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.
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.
Rafter Rafters form the slope of a pitched
roof and are analogous to floor joists.
Rammed-earth construction An alternative
building process in which dirt is compacted into large
structural frames to create walls.
Ranch style Modern ranch-style homes,
popularized in the 1950s, were championed by such
architectural giants as Frank Lloyd Wright.
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.
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.
Real estate Land and anything permanently
affixed to it, including buildings, fences and other
items attached to the structure.
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.
Real estate attorney A lawyers who
specializes in real estate transactions.
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.
Real estate investment trusts (REITs) The
trusts are publicly traded companies that own, develop
and operate commercial properties.
Real Estate Settlement Procedures Act (RESPA) 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.
Real property Land and any permanent
fixtures on it, including buildings, trees and minerals.
Realtist A designation for an agent or
broker who is a member of the National Association of
Real Estate Brokers.
REALTOR® A designation for an agent or
broker who is a member of the National Association of
Realtors.
Recission The cancellation of a contract by
law or consent by the parties involved.
Reconveyance When a borrower completely
pays off the mortgage, the property is reconveyed to
them from the lender.
Recorder A public official responsible for
keeping the records of all real estate transactions.
Recording The filing of a specific document
to the appropriate government entity.
Recording fee A fee charged by real estate
agents for conveying the sale of a piece of property
into the public record.
Redlining The practice by a bank or
insurance company to deny credit or insurance to people
based on ethnic background or neighborhood.
Refinancing The process of replacing an
older loan with a new mortgage that has better terms.
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.
Rehabilitation mortgage A mortgage that
provides for the costs of repairing and improving a
resale home or building.
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.
Relocation company A firm that administers
all aspects of moving in new employees to the community.
Remaining balance The amount of unpaid
principal on a home loan.
Remaining term The original loan term minus
the number of payments made.
Renter's insurance A policy that covers the
replacement value of possessions.
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.
Repayment plan When a borrower falls behind
in mortgage payments, many lenders will negotiate a
repayment plan rather than go to court.
Replacement reserve fund Money that is set
aside from homeowners' assessments to replace common
property, such as furniture in a planned development's
community room.
Repossession When a house is repossessed,
it is taken back by the lender holding the mortgage.
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.
Reserve fund All homeowners associations
set aside a certain amount of money for major repairs or
improvements.
Restructured loan A mortgage in which new
terms are negotiated.
Return on investment The amount of profit a
property generates.
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.
Ridge board A horizontal board that serves
as the apex of the roof structure.
Ridge vent A vent located along the ridge
board of the roof that allows moisture to escape.
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.
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.
Rough-in The installation of plumbing,
electrical and other mechanical systems.
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.
