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R-value

A measure of the capacity of insulation to impede heat loss; the higher the value, the slower the rate of heat loss.

radiant heating

A type of heating; can be through wall registers, coils beneath a flooring or above the ceiling or via hot water that is circulated through floor tubing or radiators.

radon

A ground-generated radioactive gas that can seep into homes through the sump pumps, cracks in the foundation or other source.

rafter

Part of a series of beams that form the slope of a pitched roof.

rails

The horizontal structure of a door.

rammed-earth construction

A building process where moist soil is mixed with a small portion of clay and dumped into forms. The mixture is compacted and the forms are removed once it solidifies. It is a very common type of construction in arid regions where wood is in scarce supply.

ranch style

A modern, no nonsense style of home.

rate cap

The maximum interest rate charge allowable on a monthly payment of an adjustable rate mortgage during the adjustment period.

rate lock

The lenders guarantee to the borrower to lock in a specific interest rate for a limited amount of time.

rate type

The rate type determines if and how payments will adjust over the term of a loan.

rate-improvement mortgage

A loan that includes a clause that entitles the borrower to have a one-time interest rate cut without the need to refinance.

real estate

Land and/or buildings.

real estate agent

An individual who is licensed by the state to represent a buyer or seller in a real estate transaction in exchange for a commission.

real estate broker

An individual, corporation or partnership that is licensed by the state to represent a buyer or seller in a real estate transaction. Brokers supervise licensed sales agents who act for the broker.

real estate investment trust (REIT)

Publicly traded companies that own, develop and operate commercial properties.

real estate professional

Any individual, broker, sales agent or attorney who holds a real estate license.

Real Estate Settlement Procedures Act (RESPA)

A federal law that is designed to make sellers and buyers aware of settlement fees and other transaction-related costs for properties.

real property

The land and any permanent fixtures on it.

realtist

A designation given to an agent or broker who is a member of the National Association of Real Estate Brokers.

realtor

A designation given to an agent or broker who is a member of the National Association of Real Estate Brokers.

reconveyance

The lenders act of transferring a property back to a borrower when the borrower completely pays off their mortgage.

recorder

The public official who is responsible for keeping records of all real estate transactions.

recording

The act of filing property-related documents into public record.

recording fee

The fee that is charged by real estate agents for transferring the sale 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 prejudices.

refinancing

The process of redoing a mortgage in favor of a new mortgage with better terms.

regression

The belief that property the value of one property is adversely affected by the proximity of a lesser-quality property.

Regulation Z

A federal code issued under the Truth in Lending Act which requires that a borrower be advised in writing of all the costs associated with the credit portion of a financial transaction.

rehabilitation mortgage

A type of mortgage that is provided to cover the costs of repairing and improving a property for the purpose of resale.

REIT (real estate investment trusts)

Publicly traded companies that own, develop and operate commercial properties.

release clause

A provision that is within a purchase contract which allows the seller to continue marketing the property and to accept any other offers.

relocation benefits

Employer paid benefits such as the coverage of moving costs, reimbursement for temporary housing and transportation, real estate fees and discounted loans.

relocation company

A firm that administers all the aspects for the relocation of 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.

rent loss insurance

An insurance policy that covers the loss of rent or rental value in the event of a fire or other damage that renders the property uninhabitable.

renters insurance

A policy for renters that covers the replacement value of possessions.

repayment plan

The lenders negotiated repayment plan with a borrower that falls behind on mortgage payments; an alternative to going to court.

replacement cost

The cost of rebuilding a structure to the original specifications.

replacement reserve fund

Money that is set aside from a homeowners assessments that will be used to replace common property in a planned developments community room.

repointing

Replacing damaged mortar in the joints between bricks or stones.

repossess

A lender may take back a property if the borrower fails to make their mortgage payments.

resale value

A properties future value which may be affected by the surrounding neighborhood, school district, and economic and house market conditions.

rescission

The cancellation of a contract by law or with the consent from the parties involved.

reserve fund

Money that is set aside by a homeowners association to be used 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 law appointed by the federal government to make sellers and buyers aware of settlement fees and other related transactions to costs for properties.

restriction

Any limitation on the use of property.

restructured loan

A newly negotiated loan.

return on investment

The amount of profit that a property generates.

reverse mortgage

A type of loan that is available only to older, equity-rich owners. Repayment is not necessary until the borrower sells the property.

ridge board

The upper-most horizontal framing board on a roof structure.

ridge vent

A vent that is located along the ridge board that allows moisture to escape.

right of first refusal

An agreement by a property owner to give another individual the right to buy or rent the property before it gets listed on the open market.

right of way

The right to pass over property owned by another individual.

right to rescission

A provision in the federal Truth in Lending Act that allows borrowers to cancel certain types of loans within three days of signing.

riparian rights

An owner’s right to use a river, stream, or lake bordering their property.

riser

The vertical boards that are between the steps of a stairway.

rocker switch

An electrical switch that is operated by tapping the top or bottom of the control plate.

rollback

A limitation on the annual assessed value increases or a reduction in the amount of property tax paid.

roof sheathing

The flat boards that are nailed to the rafters to which a covering is fastened.

rough-in

The installation of plumbing, electrical, and other mechanical systems.

Rural Housing Service

The U.S. Department of Agriculture financial aid to farmers and certain other borrowers of rural properties when other funding options are not available to them.

RV pad

A large concrete pad for parking a recreational vehicle.