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- R-value A construction term that refers to the resistance of
to heat loss. The higher the R-value, the slower the rate of heat loss.
- Radon A ground-generated radioactive gas that seeps into some
homes through sump pumps, cracks in the foundation and other inlets. A
leading cause of lung cancer , radon is found in mostly the northern half
of the country.
- Rafter Rafters form the slope of a pitched roof and are
analogous to floor joists.
- Rammed-earth construction An alternative building process in
which dirt is compacted into large structural frames to create walls.
- Ranch style Modern ranch-style homes, popularized in the
1950s, were championed by such architectural giants as Frank Lloyd Wright.
- Rate-improvement mortgage A loan with a clause that entitles
a borrower to a one-time cut in the interest rate without going through
refinancing.
- Rate lock When interest rates are volatile, many borrowers
want to "lock in" an interest rate and many lenders will oblige, setting a
limit on the amount of time the guaranteed interest rate is in effect.
- Real estate Land and anything permanently affixed to it,
including buildings, fences and other items attached to the structure.
- Real estate agent A real estate agent has a state license to
represent a buyer or a seller in a real estate transaction in exchange for
a commission. Most agents work for real estate brokers.
- Real estate attorney A lawyers who specializes in real estate
transactions.
- Real estate broker A real estate agent who is licensed by the
state to represent a buyer or seller in a real estate transaction in
exchange for a commission. Most brokers also have agents working for them,
and are entitled to a portion of their commissions.
- Real estate investment trusts (REITs) The trusts are publicly
traded companies that own, develop and operate commercial properties.
- 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.
- Real property Land and any permanent fixtures on it,
including buildings, trees and minerals.
- 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.
- Recission The cancellation of a contract by law or consent by
the parties involved.
- Reconveyance When a borrower completely pays off the
mortgage, the property is reconveyed to them from the lender.
- Recorder A public official responsible for keeping the
records of all real estate transactions.
- Recording The filing of a specific document to the
appropriate government entity.
- Recording fee A fee charged by real estate agents for
conveying the sale of a piece of property into the public record.
- Redlining The practice by a bank or insurance company to deny
credit or insurance to people based on ethnic background or neighborhood.
- Refinancing The process of replacing an older loan with a new
mortgage that has better terms.
- Regulation Z The federal code issued under the
Truth-in-Lending Act which 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.
- Relocation benefits Benefits provided by employers for new
workers and 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
moving in new employees to the community.
- Remaining balance The amount of unpaid principal on a home
loan.
- Remaining term The original loan term minus the number of
payments made.
- Renter's insurance A policy that covers the replacement value
of possessions.
- Rent loss insurance A policy that covers any loss of rent or
rental value in the event of fire or other damage that renders the
property uninhabitable.
- Repayment plan When a borrower falls behind in mortgage
payments, many lenders will negotiate a repayment plan rather than go to
court.
- 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.
- Repossession When a house is repossessed, it is taken back by
the lender holding the mortgage.
- Resale value The future value of a piece of property that can
be affected by many factors, including the surrounding neighborhood,
school scores, and economic and housing market conditions.
- Reserve fund All homeowners associations set aside a certain
amount of money for major repairs or improvements.
- 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 or moves into a retirement community.
- 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.
- 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 to recission A provision in the federal
Truth-in-Lending Act that allows borrowers to cancel certain kinds of
loans within three days of signing.
- Rough-in The installation of plumbing, electrical and other
mechanical systems.
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