R
- Rafter
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A structural element of the roof, sloping from the peak to the outer walls.
- Ranch House
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An architectural style typified by a single-story, low-roof construction that is popular in the western U.S.
- Rate Lock
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A guarantee from a lender of a specific interest rate for a period of time.
- Raw Land
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Any land that has not been developed.
- Real Estate
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A piece of land and any improvements or fixtures located on that land.
- Real Estate Agent
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A licensed professional who facilitates the buying and selling of real estate.
- Real Estate Settlement Procedures Act (RESPA)
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A federal law requiring lenders to give full disclosure of closing costs to borrowers.
- Real Property
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Land, improvements and appurtenances, and the interest and benefits thereof.
- Realtor®
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A real estate agent or broker who is a member of the National Association of Realtors®.
- Receptacle
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An electrical outlet to plug into.
- Recorder
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A local government employee whose role it is to keep records of all real estate transactions within the jurisdiction.
- Recording
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The filing of a real estate transaction with the appropriate government agent (normally the RECORDER). A real estate transaction is considered final when it is recorded.
- Refinance Transaction
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A new loan to pay off an existing loan, typically to gain a lower interest rate or convert equity into cash.
- Register
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Where air from a furnace or air conditioning system enters the room.
- Relocation Service
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Any company or agency that assists corporate employees in relocating from one place to another. Services may include hiring and coordinating real estate agents, moving companies, utilizes and the like.
- Remaining Balance
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The amount of principal, interest and other costs that has not yet been repaid.
- Remaining Term
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The amount of time remaining on the original amortization schedule.
- Remodel
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An activity designed to improve the value or desirability of a property through rebuilding, refurbishing, redecorating or adding on to it.
- Repayment Plan
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A plan to repay delinquent payments, agreed upon between a lender and borrower, in an effort to avoid foreclosure.
- Replacement Reserve Fund
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An account, or fund, setup for the replacement of short life items, such as carpeting, in the common areas of a cooperative property.
- Residential Property
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A piece of property whose highest and best use is the maintenance of a residence.
- Revolving Debt
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A type of credit that allows the borrower/customer to make charges against a predetermined line of credit. The customer then pays monthly installments on the amount borrowed, plus interest.
- Ridge Board
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The structural member of a roof where the rafters join at the top.
- Right of First Refusal
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An agreement giving a person the first opportunity to buy or lease a property before the owner offers it for sale to others.
- Roof Pitch
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The degree of slope in a roof.
- Rural
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An area outside of an established urban area or metropolitan district.