agent to one currently seeking to buy or sell real property.
Also refers to a referral from one real estate agent to another. This
site screens agents and in effect refers them to visitors.
REFINANCING - The
borrower pays off one loan on a property and replaces it with another.
REFORMATION - An
action to
correct a deed or other document which, through mistake or fraud, does
not express the real agreement or intent of the parties.
REGISTRAR OF DEEDS -
A term
used in some states to describe the person in charge of recorded
instruments. More commonly called a recorder.
REGULATION Z - A
federal
regulation requiring Creditors to provide full disclosure of the terms
of a loan. Compliance is compulsory for anyone who arranges Credit for
more than 5 sales of Residential real estate in a year. Terms of the
loan must be disclosed. The Interest Rate must be stated as an Annual
Percentage Rate (APR).
REINSTATEMENT -
Payment of a note, mortgage, deed of trust, etc., to bring it from
default to good standing.
REINSURANCE - The
transferring
of a portion of the liability to other insurers. One insurance company
may insure $250,000 of a $1,000,000 policy by reinsuring the extra
$750,000 with another company. The first $250,000 is known as the
primary liability and the second portion only comes into play when the
cost of settlement exceeds $250,000.
REISSUE RATE
- A charge
for a title insurance policy if a previous policy on the same property
was issued within a specified period. The reissue rate is less than the
original charge.
REAL ESTATE INVESTMENT TRUST
(R.E.I.T.) - A method of investing in real estate in a
group, with
certain tax advantages. Federal and state statutes dictate procedure.
RELEASE - An
instrument
releasing property from the lien of the mortgage judgment, etc. When a
trust deed is used, the instrument is called a reconveyance. In some
areas, a "discharge" is used instead of a release.
RELEASE CLAUSE - A
clause in a
blanket encumbrance allowing for the "release" of certain parcels upon
payment of a specified amount. A developer or builder might might have
a blanket loan for a subdivision that allows for the release of each
parcel upon a preset payment.
REMAINDER - An
estate which
vest n one other than a grantor. A grandparent might grant the use of
land to a child, but leave the land to a grandchild upon the death of
the parent. This also refers to the portion of property remaining after
a taking under eminent domain.
REMAINDER MAN - The
one entitled to the remainder.
REMISE - To give up
or remit. Used in a deed, especially a quick claim deed.
REMNANT - An
appraisal term
used to describe the land that remains after the partial taking of a
plot by eminent domain that is so small or poorly shaped as to have no
economic value.
REMODELING -
Improving a
structure by changing its plan, characteristics or function as opposed
to reconditioning which would be to improve a structure without
changing its size or use.
RENEGOTIATION - An
attempt to
agree on new terms to an existing contract. In real estate this often
refers to the repairs found during a "home inspection". Could refer to
an offer when the appraisal returns a value below the price that the
two parties had agreed upon.
REPLACEMENT COST -
In appraising, the cost of a substitute property either identical to or
of equivalent utility.
REPRODUCTION COST -
The cost
of reproducing a property (usually one which has been destroyed) at
current prices using similar materials.
REQUEST FOR RECONVEYANCE
- A
request by a beneficiary under a deed of trust to the trustee,
requesting the trustee to reconvey the property (release of lien) to
the trustor, usually upon payment in full.
RERECORDING - The
recording of
a deed for a second time to correct an error contained in the deed.
Also known as a correction deed, confirmation deed, or reformation
deed.
RESCIND -
To void or
cancel in such a way as to treat the contract or other object of the
precision as if it never existed.
RESIDENCE - A place
where someone lives.
RESIDENTIAL BUILDING RATE -
The rate of residential construction in a given area. Determined by
housing starts per 1,000 population.
REAL ESTATE SETTLEMENT
PROCEDURES ACT (R.E.S.P.A.) - A federal statute effective
June 20,
1975, requiring disclosure of certain costs in the sale of residential
(one to four family) improved property which is to be financed by a
federally insured lender.
RESPONDEAT SUPERIOR
- Doctrine
of responsibility of a principal for the wrongful acts of an agent
arising fro the authorized acts of said agent. In real estate, one of
the reason for the status of independent contractor.
RESTRAINT OF ALIENATION
-
Restrictions placed against the transfer (vesting) or sale of property.
Certain restriction are lawful but must conform to the rule against
perpetuities and the free right of an owner to sell. You could not sell
on the condition that the grantee could only resell to a member of a
certain family as this would be too restrictive.
RESTRICTION - Most
commonly
used to describe a use of uses prohibited to the owner of land.
Restriction are set froth by former owners n deeds or in the case of a
subdivision, a declaration of restrictions is recorded by the
developer. A limitation on use of the property by law (zoning
ordnances) may be termed restrictions. A similar term would be
covenants.
RESTRICTIVE COVENANT
- See restriction
RUNNING WITH THE LAND
- Usually applies to easements and covenants. Passing with the transfer
of the land.
RURAL - Concerning
the country, as opposed to urban - concerning the city.