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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
