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.
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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.
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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).
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.
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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.
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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.
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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.
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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.
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.
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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.
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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.
