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range |
A strip of land six miles
wide, extending north and south, and numbered east and west according
to its distance from the principal meridian in the rectangular survey
system (government survey method) of land description |
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ready, willing, and able buyer |
One who is prepared to buy property on
the seller’s terms and is ready to take positive steps to consummate the
transaction.
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real estate |
Land; a portion of the earth’s surface
extending downward to the center of the earth and upward infinitely into
space, including all things permanently attached thereto, whether by
nature or by man; any and every interest in land.
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real estate broker |
Any person, partnership, association, or
corporation who sells (or offers to sell), buys (or offers to buy), or
negotiates the purchase, sale, or exchange of real estate, or who leases
(or offers to lease) or rents (or offers to rent) any real estate or the
improvements thereon for others and for a compensation or valuable
consideration. A real estate broker may not conduct business without a
real estate broker’s license.
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REALTOR® |
A registered trademark term
reserved for the sole use of active members of local REALTOR® boards
affiliated with the NATIONAL ASSOCIATION OF REALTORS®
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recapture |
The inclusion of a previously deducted
or excluded amount in gross income or tax liability. Recapture may be
applicable to accelerated
depreciation, cost recovery,
amortization, and various
credits (See ACCELERATED DEPRECIATION.)
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reconciliation |
The final step in the appraisal process,
in which the appraiser reconciles the estimates of value received from
the market-data, cost, and income approaches to arrive at a final
estimate of market value for the subject property.
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recording |
The act of entering or
recording documents affecting or conveying interests in real estate in
the recorder’s office established in each county. Until recorded, a deed
or mortgage generally is not effective against subsequent purchasers or
mortgages |
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recovery fund |
A fund established in some states from
real estate license funds to cover claims of aggrieved parties who have
suffered monetary damage through the actions of a real estate licensee.
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rectangular survey system |
A system established in 1785 by
the federal government, providing for surveying and describing land by
reference to principal meridians and base lines.
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redemption period |
A period of time established by state
law during which a property owner has the right to redeem his or her
real estate from a foreclosure or tax sale by paying the sales price,
interest, and costs. Many states do not have mortgage redemption laws.
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red lining |
The illegal practice of some
institutions of denying loans or restricting their number for certain
areas of a community.
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Reduction Option Loan (ROL) |
see convertible fixed rate loan, a non standard mortgage that allows the borrower to refinance the
loan during the loan period, if interest rate falls below the current loan
rate. |
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Reducing Interest Loan |
see convertible fixed rate loan, a non standard mortgage that allows the borrower to refinance the
loan during the loan period, if interest rate falls below the current loan
rate. |
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relocation service |
An organization that aids a person in
selling a property in one area and buying another property in another
area.
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remainder |
The remnant of an estate that has been
conveyed to take effect and be enjoyed after the termination of a prior
estate, such as when an owner conveys a life estate to one party and the
remainder to another.
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rent |
A fixed, periodic payment made by a tenant of
a property to the owner for possession and use, usually by prior
agreement of the parties.
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rent schedule |
A statement of proposed rental rates,
determined by the owner or the property manager, or both, based on a
building’s estimated expenses, market supply and demand, and the owner’s
long-range goals for the property.
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replacement cost |
The construction cost at current prices
of a property that is not necessarily an exact duplicate of the subject
property, but serves the same purpose or function as the original.
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Repossession |
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reproduction cost |
The construction cost at current prices
of an exact duplicate of the subject property. restriction A limitation
on the use of real property, generally originated by the owner or
subdivider in
a deed.
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reversion |
The remnant of an estate that the grantor
holds after he or she has granted a life estate to another person—the
estate will return or revert to the grantor; also called a reverter.
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reversionary right |
An owner’s right to regain possession of
leased property upon termination of the lease agreement.
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right of survivorship |
See JOINT TENANCY. |
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riparian rights |
An owner’s rights in land which borders on or
which includes a stream, river, lake, or sea. These rights include
access to and use of the water. |
