-
TermDefinition
- R-ValueA measurement of how well an insulating material can resist a flow of heat, with the higher the R-Value, the greater the effectiveness of the insulation.
- RabbetA rectangular longitudinal groove cut in the corner edge of a board or plank.
- Radiant FlooringA heating system using tubes or electric wires installed underneath the flooring.
- Radiant HeatingHeat systems that deliver heat to the floor or panels in the ceiling or walls of a house to supply instant warmth, and can save energy.
- RadiationEnergy transmitted from a heat source to the air around it. Radiators actually depend more on convection than radiation.
- RadonA toxic gas found in the soil beneath a house that can contribute to cancer and other illnesses.
- Radon SystemA ventilation system beneath the floor of a basement and/or structural wood floor and designed to fan exhaust radon gas to the outside of the home
- RafterOne of multiple wooden beams installed horizontally to support the weight of a roof.
- Rafter, HipA rafter that forms the intersection of an external roof angle.
- Rafter, ValleyA rafter that forms the intersection of an internal roof angle. The valley rafter is normally made of double 2-inch-thick members.
- RaftersFraming members that run parallel and support the roof.
- RailCross members of panel doors or of a sash. Also, a wall or open balustrade placed at the edge of a staircase, walkway bridge, or elevated surface to prevent people from falling off. Any relatively lightweight horizontal element, especially those found in fences (split rail).
- Railroad TieBlack, tar and preservative impregnated, 6" X 8" and 6'-8' long wooden timber that was used to hold railroad track in place. Normally used as a member of a retaining wall.
- RakeSlope or slanted.
- Rake FasciaThe vertical face of the sloping end of a roof eave.
- Rake SidingThe practice of installing lap siding diagonally
- RanchA single story, one level home.
- Rate CapThe limit on the amount an interest rate on an adjustable-rate mortgage (ARM) can increase or decrease during an adjustment period.
- Rate LockA commitment by a lender guaranteeing a specified interest rate for a specified period of time. It protects a borrower against rate increases before closing, provided closing occurs within the specified period. This process may require a fee or premium.
- Lock-InA commitment by a lender guaranteeing a specified interest rate for a specified period of time. It protects a borrower against rate increases before closing, provided closing occurs within the specified period. This process may require a fee or premium.
- Rate-Term RefinanceA rate-and-term refinance changes the interest rate, the term – or both the rate and the term – of an existing mortgage without advancing any new money. It is also known as a no cash-out refinance.
- No Cash-Out RefinanceA rate-and-term refinance changes the interest rate, the term – or both the rate and the term – of an existing mortgage without advancing any new money. It is also known as a no cash-out refinance.
- Ratified Sales ContractA contract that shows both buyer and the seller of the house have agreed to an offer. This offer may include sales contingencies, such as obtaining a mortgage of a certain type and rate, getting an acceptable inspection, making repairs, closing by a certain date, etc.
- Ready Mixed ConcreteConcrete mixed at a plant or in trucks en route to a job and delivered ready for placement.
- Real Estate AgentA qualified agent who leases and sells real estate properties.
- Real Estate AuctionAn effective method of selling real estate for either non-distressed properties (where an owner is looking to sell and profit from equity in the home, or distressed (where the lender, not holder, auctioning off the property to recover debt owed).
- Real Estate BrokerSomeone who continues his or her education past the real estate agent level and successfully passes a state real estate license exam. A broker can work as an independent agent or have other agents working for them.
- Real Estate CycleA process reflecting the cycles of real estate market, including the recovery, expansion, hyper supply, and recession. The real estate market cycle could mirror the broader economic cycles but not necessarily.
- Real Estate InvestingREI stands for Real Estate Investing. REI involves the purchase, ownership, management, rental and/or sale of real estate for profit. Improvement of realty property as part of a real estate investment strategy is generally considered to be a sub-specialty of real estate investing called real estate development.
- REIREI stands for Real Estate Investing. REI involves the purchase, ownership, management, rental and/or sale of real estate for profit. Improvement of realty property as part of a real estate investment strategy is generally considered to be a sub-specialty of real estate investing called real estate development.
- Real Estate Investment TrustPooled funds that purchase and hold real estate.
- REITPooled funds that purchase and hold real estate.
- Real Estate OwnedHomes that banks or lenders have foreclosed on are real estate owned (REO), or bank-owned. In these situations, the banks or lenders own and can sell the homes. If the sale doesn’t occur, the bank can put it up for auction, where the home can be purchased for less than the expected market price.
- REOHomes that banks or lenders have foreclosed on are real estate owned (REO), or bank-owned. In these situations, the banks or lenders own and can sell the homes. If the sale doesn’t occur, the bank can put it up for auction, where the home can be purchased for less than the expected market price.
- Real Estate ProfessionalAn individual who provides services in buying and selling homes. The real estate professional is paid a percentage of the home sale price by the seller. Unless you’ve specifically contracted with a buyer’s agent, the real estate professional represents the interest of the seller. Real estate professionals may be able to refer you to local lenders or mortgage brokers, but are generally not involved in the lending process.
- Real Estate Settlement Procedures ActA federal law that requires lenders to provide home mortgage borrowers with information about transaction-related costs prior to settlement, as well as information during the life of the loan regarding servicing and escrow accounts. RESPA also prohibits kickbacks and unearned fees in the mortgage loan business.
- RESPAA federal law that requires lenders to provide home mortgage borrowers with information about transaction-related costs prior to settlement, as well as information during the life of the loan regarding servicing and escrow accounts. RESPA also prohibits kickbacks and unearned fees in the mortgage loan business.
- Real Financing CostThe real financing cost is a consumer-oriented rate that takes into account specific costs, fees, potential rate changes and the projected loan term
- Real PropertyLand and anything permanently affixed thereto – including buildings, fences, trees, and minerals.
- Real EstateLand and anything permanently affixed thereto – including buildings, fences, trees, and minerals.