Real Estate Glossary
Our glossary is the largest dictionary of real estate and construction terms on the Internet with almost 10,000 definitions.
- Repair
- To mend.
- Repair Clamp
- A clamp that is used to seal a leak by surrounding a pipe.
- Repairs
- Work that returns a property to its former condition.
- Repayment Plan
- Re-negotiation of repayment rather than foreclosure, which is sometimes done when a borrower falls behind in payments.
- Replace
- To remove one item and install another in its place.
- Replacement Cost
- Cost of erecting a building to replace a previous structure.
- Replacement Cost Approach
- Valuation of property based on the amount it would cost to replace at current prices.
- Replacement Reserve
- Amount set aside to pay for the replacement of short-lived assets when they are no longer usable.
- Repose
- The steepest angle at which an item will remain stable. If the angle in increased beyond this level the object will begin to slide.
- Repossess
- The taking of a property, by the lender, once the buyer fails to make mortgage payments.
- Repousse
- A relief figure in metal.
- Reproduction Cost
- Cost of rebuilding a structure to its exact replacement at today's costs.
- Repudiation
- The refusal of one of the parties to a contract to carry out his/her responsibilities.
- Request for Notice of Default
- An interested party, such as the beneficiary of a deed, seeking to be informed is the property is foreclosed by another party.
- Require
- To demand or declare an action or condition as essential and mandatory.
- Requisition
- A written order for specific materials or services.
- Resale Price
- Net dollar figure received when a property is sold, after the mortgage balance and all costs are deducted.
- Resale Proceeds
- Net dollar figure received when a property is sold, after the mortgage balance and all costs are deducted.
- Resale Value
- The future value of a property when the buyer wants to sell it.
- Resaw
- To make a rip cut from each side of an object that is too large to be completely cut from one end.
- Rescind
- To cancel or terminate a contract either by mutual agreement or law or due to fraud.
- Rescission
- Cancellation of a contract by mutual agreement or by law.
- Reservation
- Uncertainty about something. An appointment. A stipulation in a deed, which gives the grantor some, retained right in the property.
- Reserve Fund
- Account containing money that is set aside to provide funds for anticipated costs needed to maintain a building. Homeowner's association money saved for improvements or repairs.
- Reserve Price
- The established amount, in an auction, below which the seller is not obligated to accept a bid.
- Reservoir
- A water collection and storage system. Also refers to a container holding any fluid used by a mechanism.
- Reshores
- Temporary support used to brace concrete after the initial forms are removed.
- Residence
- The dwelling where someone resides on a permanent basis.
- Resident Manager
- Person who assumes responsibilities for supervising the operation of the apartments in a building, such as repairs and showing of vacant apartments, while living in one.
- Residential
- Pertaining to housing.
- Residential Broker
- Real estate broker who lists and sells houses and condominiums rather than commercial property.
- Residential Building Rate
- Residential construction activity as measured in dollar value or number of units.
- Residential Listing
- List of available dwelling units, such as houses and condominiums.
- Residential Lot
- Subdivided acreage that has utilities, such as sewers, water, electricity, etc. installed and is ready to build upon.
- Residential Market
- The availability of homes and condominiums in an area.
- Residential Member (RM)
- Title, given by the American Institute of Real Estate Appraisers, to persons who have expertise in valuing homes and condominiums.
- Residential Mortgage
- Loan given for the purchase of a dwelling for which a lien on that property was given.
- Residential Private Investment
- Private people and businesses investing in residential properties.
- Residential Property
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- Owner-occupied houses or condominiums.
- Income tax purposes - To qualify as residential, at least 80% of the income from a building must be derived from dwelling units of a non-transient (hotel/motel) nature.
- Residential Rental Property
- Property that derives at least 75% of its income from residential units.
- Residential Sales Council
- An affiliate of the Realtors National Marketing Institute of the National Association of Realtors, which provides promotional and educational material for members, most of whom are involved in residential real estate sales or brokerage. Address: Residential Sales Council, 430 North Michigan Avenue, Chicago, Illinois 60611.
- Residential Service Contract
- Home warranty or insurance policy, covering plumbing, heating, electrical, etc., usually for one year.
- Residential Square
- Resembling a park, a residential square is often owned by the town homeowners situated closest to it.
- Residential Unit
- Housing suitable for a residence such as houses, apartments, condominiums, mobile homes, duplex houses, etc.
- Residual
- Income or value derived after the deduction of expenses for obligations.
- Residual Techniques
- Method of estimating values for land or property improvements by deducting operating expenses from gross rentals.
- Residue
- The remains after a portion is removed. The remainder.
- Resilience
- A substance's ability to return to its former shape and size after being deformed under a heavy load. Also generally refers to a material's general toughness and durability.
- Resilient Channel
- Channel run underneath sheetrock, across stud, to reduce sound transmission.
- Resilient Tile
- Flooring material made of vinyl, rubber, or other resilient substance.
- Resin
- A sap produced by various trees and plants used in making varnishes and plastics.
- Resistance
- Opposition of a material to electrical current passing through.
- Resistance Brazing
- Brazing process that uses heat generated by electrical resistance.
- Resistance Soldering
- Soldering process that that uses the heat generated by electrical resistance.
- Resistance Welding
- Welding process that uses the heat generated by electrical resistance.
- Resistor
- An electrical component used to limit the flow of electricity in a circuit.
- Resolution Trust Corporation (RTC)
- Federal agency, which was created by Firrea to manage or liquidate insolvent savings and loan associations that, have been placed into receivership. The RTC is supervised by the Federal Deposit Insurance Corporation.
- Resorcinol Glue
- A powdered, waterproof type of adhesive.
- RESPA (Real Estate Settlement Procedures Act)
- Federal law designed to make sellers and buyers aware of settlement fees and other transaction related costs. It also outlaws kickbacks in the real estate business.
- Respirator
- A filter covering the nose and mouth to remove harmful particles from inhaled air. Commonly used when significant dust is generated, such as when sanding.
- Respondeat Superior
- Legal term meaning, "allow the principal to respond." It is the doctrine that a principal is liable for the acts of an agent.
- Restore
- Refurbishing a building to return it to its original quality and appearance.
- Restraint on Alienation
- A limiting condition placed on the right to transfer real estate, such as the necessary approval of another party. Courts may void the condition if it is unreasonable.
- Restricted Appraisal Report
- A report that is intended for the client only, rather than additional parties, and contains minimal detail.
- Restriction
- Limitation on the use of property, which may be contained in the deed or other written instrument in the chain of title.
- Restrictive Covenant
- Legal agreement or deed restriction that limits the rights of the property owner by restricting the use for designated purposes.
- Resulting Trust
- An arrangement whereby property is transferred to a trusted third party (trustee) by a grantor (trustor). The trustee holds the property for the benefit of another (beneficiary).
- Restructured Loan
- A loan where new terms are negotiated and implemented during the life of the loan.
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