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VWXYZradon
A radioactive gas found in some homes that
in sufficient concentrations can cause
health problems.
rate-improvement mortgage
A fixed-rate mortgage that includes a
provision that gives the borrower a one-time
option to reduce the interest rate (without
refinancing) during the early years of the
mortgage term.
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. See lock-in.
real estate agent
A person licensed to negotiate and transact
the sale of real estate on behalf of the
property owner.
Real Estate Settlement Procedures
Act (RESPA)
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 broker or an associate who
holds active membership in a local real
estate board that is affiliated with the
National Association of Realtors®.
recission
The cancellation or annulment of a
transaction or contract by the operation of
a law or by mutual consent. Borrowers
usually have the option to cancel a
refinance transaction within three business
days after it has closed.
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.
rehabilitation mortgage
A mortgage created to cover the costs of
repairing, improving, and sometimes
acquiring an existing property.
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.
rent with option to buy
See lease-purchase mortgage loan.
repayment plan
An arrangement made to repay delinquent
installments or advances. Lenders' formal
repayment plans are called "relief
provisions."
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 liability
A credit arrangement, such as a credit card,
that allows a customer to borrow against a
preapproved 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.
right of ingress or egress
The right to enter or leave designated
premises.
right of survivorship
In joint tenancy, the right of survivors to
acquire the interest of a deceased joint
tenant.
Rural Housing Service (RHS)
An agency within the Department of
Agriculture, which operates principally
under the Consolidated Farm and Rural
Development Act of 1921 and Title V of the
Housing Act of 1949. This agency provides
financing to farmers and other qualified
borrowers buying property in rural areas who
are unable to obtain loans elsewhere. Funds
are borrowed from the U.S. Treasury.