Page 1
Rate - RESPA
Page 2
Restructured Loan - Right of Rescission
Rate
Rate Lock
Real Estate
Real Estate Agent
Real Estate Attorney
Real Estate Broker
Real Estate Bubble
Real Estate Investment Trust (REIT)
Real Estate Settlement Procedures Act
Real Property
Realtor
Recession
Reconveyance
Recording
Redevelopment Zone
Redlining
Refinancing
Regional Bank
Regulation Z
Rehabilitation Mortgage
Reinstate
REIT
Reliction
Rent Loss Insurance
Renter's Insurance
Replacement Reserve Fund
Repossession
Rescission
Rescission Period
Reserve Funds
Resident Alien
RESPA |
Rate
The percentage at which a borrower pays to use money first.
Rate Lock
Simply known as a lock; please refer to lock for definition.
Real Estate
Land and buildings on it.
Real Estate Agent
A person licensed to represent a buyer or seller in purchasing or selling land and property.
Real Estate Attorney
A lawyer specializing in the transfer of land and property.
Real Estate Broker
A person licensed to represent a buyer or seller in purchasing or selling land and property. This type of license allows for the broker to have other agents work for them.
Real Estate Bubble
A rapid increase in real estate prices followed by a rapid decline.
Real Estate Investment Trust (REIT)
A trust that invests mostly in real estate and mortgages for its investors.
Real Estate Settlement Procedures Act (RESPA)
A consumer protection law requiring lenders to give homebuyers complete notice and information regarding the costs and fees related to mortgages, such as: closing costs.
Real Property
Permanent, immovable property.
Realtor
A real estate agent or broker that is affiliated with the National Association of Realtors.
Recession
A surplus of two quarters where economic activity declines and remains at a low.
Reconveyance
The transfer of title to the borrower after the entire mortgage balance has been paid off.
Recording
The filing of a document in order to make it an official public record.
Redevelopment Zone
An area designated by the government as an area in need of improvements. Special tax considerations and other federal incentives may be given to companies, businesses, or individuals that develop or improve within these boundaries.
Redlining
The illegal practice some lenders and insurance companies follow to deny policies and mortgages due to an individual's race or neighborhood.
Refinancing
The repayment of a mortgage by obtaining another in its place. To learn more about refinancing, please visit the Refinance section of our Library.
Regional Bank
A bank that is in a local area but takes deposits throughout the entire state. It is more expansive and reaches more span than local banks but less span than national banks.
Regulation Z
(aka Truth-in-Lending) A rule requiring all lenders to disclose all credit-related costs which must include the annual percentage rate or APR.
Rehabilitation Mortgage
A home loan that is given to purchase and reconstruct or renovate a property.
Reinstate
To make a payment in order to make a late payment current again.
REIT
An abbreviation for Real Estate Investment Act.
Reliction
The increase in the amount of land due to the sea or a river withdrawing permanently.
Rent Loss Insurance
Property insurance that covers any loss in rental value or income if damage is caused to the property.
Renter's Insurance
A policy that pays for the replacement of personal property but not for the loss or damage of the property itself.
Replacement Reserve Fund
Funds set aside by a homeowner's association to replace common area property.
Repossession
Taking back property after the borrower has failed to make the necessary mortgage payments.
Rescission
The right of an individual involved in a contract dealing to cancel and return to the previous state before the contract.
Rescission Period
(aka right of rescission) Please refer to the definition for right of rescission.
Reserve Funds
Money set aside by a homeowner's association for the purpose of major repairs, capital improvements, and maintenance of common areas.
Resident Alien
A person who is a permanent legal resident but is not yet a citizen of the United States.
RESPA
An abbreviation of Real Estate Settlement Procedures Act. |
