Glossary

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There are 62 names in this directory beginning with the letter R.
Range
In the rectangular survey system, a strip of land six miles wide, running north and south.
Range Lines
In the rectangular survey system, the north-south lines (meridians) located six miles apart.
Ratify
To confirm or approve after the fact an act that was not authorized when it was per_formed.
Real Estate
Land and everything attached to or appurtenant to it, including the improvements on the land and the rights that go with owner_ship of the land. Also called realty or real prop_erty. Compare: Personal Property.
Real Estate Contract
1. A purchase agreement. 2. A contract for deed. 3. Any contract having to do with real property.
Real Estate Investment Trust (REIT)
An un_incorporated real estate investment business with at least 100 investors, organized as a trust, which is allowed to pass profits through to in_vestors without paying corporate income taxes; the investors have limited liability.
Real Estate Law
A Minnesota statute (and re_lated regulations) that governs the licensing and business practices of real estate agents. Often called the license law.
Real Estate Owned (REO)
Property acquired through a lender through foreclosure and held in inventory.
Real Property
Land and everything attached to or appurtenant to it, including the improve_ments on the land and the rights that go with ownership of the land. Also called realty or real estate. Compare: Personal Property.
Reasonable Use Doctrine
A limitation of wa_ter rights, holding that there is no right to waste water.
Recapture
Recovery by the investor of money invested in real estate.
Recapture Clause
1. A provision in a percent_age lease that allows the landlord to terminate the lease and regain the premises if a certain minimum volume of business is not maintained. 2. A provision in a ground lease that allows the tenant to purchase the property after a speci_fied period of time.
Receiver
A person appointed by a court to man_age and look after property or funds involved in litigation.
Recission Period
A federally mandated period of three business days (beginning on the day after a loan closes) during which the borrower may cancel the new loan, waiting period only applies to loans which are to be secured by a mortgage on a personal residence for which the borrower is in title at the time of loan origination, right to cancel does not apply to loans used for the purchase of property.
Reconciliation
The final step in an appraisal, when the appraiser assembles and interprets the data in order to arrive at a final value estimate. Also called correlation.
Reconveyance
In states where deeds of trust are used, releasing the security property from the lien created by a deed of trust by recording a deed of reconveyance (the equivalent of a sat_isfaction of mortgage).
Recording
Filing a document at the county recorder's office, so that it will be placed in the public record and give constructive notice.
Recording Numbers
The numbers stamped on documents when they are recorded, used to iden_tify and locate the documents in the public record.
Recourse
Ability of lender to make claims against borrower personally in addition to the collateral.
Rectangular Survey System
A system of grids made up of range and township lines that di_vide the land into townships, which are further subdivided into sections; a particular property is identified by its location within a particular section, township, and range. Also called the government survey system or the section, town_ship, and range system.
Redemption
1. Payment of all delinquent amounts, plus costs, by a defaulting mortgagor, thereby reinstating the loan and preventing fore_closure. 2. Payment of whatever the foreclo_sure sale purchaser paid for the property, plus interest and expenses, which allows a mortgagor to keep the property after the foreclosure sale.
Redemption Period
Period during which a former owner can reclaim foreclosed property.
Redemption, Equitable Right of
The right of a mortgagor to cure the default and reinstate the loan prior to the foreclosure sale.
Redemption, Statutory Right of
The right of a mortgagor to keep his or her property after a foreclosure sale by paying the amount that the highest bidder at the sale paid, plus interest and expenses. Also called post-sale redemption.
Redlining
Refusal by a lender to make loans secured by property in a certain neighborhood because of the racial or ethnic composition of the neighborhood, in violation of fair lending laws.
Refinance
Process of a borrower paying off one loan with the proceeds from another.
Reformation
A legal action to correct a mis_take, such as a typographical error, in a deed or other document. The court will order the ex_ecution of a correction deed.
Regression, Principle of
An appraisal prin_ciple which holds that a property of noticeably lower quality than those around it will tend to decrease the value of those neighboring proper_ties; the opposite of the principle of progres_sion.
Regulation Z
Federal regulation requiring creditors to provide full disclosure of the terms of a loan.
Rehab
The process of restoring /fixing up a house. Bring the property back to a like new condition.
Reinstate
To prevent foreclosure by curing the default.
Release
1. To give up a legal right. 2. A docu_ment in which a legal right is given up.
Release Clause
1. A clause in a blanket mort_gage that allows the borrower to get part of the security property released from the lien when a certain portion of the debt has been paid or other conditions are fulfilled. Often called a partial release clause. 2. A clause in a contract for deed providing for a deed to a portion of the land to be delivered when a certain portion of the con_tract price has been paid. Also known as a deed release provision.
Reliction
The gradual receding of a body of water, exposing land that was previously under water. Also called dereliction.
Remainder
A future interest that becomes pos_sessory when a life estate terminates, and that is held by someone other than the grantor of the life estate; as opposed to a reversion, which is a future interest held by the grantor (or his or her successors in interest). Often called an estate in remainder.
Remainderman
The person who has an estate in remainder.
Remise
To give up; a term used in quitclaim deeds.
Rent
Compensation paid by a tenant to the land_lord in exchange for the possession and use of the property.
Rent, Contract
The rent that is actually being paid on property that is currently leased.
Rent, Economic
The rent that a property would be earning if it were available for lease in the current market.
Rent, Ground
The earnings of improved prop_erty that are attributed to the land itself, after allowance is made for the earnings attributable to the improvements.
Replevin
Legal proceedings undertaken by a tenant to recover possession of personal belong_ings that have been unlawfully confiscated by a landlord (usually for nonpayment of rent).
Rescission
Termination of a contract when each party gives anything acquired under the con_tract back to the other party. (The verb form is rescind.) Compare: Cancellation.
Reservation
A right retained by a grantor when conveying property; for example, mineral rights, an easement, or a life estate can be reserved in the deed.
Reserves for Replacement
For income producing property, regular allowances set aside to pay for the replacement of structures and equipment that are expected to wear out.
Resident Manager
A salaried manager of a single apartment building or complex who re_sides on the property; unlike a property man_ager, a resident manager is not required to have a real estate license.
Residential Service Contract
Home warranty or insurance contract, generally for one year, covering plumbing, electrical, and mechanical systems of the home.
Residual
1. A property's remaining value after the economic life of the improvements has been exhausted. 2. Commissions in the form of de_layed payments (when a part of the commis_sion is paid with each installment on a contract for deed, for example) are referred to as residu_als.
RESPA
Real Estate Settlement Procedures Act.
Respondeat Superior, Doctrine of
A legal rule holding that an employer is liable for the torts (civil wrongs) committed by an employee within the scope of his or her employment.
Restriction
A limitation on the use of real property.
Restriction, Deed
A restrictive covenant in a deed.
Restriction, Private
A restriction imposed on property by a previous owner, a neighbor, or the subdivision developer; a restrictive covenant or a condition in a deed.
Restriction, Public
A law or government regu_lation limiting or regulating the use of real prop_erty.
Restructure
Change the terms of a mortgage. Usually adding back payments, late fees and accrued interest to the principle balance. Can also change the interest and / or monthly payments.
Reversion
A future interest that becomes pos_sessory when a temporary estate (such as a life estate) terminates, and that is held by the grantor (or his or her successors in interest). Often called an estate in reversion. Compare: Remainder.
Reverter
The person who holds an estate in reversion.
Right of First Refusal
Opportunity of a party to match the terms of a proposed contract before the contract is executed.
Right of Way
An easement that gives the holder the right to cross another person's land.
Riparian Land
Land that is adjacent to or crossed by a body of water, especially flowing water such as a stream or a river. Compare: Littoral Land.
Riparian Rights
The water rights of a land_owner whose property is adjacent to or crossed by a body of water. Compare: Appropriation, Prior.
Running with the Land
Binding or benefiting the successive owners of a piece of property, rather than terminating when a particular owner transfers his or her interest. Usually said in ref_erence to an easement or a restrictive covenant.