Real Estate Market The mechanism by which rights and interests in real estate are sold, prices set, supply adjusted to demand, space allocated among competing alternate uses, and land–use patterns set. Real Estate Settlement Procedures Act (RESPA) A law which covers most mortgage loans made for one to four–unit residential property. It requires the lender to provide the loan applicant with pertinent information so that the borrower can make informed decisions as to which lender will be used to finance the purchase. Real Property Refers to land and improvements both on and to the land, and also to the physical aspects of real estate, including surface, air and subsurface rights plus, bundle of rights. REALTOR ® A registered trademark of the NATIONAL ASSOCIATION OF REALTORS. It is used by brokers and salespersons who hold active membership in the association. Receiver A court–appointed person who is charged with preserving a property, collecting rents and doing anything necessary to maintain the property's condition.
Glossary 34 Reciprocity The recognition that states give whereby a licensee of one state can be involved in real estate transactions in other states. Rectangular Survey method of land description used in about 30 states based on imaginary lines of longitude (meridians) and latitude (base lines) ; also referred to as the US government survey system. Redemption Period The right of a mortgagor (borrower) to make good on the default within a specified time and receive the property back. Redlining The practice of some lending institutions that restricts the number of loans or the loan–to–value ratio in certain areas of a community, i.e., it is illegal for a lending institution to require a higher down payment because the home the borrower is buying is located in a racially mixed area. Refinancing A description of an extension of the existing financing either through the same lender or through a new financial arrangement. Regulation Z Regulation Z requires disclosure of all costs of financing the purchase of owner occupied residential purchases of one to four units. It also requires disclosure of the annual percentage rate of the loan. Implementation of Regulation Z is over seen by the Federal Reserve Board. Remainder–man The person who has a future interest in a life estate once the present estate terminates. Renegotiable Rate Mortgage A renegotiated loan where the maturity is fixed (for example, 30 years) but the interest rate, and hence the monthly payment, is renegotiated periodically (for example, every 3 or 5 years.) Rent The payment made for the use of land. Replacement Cost The cost of substituting a similar structure with utility equivalent to the subject property but constructed with modern materials. Reproduction Cost The cost of exactly duplicating a structure using the same material and design.
You've reached the end of your free preview.
Want to read all 45 pages?
- Fall '16
- Real property law