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rate lock
A commitment issued by a lender to a borrower or other mortgage originator
guaranteeing a specified interest rate for a specified period of time at a specific cost.
real estate agent
A person licensed to negotiate and transact the sale of real estate.
Real Estate Settlement Procedures Act
(RESPA)
A consumer protection law that requires lenders to give borrowers advance notice of
closing costs.
real property
Land and appurtenances, including anything of a permanent nature such as structures,
trees, minerals, and the interest, benefits, and inherent rights thereof.
Realtor®
A real estate agent, broker or an associate who holds active membership in a local
real estate board that is affiliated with the National Association of Realtors.
recorder
The public official who keeps records of transactions that affect real property in the
area. Sometimes known as a “Registrar of Deeds” or “County Clerk.”
recording
The noting in the registrar’s office of the details of a properly executed legal
document, such as a deed, a mortgage note, a satisfaction of mortgage, or an extension of
mortgage, thereby making it a part of the public record.
refinance
transaction
The process of paying off one loan with the proceeds from a new loan using the same
property as security.
remaining balance
The amount of principal that has not yet been repaid. See principal balance.
remaining term
The original amortization term minus the number of payments that have been applied.
rent loss
insurance
Insurance that protects a landlord against loss of rent or rental value due to fire or
other casualty that renders the leased premises unavailable for use and as a result of
which the tenant is excused from paying rent.
repayment plan
An arrangement made to repay delinquent installments or advances.
replacement
reserve fund
A fund set aside for replacement of common property in a condominium, PUD, or
cooperative project — particularly that which has a short life expectancy, such as
carpeting, furniture, etc.
revolving debt
A credit arrangement, such as a credit card, that allows a customer to borrow against
a preapproved line of credit when purchasing goods and services. The borrower is billed
for the amount that is actually borrowed plus any interest due.
right of
first refusal
A provision in an agreement that requires the owner of a property to give another
party the first opportunity to purchase or lease the property before he or she offers it
for sale or lease to others.
right of
ingress or egress
The right to enter or leave designated premises.
right of
survivorship
In joint tenancy, the right of survivors to acquire the interest of a deceased joint
tenant.