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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. |
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. |
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). |
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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. |
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. |
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. |
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. |
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. |
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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. |
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. |
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. |
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