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~ R ~

RACKING - Forcing out of plumb of structural components, usually by wind, seismic stress or thermal expansion or contraction.

RAFTER - That member forming the slanting frame of a roof or top chord of a truss. Also known as hip, jack or valley rafter depending on its location and use.

RAFTER TAIL - That part of a rafter that extends beyond the wall plate (the overhang).

RAIL – A horizontal framing member used in a window, fence, panel, etc.

 

RANGE - A component of the U.S. Government survey system for determining the location of real property, being a strip of land 6 miles wide numbered east or west of the principle meridian.

RATE FACTOR – A chart usually showing the dollars required to pay off $1,000 of debt on a mortgage loan. Used to calculate PI mortgage payments and to determine the amount a borrower is qualified to borrow.

RATIFICATION - The adoption or approval of an act performed without previous authorization on behalf of a person or legal entity.

RATIO – A Front-End Ratio is a percentage of the gross monthly income allowed for PITI (Principal, Interest, Taxes and Insurance). A Back-End Ratio is for PITI, plus any and all other long-term debt.

READER BOARD – A visual display that contains changeable information. While traditional reader boards often use simple plastic interchangeable block letters, newer plasma and LED displays are becoming much more popular due to the convenience of being able to be instantaneously update information or even display different information, depending on the time of day. (Please note: Before considering adding one to your place of business, please check with your local Planning and building department to make sure that it complies with the town’s requirements).

 

REAL ESTATE – Land and all the physical property attached to it (including man-made & natural improvements).

REAL ESTATE BOARD - An organization whose members consist primarily of real estate brokers and salesman.

REAL ESTATE SETTLEMENT PROCEEDURES ACT (RESPA) – The federal law regulating settlement practices. Requires a provision of good faith estimate of all closings to a borrower within three (3) days of application. Prohibits kickbacks for referrals of related services and standardizes closing with use of HUD-1 form.

REAL ESTATE SIGN – a temporary sign related to the property upon which it is located and meant to offer the property for either lease or sale by a properly licensed Real Estate firm or a Landowner or designated property manager.

It is state law in every state in the USA, that a real estate broker must include their companies name and phone number (many require the statement “A licensed ____ Real Estate Brokerage Firm”).

 

REAL ESTATE TRUST - A special arrangement under Federal law whereby investors may pool funds for investments in real estate and mortgages and yet escape corporation taxes.

RE - Abbreviation of “Referring To”. As in Re: Brokerage Agreement

REALTOR - A real estate broker holding active membership in a real estate board affiliated with the National Association of Realtors. ( http://www.realtor.org/ )

(National Association of Realtors logo)

 

REAL PROPERTY - Land and all that is affixed to it (including its legal rights). Includes the surface of the earth and whatever is erected, growing upon, or affixed to the land; including that which is below it and the space above it; synonyms with "land", "realty", and "real estate".

REALTY - A brief term for real property.

REASSESSMENT - Is re-evaluating the value of a property.

RECAPTURE - The rate of interest necessary to provide for the return of an investment. Not to be confused with interest rate, which is a rate of interest on an investment.

RECEIVER - A court appointed custodian who holds property for the court, pending final disposition of the matter before the court.

RECISION OF CONTRACT - The canceling, abrogation or annulling of a contract; the revocation or repealing of a contract by mutual consent of the parties to the contract.

RECONVEYANCE - The transfer of the title of land from one person to the immediate preceding owner. This particular instrument of transfer is commonly used when the performance or debt is satisfied under the terms of a deed of trust, when the trustee conveys the title he has held on condition back to the owner.

RECORD - Local boards must keep a detailed record of their deliberations in making decisions on site plan and subdivision applications and the issuance of variances and special permits. These records may be kept in narrative form rather than in verbatim transcript form. A clerk or secretary hired by the municipality often manages these records. The records should include the application and reports, studies, documents, and minutes of the board meetings.

RECORDING - Filing a document with a designated public official who is authorized to receive such documents for the purpose of establishing a public record. This public official is usually a county officer known as the Clerk and Recorder. The recorder places a stamp upon each document-received indication the time of day and the date when it was officially filed. Documents filed with the Clerk and Recorder is considered to provide open notice to the general public of that county. Claims against property usually are accorded priority on the basis of the time and the date they are recorded with the highest priority assigned.

RECUSAL - A disqualification of a judge or of a board member due to a possible conflict of interest.

REDACTION – To revise, or edit an existing document so as to remove private, confidential or otherwise sensitive information; but retain the sprit and law of the original record.

REDEEM -  To buy back (mortgage foreclosure), to recover or to make amends for something.

REDEMPTION - The right of an owner to redeem or reclaim the real estate by paying the debt or charge (such as a Deed of Trust or tax lien) after default, together with interest and costs. More correctly, equity of redemption refers to the right to redeem the property after default but before foreclosure; the statutory right of redemption refers to the right to redeem the property after foreclosure, or other enforcement action, during a certain period of time specified by statute. For example, in Colorado, the mortgagor has the statutory right to redeem his property any time within six months for agricultural property or 75 days for platted residential properties after a Deed of Trust foreclosure or three years after a sale for delinquent property taxes.

REGISTER – A combination grille/damper assembly that covers an air duct.

REGULATORY TAKINGS – The taking of land without Just Compensation, which is prohibited by the Fifth Amendment of the United States Constitution.

AMENDMENT V
(US Constitution – Fifth Amendment)

No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.

 

REFINANCE - To pay off and existing obligation and assume a new obligation in its place.

REGULATION Z – Part of the Truth-in-Lending Act requiring full disclosure of all aspects of credit financing in advertising.

REHAB – Slang for the re-construction of a building or space to bring it up to date.

REINSURANCE - To insure again by transferring to another insurance company all or part of an assumed liability, thus spreading the loss risk any one company has to carry.

RELATIVE HUMIDITY -The ratio, expressed as a percentage, of the amount of water vapor in the air compared to the highest amount of vapor that the air could hold at the same temperature.

RELEASE - The relinquishment or surrender of a right, claim or interest.

RELEASE CLAUSE - This is a stipulation upon the payment of a specific sum of money to the holder of a Deed of Trust or mortgage, the lien of the instrument as to a specific described lot or area shall be removed for the blanket lien on the whole area involved.

RELEASE OF DEED - An instrument executed by the mortgagee or the trustee reconvening to the mortgagor the real estate which secured the mortgage loan after the debt has been paid in full. Upon recording, it cancels the mortgage lien created when the mortgage was recorded.

RELEASE OF LIEN - The discharge or release of specific property from the charge or lien of a mortgage, note or mechanics liens.

RELOCATION CLAUSE - Any clause in a lease giving the landlord the right to move the tenant within the building, during the lease period.

REMAINDER - An estate, which takes effect after the termination of the prior estate.

REMIC – A company formed to trade in investment pools made up of various types of mortgages.

RENEWAL - The ability to renew a lease for a period of time, to remain in your present space.

RENEWAL OPTION - An option in the lease giving the tenant the right to renew their lease, under certain terms and conditions and usually within a certain given time frame.

RENT - Money or something of value paid from tenant to landlord for the right to occupy space in the landlord’s property.

RENTABLE SQUARE FOOTAGE – Also referred to as “Gross Square Footage” it is the total amount of square feet, including the common area factor of the building. This typically is the square footage the tenant will pay rent on.

 

RENT COMMENCEMENT DATE - The date the tenant begins paying rent.

RENTAL RATE - The agreed upon rate that space is leased at.

RENT ROLL - A list of tenants occupying the space in the building.

REQUIREMENTS - Conditions, which must be satisfied before a title insurance policy will be issued insuring marketable title to a parcel of real property.

RESOLUTION - A resolution is ordinarily not a legislative act but a means by which a local legislature or other board expresses its policy or position on a subject.

RESPA (Real Estate Settlement Procedures Act) - A federal law first enacted in 1974 to standardize real estate settlement procedures in the United States.

RESTRICTION - A limitation on or prohibition of certain uses of real property.

RESTRICTIVE COVENANT – A written agreement that limits the use of a property; usually to restrict competition.

RETURN AIR - Air drawn into a heating unit after having been circulated from the heater's output supply to a room.

REVIEWING BOARD - The administrative body charged with responsibility for reviewing, approving, conditioning, or denying applications for a specific type of land use such as variance, special use permit, or site plan or subdivision approval.

REVERSE ANNUITY MORTGAGE (RAM) – Also known as a “reverse mortgage” in where a mortgage uses the equity in real property to fund payments to the borrower. Especially popular with the senior citizens; needing or wanting cash but not wanting to sell their property.

REVERSING VALVE - A device in a heat pump that reverses the flow of refrigerant as the system is switched from cooling to heating.

REVERSION - The right to future possession or enjoyment by the person who created the present estate, or by his heirs.

REVERSIONARY INTEREST - The interest, which a person has in lands or other property, upon the termination of the preceding estate.

REZONING - An act of the local legislature that changes the principal uses permitted on one or more parcels of land or throughout one or more zoning districts. Rezoning includes the amendment of the zoning map, as well as the use provisions in the district regulations applicable to the land that is rezoned.

RIDGE - Peak of a roof where the roof surfaces meet at an angle. Also may refer to the framing member that runs along the ridge and supports the rafters.

RIGHT OF FIRST REFUSAL - The contractual right to have the first opportunity either to purchase or lease real property. The holder of a right of first refusal cannot exercise the right until the owner actually offers the property for sale.

RIGHT OF FIRST REFUSAL - A tenant’s right that states that before the landlord can sell or lease a space, (weather it’s the Tenant’s existing space or adjacent space), the tenant will be given the right to lease it first. (Also known as a First Right of Refusal).

RIGHT OF SURVIVORSHIP - Right to acquire the interest of a deceased joint owner; distinguished feature of a joint tenancy. A characteristic of a joint tenancy; upon the death of one of the joint tenants, his rights in the property pass automatically to the surviving tenant or tenants.

RIGHT OF WAY - An easement or right of passage over another's land; the strip of land used as a roadbed by a railroad or used for a public purpose by other public utilities. The right or privilege to pass over a designated portion of the property of another. A privilege operating as an easement upon land, whereby the owner, by grant, or by agreement, gives to another the right to pass over his land, to construct a roadway, or use as a roadway a specific part of his land, or the right to construct through and over his land, telephone, telegraph or electric power lines, or the right to place underground water mains, gas mains, or sewer mains.

RIPARIAN RIGHTS - The rights of a landowner to access the water on, under or adjacent to his land. Literally meaning  "river-bank." That body of the law, which has to do with real property, located adjacent to rivers or other bodies of water.

RISE - Measurement in height of an object; the amount it rises. The converse is "fall."

RISER - Vertical face of a step supporting the tread in a staircase.

RISK ANALYSIS - A study, usually made by the lender, of the various factors that might affect the repayment of a loan.

ROOF PENETRATION - A manufactured hole in a roof created for the purpose of running electric lines or mechanical systems between the interior and exterior of a building or structure.

ROOF SIGN – Usually refers to a sign erected on the roof of a building and constructed so as to appear as an extension of the building’s facade. Once a popular style of advertising, some of the most coveted skylines in the United States are embellished with familiar roof signs of companies that no longer even exist!

(OK…not a “typical” roof sign, but a great one!)

ROUGH FRAMING - Structural elements of a building or the process of assembling elements to form a supporting structure where finish appearance is not critical.

ROUGH PLUMBING - All plumbing that should be done before the finish trades (sheet rock, painting, etc), including all waste lines and supply water lines that are in the walls or framing of the building. See also: Plumbing, Sub Rough, and Finish Plumbing.

RPZ Valve (Reduced Pressure Zone Valve) - A mechanical “non-return” valve designed to prevent contamination of a water supply.

RURAL - Territory, population and housing units not classified as urban. "Rural" classification cuts across other hierarchies and can be in metropolitan or non-metropolitan areas.

 

 

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