A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
R
Rate Cap - The maximum chargable interest rate allowable on the monthly payment of an adjustable rate mortgage during an adjustment period.
Rate-Improvement Mortgage - A loan with a clause that entitles the borrower to a one-time interest rate cut without having to go through refinancing the loan.
Raw Land - Land with no improvements.
Real Estate Investment Trust (REIT) - A group of investors that pooled their money together to form a special corporation to purchase real estate.
Real Estate Owned (REO) - A property acquired by a lender through a foreclosure and held in its inventory.
Real Property - The rights to be able to use real estate, including but not limited to; personal residence owned in Fee Simple, a Life Estate to a farm, rights to use land under a lease, easments and other partial interest.
Realtor - The designation that is given to licensed real estate agents who are members of the National Association of Realtors(NAR).
Rebate - (1) A refund. (2) A kickback.
Recission Period - The federally mandated period of three business days (that begins the day after the loan closes) during which the borrower may cancel the new loan, waiting period only applies to loans which are to be secured by a mortgage on a personal residence for which the borrower is in title at the time of loan origination, right to cancel does not apply to loans used for the purchase of property.
Recording - Entering something into the real estate or probate records so that it serves as notice to the world.
Recourse - The ability of a lender to be able to make claims against the borrower personally in addition to the collateral. Opp. non-recourse.
Redemption Period - The period during which the previous owner can reclaim a foreclosed property.
Referral - Recommending a particular broker to someone.
Refinance - The process of a borrower paying off one loan with the money from another.
Regression - The principle that the value of a higher-quality property is negatively affected by closely located lesser-quality property.
Regulation Z - The federal regulation that requires creditors to provide to the borrower full disclosure of the terms of a loan.
Rehabbing - Acquiring a property and restoring it to an aesthetically pleasing dwelling that has reclaimed its functional utility.
Remodel - To change the appearance or utility of a building.
Renegotiate - An agreement to revise the terms of a contract.
Renovate - To repair and upgrade, with a sense of changing something.
Rent - Payment for the privilege of possessing space one does not own.
Repo - Slang for repossess.
Residential Service Contract - A home warranty or insurance contract that is generally for one year and typically covers plumbing, electrical, and mechanical systems of the home.
Residual - Value or the income left over after deducting an amount necessary to meet other fixed obligations.
Return On Investment (ROI) - A generic term to describe the profit one receives on an investment.
Revenue - The total rents, sales, or earnings of a company.
Reverse Mortgage - A type of mortgage originally designed for elderly homeowners with substantial equity to generate monthly cashflow from their property by which a lender pays a periodic payment to the borrower; the loan balances increase with interest and payments causing negative amortization.
Rezone - To change the permitted uses of a property.
Right of First Refusal - The beneficial opportunity of one party to match the terms of a proposed contract and receive the benefits of it before the contract is executed to another party.
Right of Redemption - The statutory right to redeem property after it has been set to foreclosure, or after foreclosure.
