Radon
A radioactive gaseous element formed by the disintegration of radium; the heaviest of the inert gasses; occurs naturally (especially in areas over granite) and is considered a hazard to health. |
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Rate Commitment
Rate Commitment |
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Raw Land
Undeveloped, unused land. |
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Ready, Willing and Able
Term describing someone that’s fully prepared to act, as in performing a contract. |
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Real Estate
The land and anything, which is permanently attached to that land. For example, a freestanding lamp is personal property, while a light fixture attached to the ceiling is real estate (real property). |
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Real Estate Agent
See “broker” |
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Real Property
See “real estate” |
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Realtor
A real estate agent who is a member of the National Association of REALTORS®. |
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Recording
The formal filing of documents affecting a property's title. |
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Recording Fees
Money paid to have an instrument recorded in the public records. |
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Redeem
To pay off, buy back, or to clear a debt by payment. |
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Refinance
The re-establishment of a loan by the current owner most often to obtain a more favorable interest rate. This may be done with the same lender or another lender. In either case, the new financing includes an amount, which will completely pay off the original loan amount. |
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Regulation Z
A federal requirement under the Truth in Lending Law which requires that the lender be informed in detail about all the fees and charges surrounding the loan to be undertaken. |
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Rescind
To cancel a contract, putting the parties back to the position as if the contract had not existed. Both parties rescind a contract by mutual agreement, since a unilateral cancellation of a contract is a "breach" of the contract and could result in a lawsuit by the non-canceling party. |
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Rescission
The act of rescinding; the cancellation of a contract and the return of the parties to the positions they would have had if the contract had not been made; recession may be brought about by decree or by mutual consent. |
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Right of First Refusal
A provision that states that a property to be offered first to a specific person before it can be offered for sale or lease to other parties. |
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Right of Survivorship
Right of a surviving joint tenant to the property of a deceased joint tenant. |
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