Ask Me! Q & A Real Estate Glossary
Glossary of terms used on this site
There are 214 entries in this glossary.| Term | Definition |
|---|---|
| Rate lock |
A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time at a specific cost. |
| Real estate agent |
A person licensed to negotiate and transact the sale of real estate. |
| Real Estate Settlement Procedures Act (R |
A consumer protection law that requires lenders to give borrowers advance notice of closing costs. |
| Real property |
Land and appurtenances, including anything of a permanent nature such as structures, trees, minerals, and the interest, benefits, and inherent rights thereof. |
| Realtor® |
A real estate agent, broker or an associate who holds active membership in a local real estate board that is affiliated with the National Association of Realtors. |
| Recorder |
The public official who keeps records of transactions that affect real property in the area. Sometimes known as a "Registrar of Deeds" or "County Clerk." |
| Recording |
The noting in the registrar's office of the details of a properly executed legal document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage, thereby making it a part of the public record. |
| Refinance transaction |
The process of paying off one loan with the proceeds from a new loan using the same property as security. |
| Remaining balance |
The amount of principal that has not yet been repaid. See principal balance. |
| Remaining term |
The original amortization term minus the number of payments that have been applied. |
| Rent loss insurance |
Insurance that protects a landlord against loss of rent or rental value due to fire or other casualty that renders the leased premises unavailable for use and as a result of which the tenant is excused from paying rent. |
| Repayment plan |
An arrangement made to repay delinquent instalments or advances. |
| Replacement reserve fund |
A fund set aside for replacement of common property in a condominium, PUD, or cooperative project -- particularly that which has a short life expectancy, such as carpeting, furniture, etc. |
| Revolving debt |
A credit arrangement, such as a credit card, that allows a customer to borrow against a pre-approved line of credit when purchasing goods and services. The borrower is billed for the amount that is actually borrowed plus any interest due. |
| Right of first refusal |
A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others. |
