Saturday, May 18, 2024, 5:29 PM
Site: Burk Baker School of Real Estate & Appraising
Course: DEMO (DE101)
Glossary: Real Estate Glossary
R
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. |