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Real Estate Abbreviations, Terms and Phrases
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ready, willing and able
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A buyer who is prepared to buy on the seller's
terms and has the financial capacity to do so.
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real estate
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Refers to land and improvements and the rights
to own or use them. "A leasehold, as well as any other interest or estate
in land, whether corporeal, incorporeal, freehold, or non-freehold, and
whether the real estate is situated in this state or elsewhere." {TRELA,
Section 2(1)} In popular usage, Real Estate is used interchangeably with
real
property and realty.
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real estate board
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A non profit organization representing local
real estate agents/brokers and salespeople, which provides services to
its members and maintains and operates the Multiple Listing Service in
the community.
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real estate agent
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A person licensed to negotiate and transact
the sale of real estate on behalf of the property owner.
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real property
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Refers to the right to own land and improvements.
Commonly used interchangeably with Real Estate and Realty. Contrast with
personal
property.
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REALTOR®
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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®.
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realty
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Refers to land and buildings and other improvements
from a physical standpoint. Real Estate and Real Property tend to be used
interchangeably with Realty in everyday usage. Contrast with personalty.
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receiver
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Court-appointed custodian who holds property
for the court, pending final disposition of the matter before the court.
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recorded plat
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A subdivision map filed with the county recorder's
office that shows the location and boundaries (lot and block number) of
individual parcels of land. Contrast with government
survey method and metes and bounds.
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recording
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The act of entering in the public records,
the written record of title to real property, thereby giving constructive
notice to the public.
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redlining
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The illegal practice of refusing to originate
mortgage loans, or limiting their number, in certain neighborhoods on the
basis of racial or ethnic composition. See Fair
Housing.
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refinancing
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To apply for a new mortgage in order to gain
better terms, usually either a lower interest rate or a different principal
amount.
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Regulation 'Z'
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Truth in lending law developed by the Federal
Reserve System which requires lenders to provide full disclosure of the
terms of the loan, including interest rates expressed as an annual percentage
rate (APR).
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RELA
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Real Estate License Act.
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release
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To relinquish an interest or claim to a piece
of property.
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remainder
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The future interest in an estate which takes
effect after the termination of another estate, such as a life estate;
what is left at the termination of a life estate.
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rent control
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Laws that limit the amount of rent landlords
may charge, and that state when and by how much the rent can be raised.
Most rent control laws also require a landlord to provide a good reason,
such as repeatedly late rent, for evicting a tenant. Rent control exists
in some cities and counties in California, Maryland, New Jersey, New York
and Washington, D.C.
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reserves
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Amounts of money set aside by a mortgage company
to assure payment of property taxes, homeowners' association dues, and
insurance premiums. The money is kept in an escrow account
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reservation
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A right reserved by a grantor in the sale
or lease of a property. In a sale, the title of all property passes to
the grantee, but the use may be reserved for the grantor. Contrast with
exception.
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RESPA
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Real Estate Settlement Procedures Act is a
federal law which deals with the procedures to be followed in a real estate
closing, and is intended to make borrowers more knowledgeable about possible
costs and charges.
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restrictions
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Limitations on the use or occupancy of real
estate contained in a deed or in local ordinances pertaining to land use.
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right
of survivorship
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The right of a surviving joint tenant to take
ownership of a deceased joint tenant's share of the property. See joint
tenancy.
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riparian owner
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One who owns land bounding upon a river or
water course (stream, creek, bayou, etc.).
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running with the land
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A phrase used in property law to describe
a right or duty that remains with a piece of property no matter who owns
it. For example, the duty to allow a public beach access path across waterfront
property would most likely pass from one owner of the property to the next.
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Rural Fire Prevention District (RFPD)
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A special taxing district created to provide
rural residents with fire-fighting, fire prevention and other emergency
services.
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