New Homes Agents

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

R ---

a measure of the heat conductivity of material. The higher the R value, the better the material serves as insulation from heat transfer.

right of way.

reverse annuity mortgage.

originally a low, rambling, one-story house typical of the western United States; now used to describe almost any one-story house.

lines parallel to a principal meridian, marking off the land into 6-rnile strips known as ranges; they are numbered east or west of a principal meridian in the Government Rectangular Survey

same as interest rate.

the percentage relationship between the earnings and the cost of an investment.
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same as recapture rate.

acreage with no added improvements, such as landscaping, drainage, streets, utilities, and structures.

capable of an action and disposed to act

1. In law, land and everything more or less attached to it. Ownership below to the center of the earth and above to the heavens

state agency that enforces real estate license laws.

a professional organization primarily composed of persons who teach real estate in junior colleges and proprietary license preparation schools.

a real estate mutual fund, allowed by income tax laws to avoid the corporate income tax. It sells shares of ownership and must invest in real estate or mortgages. It must meet certain other requirements, including minimum number of shareholders, widely dispersed ownership, asset and income tests.
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the potential buyers and sellers of real property at the current time, and the current transaction activity for real property. It includes markets for various property types, such as housing market, office market, condominium market, land market.

The Tax Reform Act of 1986 created a new entity, the REMIC. The purpose of a REMIC is to hold a fixed pool of mortgages and issue interests in itself to mortgage investors. A REMIC may be a partnership, corporation, trust, or separate pool of assets. REMICs are intended to become the exclusive means for issuing multiple-class mortgage backed securities in a form that avoids the corporate double tax.

property acquired by a lender through foreclosure and held in inventory. Commonly referred to as REO.

a law that states how mortgage lenders must treat those who apply for federally related real estate loans on property with 1-4 dwelling units. Intended to provide borrowers with more knowledge when they comparison shop for mortgage money.

the rights to use real estate. Sometimes also defined as real estate.

in a tax-free exchange, a gain that has occurred financially, but is not necessarily taxed.

a member of the National Association of Real Estate Brokers, a group comprised of mainly minority brokers.
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a professional in real estate who subscribes to a strict Code of Ethics as a member of the local and state boards and of the National Association of Realtor’s

a licensed salesperson (not broker) who is a member of the National Association of Realtors.

an affiliate of the National Association of Realtors; mainly concerned with educational programs and literature for members. Address: Realtors National Marketing Institute 430 North Michigan Avenue Chicago, IL 60611

same as real estate.

a lease where the rental level is periodically reviewed by independent appraisers. Often, the lessor and lessee will each select an appraiser; if they do not agree on a value, they will choose a third appraiser.

the process of revising or updating the value estimate of property for ad valorem tax purposes.

a refund resulting from a purchase or tax.
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in a contract, a clause permitting the party who grants an interest or right to take it back under certain conditions.

same as depreciation recapture.

in appraisal, a term used to describe the rate of recovery of an investment in a wasting asset. This rate is added to the discount rate to derive a capitalization rate in appraisal terminology. May be based on the straight-line, sinking fund, or annuity method.

the process of adjusting a loan arrangement, especially under the threat of default.

mutual agreement to accept, such as a state's acceptance, as valid the real estate license one has earned in another state.

in a tax-free exchange, the portion of gain that is taxable. A realized gain will generally be recognized to the extent of boot received.

in appraisal, the process of adjusting comparables to estimate the value of the subject being appraised.
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occurs when a mortgage debt is retired. The lender conveys the property back to the equity owner, free of the debt.

the act of entering in a book of public records instruments affecting the title to real property. Recording in this manner gives notice to the world of facts recorded.

the ability of a lender to claim money from a borrower in default, in addition to the property pledged as collateral.

-generally administered by the Real Estate Commission. Requires licensees to contribute, then reimburses aggrieved persons who are unable to collect from brokers for wrong-doings.

same as government rectangular survey method.

a proposed prospectus that has not been approved by the Securities and Exchange Commission (SEC) or state securities commission.

the period during which a former owner can reclaim foreclosed property.
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same as equity of redemption.

the process of demolition of the existing improvements and construction of new improvements on a site. The new improvements are often of a different type from the old.

the rate of interest charged to member banks when they borrow from the Federal Reserve System. Also called discount rate.

the illegal practice of refusing to originate mortgage loans in certain neighborhoods on the basis of race or ethnic composition.

a document in which the mortgagee (lender) acknowledges the sum due on the mortgage loan. Used when mortgaged property is sold and the buyer assumes the debt.

same as reappraisal lease.

the act of suggesting the use of a certain broker.
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to replace an old loan(s) with a new loan(s).

an English-style 2- or 3-story symmetrical house with a hip roof. A small octagonal window over the front door is traditional.

a type of shopping center containing 300,000 to 900,000 square feet of shopping space and at least one major department store.

the person who is to maintain accurate official re cords, such as for deeds, mortgages, and other recorded documents.

a statistical technique used to estimate mathematical models of economic and other processes. It is used to find a mathematical expression which best fits the relationship between a group of random variables as indicated by a sample of data.

a regulation of the Securities and Exchange Commission that sets forth conditions necessary for a private offering exemption.

a federal law that specified the maximum interest rates that banks and savings and loan associations could pay on various types of deposits. It was phased out by the Depository Institutions De-regulations and Monetary Control Act of 1980.
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a federal regulation requiring creditors to provide full disclosure of the terms of a loan. Compliance is compulsory for anyone who arranges credit for more than 5 sales of residential real estate in a year. Terms of the loan must be disclosed. The interest rate must be stated as an annual percentage rate (APR).

to restore a structure to a condition of good repair.

the Tax Reform Act of 1986 provides a 20% tax credit for rehabilitating certified historic structures, and a 10% credit for other buildings that were placed in service after 1936.

the interest rate an investor is assumed to be able to earn on intermediate cash flow in the projection of a terminal value.

real estate investment trust

in a mortgage, a clause that gives the owner the privilege of paying off a portion of the mortgage indebtedness, thus freeing a portion of the property from the mortgage.

to free real estate from a mortgage. .
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gradual subsidence of waters, leaving dry land.

a lease stipulation that allows the landlord to move the tenant within the building.

a geographically diversified group of independent real estate brokerage companies, generally not members of a franchise, that share information with one another concerning potential customers.

a company which contracts with other firms to arrange the relocation of employees from one city to another. The service generally handles the sale of the employee's home and purchase of a new home. Furniture-moving services may be included also.

an estate that takes effect after the termination of a prior estate, such as a life estate.

the person who is to receive possession of the property after the death of a life tenant.

Real Estate Mortgage Investment Conduit
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to change the appearance and functional utility of a building. This may include painting, repairing, and replacing of fixtures and equipment.

to legally revise the terms of a contract

the fight, but not the obligation, of a tenant to continue a lease at specified term and rent

general term applied to the process of upgrading an existing improvement. Usually there is an attempt to keep the same general appearance of the building with new materials or to return the building to its original appearance.

a charge for the use of space.

a conceptual tool used to explain how land is allocated in competitive markets. The model is based on the assumption that space is controlled by the activity which offers the highest bid for the site.

laws that govern the rate that may be charged for space.
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a portion of the term of a lease when no rent is required. It is offered by a landlord as a rental concession to attract tenants.

the time it takes for newly constructed properties to be fully occupied.

same as net leasable area.

the periodic charge per unit for the use of a property. The period may be a month, quarter, or year. The unit may be a dwelling unit, square foot, or other unit of measurement.

work performed to return property to a former condition without extending its useful life, as distinguished from capital improvements. In income property, repairs are an operating expense for accounting and tax purposes.

the cost of erecting a building to replace or serve the functions of a previous structure.

an amount set aside from net operating income to pay for the eventual wearing out of short-lived assets.
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the cost of exact duplication of a property as of a certain date. Reproduction differs from replacement in that replacement requires the same functional utility for a property, whereas reproduction is an exact duplication.

in a projection of real estate investment performance, the assumed selling price a property could fetch at the end of the projection period.

the amount a former owner receives upon a sale after paying transaction Costs, remaining debt, and, sometimes, income taxes. Same as proceeds from resale.

to withdraw an offer or contract. Regulation Z allows a 3-day period in which to rescind certain credit transactions.

the act of canceling or terminating a contract. Rescission is allowed when the contract was induced by fraud, duress, misrepresentation, or mistake. Regulation Z allows one to rescind certain credit transactions within 3 business days (not applicable to first mortgages on a home); purchasers of certain land that must be registered by Department of Housing and Urban Development (HUD) may rescind within 3 business days.

an account maintained to provide funds for anticipated expenditures required to maintain a building. A reserve may be required by a lender in the form of an escrow to pay upcoming taxes and insurance costs. A replacement reserve may be maintained to provide for replacement cost of short-lived components, such as carpets, heating equipment or roofing. Deposit of money into such a fund does not achieve a tax deduction.

in an auction or other bidding procedure, an established amount below which the seller is not obligated to accept a winning bid.
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the place where one lives, particularly the dwelling in which one lives.

one who supervises the care of an apartment complex while living in one of the units in the complex.

pertaining to housing.

one who lists and sells houses or condominiums. Contrast with commercial broker.

a professional designation once offered by the American Institute of Real Estate Appraisers. It is being exchanged or phased out in favor of the SRA designation offered by the Appraisal Institute.

1. in real estate brokerage terminology, owner-occupied housing.

affiliate of the Realtors' National Marketing Institute of the National Association of Realtors' that provides educational and promotional materials for members, most of whom are involved in residential real estate sales or brokerage. Address: Residential Sales Council 430 North Michigan Avenue Chicago, IL 60611
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an insurance contract or home warranty, generally for one year, covering the plumbing, mechanical, and electrical systems of a home. It is available in most areas upon the purchase of an existing home. Either the buyer or seller can pay for the contract.

value or income remaining after deducting an amount necessary to meet fixed obligations.

a method of estimating the value of a building or land, given values of one and rate of return.

a federal agency created by FIRREA to manage and resolve insolvent savings and loan associations placed into its conservatorship or receivership. The agency is supervised by the Federal Deposit Insurance Corporation.

Real Estate Settlement Procedures Act.

in agency law, the doctrine that a principal is liable for the acts of an agent

to return a building to its original quality and appearance. While modern materials are used, the emphasis is on faithful reproduction of the original style.
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a limiting condition on the right to transfer property. If the condition is against public policy or is unreasonable, courts will void the condition.

a limitation placed upon the use of property, contained in the deed or other written instrument in the chain of title or in local ordinances pertaining to land use.

a covenant or deed restriction that limits the property rights of the owner.

the drawing power of a shopping center; generally, the larger the center, the greater its ability to draw from distant areas.

in a construction contract, money earned by a contractor but not paid to the contractor until the completion of construction or some other agreed-upon date.

the requirement that a tenant vacate a unit in response to a complaint from the tenant concerning the condition of the buildi6g. Landlord-tenant laws in many states forbid such evictions if proper channels are taken to lodge the complaint.

to pay off the principal on a loan, thereby fulfilling the obligation under the loan contract.
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stamps that are affixed to deeds (and, in some states, other documents affecting real estate) and that indicate the payment of the state's deed transfer (or other transfer) tax. Federal revenue stamps have not been used since 1968, but many states have substituted their own.

a type of mortgage, designed for elderly homeowners with substantial equity, by which a lender periodically (monthly, for example) pays an amount to the borrower. The loan balance increases with interest and periodic payments, causing negative amortization.

a situation in which financial benefits from ownership accrue at a lower rate than the mortgage interest rate.

the right of a lessor to possess leased property upon the termination of a lease.

the mathematical factor that indicates the present worth of one dollar to be received in the future. Same as present value of one. The formula is

the interest a person has in property upon the termination of the preceding estate.

the value of property at the expiration of a certain time period.
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an act of recalling a power of authority conferred, as a revocation of a power of attorney, a license, an agency, etc.

an action to change the designation of a subject parcel or group of parcels on the zoning map. The effect of a rezoning is to change the permitted uses for the affected parcels.

an amendment or attachment to a contract.

the opportunity of a party to match the terms of a proposed contract before the contract is executed.

same as equity of redemption.

the right of a surviving joint tenant to acquire the interest of a deceased joint owner.

1. the right to use a particular path for access or passage; a type of easement. 2. the areas of subdivisions dedicated to government for use for streets, roads, and other public access to lots.
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one who owns land bounding upon a lake, river, or other body of water.

rights pertaining to the use of water on, under, or adjacent to one's land. May be qualified to avoid nuisance and pollution. Riparian rights are recognized in most eastern states but rarely in western states, where they recognize usufructory rights.

I uncertainty or variability. The possibility that returns from an investment will be greater or less than forecast. Diversification of investments provides some protection against risk.

the interest rate on the safest investments, such as federal government obligations.

a linear unit of measurement equal to 16@ feet.

a type of mortgage loan, commonly used in Canada, in which the amortization of principal is based on a long term but the interest rate is established for a much shorter term. The loan may be extended, or rolled over, at the end of the shorter term at the current market interest rate.

single-family dwelling units attached to one another by common walls, generally with a common facade.
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money paid to a property owner for extraction of some valuable resource from the land.

an approximation of the time it takes for money to double when earning compound interest. Divide the percentage rate into 72 to derive the number of years to double the principal.

a method for computing unearned interest used on installment loans with add-on interest. The number 78 is based on the sum of the digits from I to 12.

an expression indicating a right or restriction that affects all current and future owners of a property.

pertaining to the area outside the larger and moderate- sized cities and surrounding population concentrations. Generally characterized by farms, ranches, small towns, and unpopulated regions. Compare with suburb.

on the fringe of urban development, that are in the process of being developed for urban uses.