Real Estate Words – R

R & I: Acronym for repairs and improvements, which stands for the actual cost of repairs and improvements
Real Estate Agent: A state-licensed individual who acts on a buyer’s or seller’s behalf.
Real Estate Contract: A legally binding agreement that is made between a buyer and seller of property, which consists of an offer, acceptance and any necessary considerations.
Real Property: Fixed permanent structures such as land and buildings, as opposed to belongings that can be moved.
REALTOR®: A trademark of the National Association of REALTORS® that can only be used by its members.
Record Title: Refers to a title as it appears in the public record after a deed is properly recorded.
Recordation: The act of filing a record in the county recorder’s office.
Regulation Z: Based on the Truth in Lending Act, Regulation Z is a set of rules issued by the Federal Reserve that requires lenders to disclose all the specifics of a given loan.
Release Deed: A legal document by the mortgagee reconveying or returning the title to the real estate to the mortgagor. Also known as a Reconveyance Deed.
Relist: Listing a property with a Broker after previously having had it listed with another Broker.
Refinance: A replacement loan to an existing loan.
Refinance Rate: The new finance rate attained by refinancing an existing loan.
Reissue Rate: A reduced rate for title insurance that is attainable if the title had been previously insured in a short period of years. Each state has specific rules governing the reissue rate.
Rider: A schedule or writing that is added to an existing document in order to modify it.
Right of Way: 1) the right to pass over another’s property, as in an easement; 2) the strip of land on which highways, power lines and railroads are built; or 3) the land on which a passage is made.
Riparian Rights: Refers to the rights a landowner whose land borders a body of water has in reference to the shore, bed, banks, shallows, and shore, water and stream borders.
Risk Rate: A quantifiable rate used by a lender for the purpose of determining the overall soundness of a loan.