Realtor: A real estate professional
who is a member of the National Association of Realtors.
Real Estate Broker: An individual
who often owns a real estate company or is in a management
position, and who is licensed to represent a buyer
or a seller in a real estate transaction.
Real Estate Settlement Procedure Act (RESPA):
A law that states how mortgage lenders must treat
those who apply for real estate loans on property
with 1-4 units.
Redlining: The practice of refusing
to provide loans or insurance in a certain neighborhood.
Refinancing: Repaying an existing
loan from the proceeds of a new loan on the same property.
Reconveyance: When a mortgage is
paid off in full, the lender conveys the property
back to the owner.
Recording: The act of entering into
a book of public records instruments affecting title
to the real property. A lender requires that a deed
of trust or a mortgage be recorded to evidence the
debt against the property.
Recision: The cancellation of a contract.
When refinancing a mortgage on a principal residence
the law gives the homeowner three days to cancel the
contract
Recourse: The right of the holder
of a note secured by a mortgage or deed of trust to
claim money from the borrower in default in addition
to the property pledged as a collateral.
Regulation Z: A federal regulation
requiring creditors to provide full disclosure of
the terms of a loan including the terms of the loan
and the annual percentage rate (APR).
Real Estate Investment Trusts: A
trust that uses investors money to purchase and manage
real estate. Investors realize some of the tax advantages
in owning real estate.
Right of Survivorship The right of a surviving joint
tenant to acquire the interest of a deceased joint
owner.
Reverse Mortgage: A mortgage used
by the elderly that provides income as long as they
live in exchange. Payments made cause the loan principal
to increase.
Rollover Loan: A loan that is amortized
over a long period of time (e.g. 30 years) but the
interest rate is fixed for a short period (e.g. 5
years). The loan may be extended or rolled over, at
the end of the shorter term, based on the terms of
the loan.
Restrictive Covenants: Private restrictions
limiting the use of real property. Restrictive covenants
are created by deed and may "run with the land,"
binding all subsequent purchasers of the land, or
may be "personal" and binding only between
the original seller and buyer.
