Saturday, May 18, 2024, 1:29 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
R
RANGEA strip of land six miles wide, determined by government survey, running north and south. |
READY, WILLING AND ABLEA person who is prepared, financially able, and willing to enter into a binding contract. |
REAL PROPERTYLand itself, the improvements thereon, and the rights, title and interest one has in it. |
RECEIVERA court appointed custodian who holds property for the court, pending final disposition of the matter before the court. |
RECISSIONThe annulling, revocation, or repealing of a contract by mutual consent of the parties, or for cause by either party to the contract, and returning the parties to their original position (the "status quo"). |
RECISSION CLAUSEA clause occasionally found in an agreement of sale which requires the seller to return all of the buyer's payments less costs and a fair rental value in the event the buyer defaults. |
RECORDINGThe act of writing or entering an instrument into a book of public records, which constitutes notice to all persons of the rights or claims contained in the instrument; often called constructive notice or legal notice. |
RECTANGULAR SURVEYThe government system of land survey noted for accuracy, adapted to the measurement of extensive territory. |
REDEMPTIONBuying back one's property after default or a judicial sale. |
REDHIBITIONThe right to have a sale rescinded or the price reduced due to a hidden defect which, had the buyer known of it, would have caused him or her to offer a lesser price or not act at all. |
REDLININGThe unethical, sometimes illegal, practice of systematically refusing to make loans in certain neighborhoods. |
REGULATION ZPassed to enforce the Truth in Lending Law, Regulation Z establishes guidelines for disclosure of loan costs, the borrower's right of recission, and fair advertising practice regarding personal, agricultural and family loans. |
RELATION BACKA provision in escrow agreements allowing, in the event of thee seller's death, the closing date of the sale to "relate back" to the date the escrow agreement was made. |
RELEASE CLAUSEA clause in a blanket mortgage which gives the property owner the right to pay off a portion of the indebtedness, thereby freeing a portion of his property from the mortgage. |
RELEASE OF MORTGAGEThe instrument given by the mortgagee to the mortgagor indicating discharge of the mortgage, stating that the obligation has been fulfilled and the debt paid off. |
RELICTIONGradual recession of water from the usual watermark. |
REMAINDER ESTATEAn estate created by single grant simultaneously with another which vests with a third party after termination of the prior estate; such as a life estate. |
REMAINDERMANThe one in whom an estate vests after termination of a prior estate. |
REPLACEMENT COST NEWThe cost to replace the subject improvement with one having equivalent utility, but constructed with modern materials and according to current standards in workmanship, design and layout. |
REPRODUCTION COST NEWThe cost, at today's prices, of constructing an exact replica of the subject improvement using the same or very similar materials. |
RESCINDTo annul; cancel. |
RESPAAcronym of the Real Estate Settlement Procedures Act, federal legislation passed to regulate disclosure of the buyer's settlement costs. |
RESTRICTIONA clause in a deed or other written instrument limiting the use to which the property may be put. |
REVERSIONThe residue of an estate left to the grantor or his heirs after termination of all prior estates and interests; the right of a lessor to recover possession of leased property upon the termination of the lease, with all subsequent rights to use and enjoy the property. |
REVERSIONARY INTERESTA present right to future possession of an estate. |
RIDERAn addition, amendment or endorsement to a contract or other document. |
RIGHT OF SURVIVORSHIPThe right to acquire the interest of a deceased joint owner; distinguishing feature of a joint tenancy. |
RIGHT OF WAYAn easement or right of passage over another's land. |
RIPARIAN RIGHTSThe right of a landowner to the use of water on or adjacent to his land. |
RUNNING WITH THE LANDA covenant which extends beyond the original parties to an agreement and binds all subsequent parties. |