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- R-value A construction term
that refers to the resistance of to heat
loss. The higher the R-value, the slower the
rate of heat loss.
- Radon A ground-generated
radioactive gas that seeps into some homes
through sump pumps, cracks in the foundation
and other inlets. A leading cause of lung
cancer , radon is found in mostly the
northern half of the country.
- Rafter Rafters form the slope
of a pitched roof and are analogous to floor
joists.
- Rammed-earth construction An
alternative building process in which dirt
is compacted into large structural frames to
create walls.
- Ranch style Modern ranch-style
homes, popularized in the 1950s, were
championed by such architectural giants as
Frank Lloyd Wright.
- Rate-improvement mortgage A
loan with a clause that entitles a borrower
to a one-time cut in the interest rate
without going through refinancing.
- Rate lock When interest rates
are volatile, many borrowers want to "lock
in" an interest rate and many lenders will
oblige, setting a limit on the amount of
time the guaranteed interest rate is in
effect.
- Real estate Land and anything
permanently affixed to it, including
buildings, fences and other items attached
to the structure.
- Real estate agent A real estate
agent has a state license to represent a
buyer or a seller in a real estate
transaction in exchange for a commission.
Most agents work for real estate brokers.
- Real estate attorney A lawyers
who specializes in real estate transactions.
- Real estate broker A real
estate agent who is licensed by the state to
represent a buyer or seller in a real estate
transaction in exchange for a commission.
Most brokers also have agents working for
them, and are entitled to a portion of their
commissions.
- Real estate investment trusts (REITs) The
trusts are publicly traded companies that
own, develop and operate commercial
properties.
- 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.
- Real property Land and any
permanent fixtures on it, including
buildings, trees and minerals.
- 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.
- Realty Same as real estate
- Rescission The cancellation of a
contract by law or consent by the parties
involved.
- Re conveyance When a borrower
completely pays off the mortgage, the
property is reconvened to them from the
lender.
- Recorder A public official
responsible for keeping the records of all
real estate transactions.
- Recording The filing of a
specific document to the appropriate
government entity.
- Recording fee A fee charged by
real estate agents for conveying the sale of
a piece of property into the public record.
- Redlining The practice by a
bank or insurance company to deny credit or
insurance to people based on ethnic
background or neighborhood.
- Redemption A buying
back of property from the original purchaser
by the original seller.
- Refinancing The process of
replacing an older loan with a new mortgage
that has better terms.
- Regulation Z The federal code
issued under the Truth-in-Lending Act which
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.
- Relocation benefits Benefits
provided by employers for new workers and
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 moving in new
employees to the community.
- Remaining balance The amount of
unpaid principal on a home loan.
- Remaining term The original
loan term minus the number of payments made.
- Renter's insurance A policy
that covers the replacement value of
possessions.
- Rent loss insurance A policy
that covers any loss of rent or rental value
in the event of fire or other damage that
renders the property uninhabitable.
- Repayment plan When a borrower
falls behind in mortgage payments, many
lenders will negotiate a repayment plan
rather than go to court.
- 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.
- Repossession When a house is
repossessed, it is taken back by the lender
holding the mortgage.
- Resale value The future value
of a piece of property that can be affected
by many factors, including the surrounding
neighborhood, school scores, and economic
and housing market conditions.
- Reserve fund All homeowners
associations set aside a certain amount of
money for major repairs or improvements.
- Restructured loan A mortgage in
which new terms are negotiated.
- Retainer fee
reserving professional services: a
fee paid to reserve the services of a
professional. Our Retainer is refunded in
full at time of our closing.
- 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 or moves into a
retirement community.
- 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.
- 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 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.
- 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.
Answer's to your questions or
concerns,
Call 248 684-9000 or
E-Mail us for further assistance
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1999-Present ©
Michigan Real Estate Today™
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