Real Estate Broker
An agent who represents a buyer or seller in a real estate transaction.
Real Estate Settlement Procedures Act
Law requiring lenders to give borrowers advance notice of closing costs.
Real Property
Land and everything that is permanently affixed to it.
Realtor®
A real estate broker or associate active in a local real estate board affiliated with the National Association of Realtors®.
Recision
The cancellation of a mortgage loan, permitted by law, within three days of signing when the loan is not used to refinance a home.
Reclamation
The right of the person with title to a property to recover it from the debtor in event of a bankruptcy.
Reconveyance
The transfer of property back to the owner when a mortgage is fully repaid.
Recording
The act of entering documents concerning title to a property into public record.
Recording Fee
Money paid to an agent for entering the sale of a property into the public record.
Refinancing
The process of paying off one loan with the proceeds from a new loan secured by the same property.
Regulation Z
The set of rules governing consumer lending issued by the Federal Reserve Board of Governors in accordance with the Consumer Protection Act.
Rent With Option to Buy
See Lease-Purchase Mortgage Loan.
Repossession (Foreclosure)
Legal process by which the lender forces the sale of a property because the borrower has not met the mortgage terms.
RESPA
See Real Estate Settlement Procedures Act.
Reverse Annuity Mortgage (RAM)
Type of mortgage applicable to senior citizens in which the lender makes periodic payments to the borrower from the borrower’s equity in their home, thus providing the borrower with a cash annuity.