R
Back to top |
|
R-value
A measure of a material's
resistance to heat loss, usually applied to
insulation products. The higher the R-value, the
slower the rate of heat loss. |
radiant heating
A form of home heating
delivered by electric-resistance elements--either
wall registers or cables or foils beneath the
flooring or above the ceiling--or via hot water
circulated through in-the-floor tubing or room
radiators. |
radon
A ground-generated radioactive
gas that seeps into some homes through sump pumps,
cracks in the foundation and other inlets. A serious
health hazard. |
rafter
One of a series of beams that
form the slope of a pitched roof and are analogous
to floor joists. |
rails
The horizontal structural
members of a door. Most doors have a top rail, a
bottom rail, and a center rail connected at both
ends to vertical stiles. |
R
Back to top |
rammed-earth construction
An alternative building process
in which dirt is compacted into large structural
frames to create walls. |
ranch style
A modern style of home
popularized in the 1950s and championed by architect
Frank Lloyd Wright, among others. |
rate cap
The maximum interest rate
charge allowed on the monthly payment of an
adjustable rate mortgage during an adjustment
period. |
rate lock
A lender's commitment to a
borrower to guarantee (or "lock in") a specific
interest rate for a limited amount of time. |
rate type
Rate type determines if and how
payments adjust over the loan term. Available rate
types include fixed-rate, balloon, and
adjustable-rate. |
rate-improvement
mortgage
A loan with a clause that
entitles a borrower to a one-time interest rate cut
without going through refinancing. |
R
Back to top |
real estate
Land and anything permanently
affixed to it, including buildings. |
real estate agent
A person licensed by a state to
represent a buyer or a seller in a real estate
transaction in exchange for a commission. Unless
they are also brokers, agents must work in
association with a real estate broker or brokerage
company. |
real estate broker
A person, corporation, or
partnership licensed by a state to represent a buyer
or seller in a real estate transaction in exchange
for a commission. Brokers supervise licensed sales
agents, who then act for the broker (who is legally
the principal agent in any transaction). |
real estate investment
trust (REIT)
Publicly traded companies that
own, develop, and operate commercial properties. |
real estate professional
Any real estate broker, sales
agent, or attorney who holds a real estate license. |
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. |
R
Back to top |
real property
Land and any permanent fixtures
on it, including buildings, trees, and other
fixtures. |
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. |
reconveyance
A lender's act of conveying a
property back to a borrower who has completely paid
off his or her mortgage. |
recorder
A public official responsible
for keeping record of all real estate transactions. |
recording
The filing of property-related
documents into the public record. |
R
Back to top |
recording fee
A fee charged by real estate
agents for conveying the sale of a piece of property
into the public record. |
redlining
An illegal practice by a bank
or insurance company that denies credit or insurance
to people based on ethnic background or
neighborhood. |
refinancing
The process of replacing an
older mortgage with a new mortgage that has better
terms. |
regression
The principle that the value of
a better-quality property is adversely affected by
the proximity of a lesser-quality property. |
Regulation Z
A federal code issued under the
Truth in Lending Act that 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. |
R
Back to top |
REIT (real estate investment
trusts)
Publicly traded companies that
own, develop, and operate commercial properties. |
release clause
A provision in a purchase
contract that allows a seller to continue marketing
their home and accept other offers. |
relocation benefits
Employer-provided benefits for
new employees. These benefits 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 relocating new employees from one
location to another. |
remaining balance
The amount of unpaid principal
on a home loan. |
remaining term
The original loan term minus
the number of payments made. |
R
Back to top |
rent loss insurance
A policy that covers any loss
of rent or rental value in the event that fire or
other damage renders the property uninhabitable. |
renter's insurance
A policy for renters that
covers the replacement value of possessions. |
repayment plan
When a borrower falls behind in
mortgage payments, many lenders will negotiate a
repayment plan rather than go to court. |
replacement cost
The current cost of rebuilding
a structure to its original specifications. |
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. |
repointing
Replacing damaged mortar in the
joints between bricks or stones. |
R
Back to top |
repossess
To take back property. A lender
holding a mortgage may repossess a property if the
buyer fails to make payments. |
resale value
A property's future value,
which can be affected by many factors including the
surrounding neighborhood, school district scores,
and economic and housing market conditions. |
rescission
The cancellation of a contract
by law or consent from the parties involved. |
reserve fund
Money set aside by a
homeowners' association for major repairs or
improvements. |
resilient channel
A channel run across wall studs
underneath wallboard to reduce sound transmission. |
RESPA (Real Estate
Settlement Procedures Act)
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. |
R
Back to top |
restriction
Any limitation on the use of
property. |
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. |
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. |
R
Back to top |
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 of way
The right to pass over or use
another's land. |
right to rescission
A provision in the federal
Truth in Lending Act that allows borrowers to cancel
certain kinds of loans within three days of signing. |
riparian rights
An owner's right to use a
river, stream, or lake bordering the owner's
property. |
riser
Vertical boards between the
steps of a stairway. |
rocker switch
An electrical switch operated
by tapping the top or bottom of the control plate. |
R
Back to top |
rollback
A limitation on annual assessed
value increases or a reduction in the amount of
property tax paid. |
roof sheathing
Flat boards nailed to the
rafters to which a covering is fastened. |
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. |
RV pad
A large concrete pad designated
for parking a recreational vehicle. |
