| R Terms
: |
Rafter
|
Part of the framework of the roof, the rafters slope down
from the ridge to the eaves. |
Raw Land
|
Unimproved land that remains in its natural state. |
Real Estate
|
Also called "real property." (1) Land and anything
permanently affixed to the land, such as building, fences
and those things attached to the buildings, such as light
fixtures, plumbing and heating fixtures, or other such items
that would be personal property if not attached. (2) May refer
to rights in real property as well as the property itself. |
Real Estate Agent
|
A person licensed to negotiate and transact the sale or
lease of real estate on behalf of the property owner. |
Real Estate Owned
|
Real estate that has come to be owned by a lender, including
real estate taken to satisfy a debt. Includes real estate
acquired by lenders through foreclosure or, in settlement
of some other obligation. |
Real Property
|
Land, with or without improvements. |
Realtors
|
A real estate agent or broker who is a member of the NATIONAL
ASSOCIATION OF REALTORS, and its local and state associations. |
Realty
|
Real property: property consisting of houses and land |
Redraw Facility
|
A loan where the borrower can make additional payments and
then access those funds when required. There may be a minimum
redraw amount. |
Refinance
|
The process of paying off one loan with the proceeds from
a new loan using the same property as security. |
Rehab
|
An extensive renovation of a building or project which is
intended to cure obsolescence of such building or project. |
REI
|
Real Estate Institute of Australia. National representative
body of real estate agents. REIV is the representative body
in Victoria; REIQ in Queensland, etc. |
Repayment
|
Refund: the act of returning money received previously |
Representation Agreement
|
An agreement between the owner of a property and a real
estate broker giving the broker the authorization to attempt
to sell or lease the property at a certain price and terms
in return for a commission, set fee or other form of compensation. |
Request for Proposal
|
The formalized Request for Proposal represents a compilation
of the many considerations that a tenant might have and should
be customized to reflect their specific needs. Just as the
building’s standard form lease document represents the
landlord’s wish list, the RFP serves in that same capacity
for the tenant. |
Requisitions on Title
|
A process where the buyer requests additional information
about the title of the property from the vendor. |
Reserve Price
|
The minimum price which a seller will accept at auction. |
Retail Market
|
Market in which energy is sold directly to the end-user
customer. |
Right of First Refusal
|
A provision in an agreement that gives a party the first
opportunity to purchase or lease the property before it is
offered for sale or lease to others. |
Right of Survivorship
|
In joint tenancy, the right of the survivors to acquire
the interest of a deceased joint estate. |
Right of Way
|
A right of one property or the general public for access
to or across another property. |
Rise and Fall Clause
|
This clause may be contained in a building contract. It
provides for an upward or downward contract price which correlates
to the movement of prices, wages or other factors specified
in the clause. |
Roof Pitch
|
The slope of the roof. |