Glossary

RANCH HOUSE:   A Popular design for a home in the western U.S, the style typically by a single-story, low-roof construction.

RATE LOCK: The actual guarantee from a lender of a specific interest rate for a period of time.

RAW LAND: This is considered any land which has not been developed.

REAL ESTATE: This is a piece of land and or any improvements or fixtures located on that land.

REAL ESTATE AGENT: A licensed real estate professional who facilitates the buying and selling of real estate.

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA): A federal law requiring lenders to give full disclosure of closing costs to borrowers, within a specific amount of time from applying for a loan.

REAL PROPERTY: All land, improvements and appurtenances, and the interest and benefits thereof.

REALTOR: A licensed real estate agent or broker who is a member of the National Association of Realtors.

RECEPTACLE: This is an electrical outlet to plug into.

RECORDER: A local government employee whose role it is to keep records of all real estate transactions within the jurisdiction and or municipality.

RECORDING: The formal legal filing of a real estate transaction with the appropriate government agent (normally the RECORDER). A real estate transaction is considered final when it is recorded.

REFINANCE TRANSACTION: Obtaining a new loan to pay off an existing loan, usually to gain a lower interest rate or convert equity into cash.

REGISTER: This is where air from a furnace or air conditioning system enters the room.

RELOCATION SERVICE: Any company or agency that assists corporate employees in relocating from one place to another. Services may include hiring and coordinating real estate agents, moving companies, utilizes and the like.

REMAINING BALANCE: This is the amount of principal, interest and other costs remaining on a loan that have not yet been repaid to a lender.

REMAINING TERM: This is amount of time remaining on the original amortization schedule of a loan.

REMODEL: Actively designing a piece of property to improve the value or desirability of a property through rebuilding, refurbishing, redecorating or adding on to it.

REPAYMENT PLAN: This is a plan whereby a repayment plan is set up to repay delinquent payments, agreed upon between a lender and borrower, in an effort to avoid foreclosure.

REPLACEMENT RESERVE FUND: An account or fund set up for, the replacement of short life items, such as carpeting, in the common areas of a cooperative property.

RESIDENTIAL PROPERTY: Commonly, this piece of property whose highest and best use is the maintenance of a residence.

REVOLVING DEBT: This is a type of credit that allows the borrower/customer to make charges against a predetermined line of credit. The customer then pays monthly installments on the amount borrowed, plus interest.

RIGHT OF FIRST REFUSAL: This is an agreement giving a person the first opportunity to buy or lease a property before the owner offers it for sale to others.

ROOF PITCH: The amount of degree of a slope in a roof.

RURAL: This is an area outside of an established urban area or metropolitan district.