REAL ESTATE GLOSSARY # -  A -  B -  C -  D -  E -  F -  G -  H -  I -  J -  K -  L -  M -  N -  O -  P -  Q -  R -  S -  T -  U -  V -  W -  X -  Y -  Z Ready, Willing and Able: A buyer who is prepared to buy on the seller's terms and has the financial capacity to do so. Real Estate Agent: A person licensed to negotiate and transact the sale of real estate on behalf of the property owner. Real Estate Appraiser: A person licensed to legally appraise real estate property for a fee.  Real Estate Board: 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. Real Estate: Refers to land and improvements and the rights to own or use them. Real Property: Refers to the right to own land and improvements. Also used interchangeably with Real Estate and Realty. Contrast with personal property. 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®.  REALTORS® are supposed to subscribe to a strict Code of Ethics which governs their conduct. Realty: 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. Receiver: Court-appointed custodian who holds property for the court, pending final disposition of the matter before the court. Re-conveyance: The transfer of property back to the owner when a mortgage loan is fully repaid. Recorded Plat: 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. Recording Fee: Money paid to an agent for entering the sale of a property into the public records. Recording: The act of entering documents concerning title to a property into the public records. Recording: The act of entering in the public records, the written record of title to real property, thereby giving constructive notice to the public. Redlining: 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. Refinance: Obtaining a new loan to pay off an existing loan, secured by the same property.. Refinancing is a popular practice when interest rates drop. Regulation 'Z': 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). RELA: See Real Estate License Act. Release: To relinquish an interest or claim to a piece of property. Remainder: 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. Rent Control: 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. Reservation: 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. Reserves: 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 Residential Sales Council: A not-for-profit affiliate of the NATIONAL ASSOCIATION OF REALTORS®. The Council awards the Certified Residential Specialist (CRS) Designation, to experienced members who have completed an advanced course of study in residential real estate. Real Estate Settlement Procedures Act: Also known as RESPA.  It is a federal law that gives consumers the right to review information about loan settlement costs. The law gives you the right to review this information after you apply for a loan, and again at loan settlement. The law only obliges lenders to provide these settlement costs after application. Restrictions: Limitations on the use or occupancy of real estate contained in a deed or in local ordinances pertaining to land use. Right of Survivorship: The right of a surviving joint tenant to take ownership of a deceased joint tenant's share of the property. See joint tenancy. Right to Rescission: Under the provisions of the Truth-in-Lending Act, the borrower's right, on certain kinds of loans, to cancel the loan within three days of signing a mortgage. Riparian Owner: One who owns land bounding upon a river or water course (stream, creek, bayou, etc.). Running With the Land: 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. Rural Fire Prevention District: Also known as RFPD.  A special taxing district created to provide rural residents with fire-fighting, fire prevention and other emergency services. # -  A -  B -  C -  D -  E -  F -  G -  H -  I -  J -  K -  L -  M -  N -  O -  P -  Q -  R -  S -  T -  U -  V -  W -  X -  Y -  Z