Glossary - R
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Radon: A radioactive gas found in some homes that in sufficient
concentrations could cause health problems.
Real estate: The physical land at, above, and below the earth's
surface with all appurtenances, including any structures; any and every
interest in land whether corporeal or incorporeal, freehold or no freehold;
for all practical purposes synonymous with real property.
Real estate agent: A person licensed to negotiate and transact
the sale of real estate on behalf of the property owner.
Real estate settlement procedures act (RESPA): A consumer protection
law that requires lenders to give borrowers advance notice of closing
costs.
Real property: Land and appurtenances, including anything of permanent
nature such as structures, trees, minerals, and the interest, benefits,
and inherent rights thereof.
REALTORŪ: A real estate broker or an associate who holds active
membership in a local real estate board that is affiliated with the NATIONAL
ASSOCIATION OF REALTORSŪ.
Recorder: The public official who keeps records of transactions
that affects real property in the area. Sometimes known as a "Registrar
of Deeds" or "County Clerk".
Recording: The noting in the registrar's office of the details
of a property executed legal document, such as a deed, a mortgage note,
a satisfaction of mortgage, or an extension of mortgage, thereby making
it a part of the public record.
Rent: Fixed periodic payment made by a tenant or occupant of property
to the owner or they're representative for the possession advise thereof.
Rent loss insurance: Insurance that protects a landlord against
loss of rent or rental value due to fire or other casualty that renders
the leased premises unavailable for use and as a result of which the tenant
is excused from paying rent.
Repayment plan: An arrangement made to repay delinquent installments
or advances. Lenders' formal repayment plans are called "relief provisions".
Right of ingress or egress: The right to enter or leave designated
premises.
Right of survivorship: In joint tenancy, the right of survivors
to acquire the interest of a deceased joint tenant.
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