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R

RANGE - A six-mile-wide strip of land running north and south in a segment of the U.S. Government Survey System.

RATE OF RETURN - The net operating income of the property as an annual percentage of value.

READY, WILLING AND ABLE BUYER - A prospect who is legally and financially able and wishes to engage in a purchase.

Real Estate Broker -A middle man or agent who buys and sells real estate for a company, firm, or individual on a commission basis. The broker does not have title to the property, but generally represents the owner.

REAL ESTATE - The physical land plus any appurtenances, improvements and structures affixed to the land.

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA) - A federal disclosure law on behalf of consumers requiring lenders to inform the parties of the closing costs involved in a transaction and to standardize the reporting of the costs.

REAL PROPERTY - Land plus improvements plus the bundle of rights of ownership.

RECD - RURAL ECONOMIC AND COMMUNITY DEVELOPMENT ADMINISTRATION (formerly Farmer's Home Administration) - This program provides a source of emergency farm/ranch area financing.

RECONCILIATION - In appraisal, the process of accounting for differences among several approaches.

RECONVEYANCE DEED - The document transferring title back to the trust or borrower from the trustee after a deed of trust note has been repaid.

RECORD - A document in the public record to provide notice of the event described in the document.

RECORDING - The process of placing a document in the public record.

REDEMPTION - The right of a defaulting borrower to save title to the property by paying off the entire debt.

REDLINING - The illegal process of refusing to deal in certain areas as a means of discrimination.

REENTRY - A future interest held by one who has imposed a conditional fee upon a grantee. If the condition occurs, this original grantor may reclaim the property.

REFINANCE - To pay off an old loan with the proceeds from a new loan.

 REGULATION Z - See Consumer Credit Protection Act.

REINSTATEMENT - To cure a default under a contract and restore one's rights in the contract.

RELEASE CLAUSE - A clause in a blanket mortgage releasing the mortgage on a specific part of the secured property upon a certain occurrence (usually payment of a specified sum of principal).

RELICTION - Results when a water source recedes exposing dry land.

REMAINDER INTEREST - The future interest that accrues in fee simple to a person named to acquire property after the death of a life tenant.

RENOUNCE - The right of a surviving spouse to opt for inheriting according the law of intestacy as opposed to the deceased spouse's will gift.

REPLACEMENT COST - The cost of a functionally similar structure without an exact replication in all details.

REPRODUCTION COST - The cost of an exact duplicate of a structure.

RESERVATION - The process of retaining a particular right in property while conveying the balance of the rights.

RESPA - See Real Estate Settlement Procedures Act.

Restrictive Covenants -Private restrictions limiting the use of real property. Restrictive covenants are created by deed and may "run with the land," binding all subsequent purchasers of the land, or may be "personal" and binding only between the original seller and buyer. The determination whether a covenant runs with the land or is personal is governed by the language of the covenant, the intent of the parties, and the law in the State where the land is situated. Restrictive covenants that run with the land are encumbrances and may affect the value and marketability of title. Restrictive covenants may limit the density of buildings per acre, regulate size, style or price range of buildings to be erected, or prevent particular businesses from operating or minority groups from owning or occupying homes in a given area. (This latter discriminatory covenant is unconstitutional and has been declared unenforceable by the U.S. Supreme Court.)

REVERSION - The process of returning property to the grantor or conveyor of an estate.

REVERTER - Under a defeasible fee, the automatic return of title to the grantor if the conditional requirement is violated.

REVOCATION - In the context of a will, revocation of an existing will usually in favor of a newly drafted will with substantive changes. In the context of a contract, the process of terminating a contract before completion.

RIGHT OF FIRST REFUSAL - RIGHT OF FIRST PURCHASE - The exclusive right to match any bona fide offer entertained by the seller/landlord.

RIGHT OF RECISSION - Right to cancel or revoke a contract. In borrowing, a three day right of rescission is allowed on any financing of a personal residence already owned by the borrower.

RIPARIAN RIGHTS - The right of access to and use of water in watercourses adjacent to one's land.

RISK OF LOSS - The financial burden assumed if a property is destroyed between the execution of an agreement and the closing.

RUNS WITH THE LAND - Rights and duties that are appurtenant to land and will affect all future owners of the land.

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