Real Estate Terms Glossary: R

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Ready, Willing, And Able
Describes a buyer who is ready to buy, willing to buy, and financially able to pay the asking price.

Real Estate
Land and everything permanently attached to land; sometimes used interchangeably with the terms real property and realty.

Real Estate Agent
See Agent.

Real Estate Settlement Procedures Act (RESPA)
Federal law that requires lenders to provide certain information regarding the nature and costs of the settlement process to anyone who borrows money to finance the purchase of real estate. More information on this Act can be viewed here.

Real Property
All land and appurtenances to land, including buildings, structures, fixtures, fences, and improvements erected upon or affixed to the same; excluding, however, growing crops.

Realtist®
A member in good standing of the National Association of Real Estate Brokers. See also National Association of Real Estate Brokers.

REALTOR®
Registered trademark of the National Association of REALTORS®. Real estate brokers and salesperson who hold active membership may be referred to as REALTORS® and REALTOR®-ASSOCIATES. See also National Association of REALTORS®

Realty
See "Real Estate" above.

Rectangular Survey System
A type of land description utilizing townships and sections.

Redlining
The refusal of lending institutions to make loans for the purchase, construction, or repair of a dwelling because the area in which the dwelling is located is integrated or populated by minorities.

Refinance
The act of obtaining a new loan to pay off an existing loan; the process of paying off one loan with the proceeds from another.

REIT
Real Estate Investment Trusts. A method in investing in real estate in a group, with certain tax advantages.

Relocation Specialist
An agent who exclusively deals with individuals who are moving from one area to another.

Replacement Cost
The amount of money required to replace a structure with another structure of comparable utility.

Reproduction Cost
The amount of money required to build an exact duplicate of a structure.

Restrictions
Limitations on the use of property. Private restrictions are created by means of restrictive covenants written into real property instruments, such as deeds and leases.

Restrictive Covenants
Restriction placed on a private owner's use of land by a nongovernmental entity or individual.

Right Of First Refusal Clause
A statement in a lease or condominium articles of association that provides for a lessee or an association to have the first opportunity to purchase the property before it is offered to anyone else.

Riparian Rights
The rights of an owner of property adjoining a watercourse such as a river, including access to, and use of, the water. Contrast with Littoral Rights.

Running With The Land
Rights or covenants which bind or benefit successive owners of a property are said to run with the land, such as restrictive building covenants in a recorded deed which would affect all future owners of the property.

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