REAL ESTATE 101
Real Estate Glossary - R
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Ranch House (Rancher)
A description of a one-storey house, developed from the old, western-style homes.
Rate (interest)
The return the lender receives for loaning you the money for the mortgage.
Real Estate
Term for land and all fixtures to land, including buildings and other improvements.
Real estate agent
A person licensed to negotiate and transact the sale of real estate.
Real Estate Board
A non-profit organization representing local real estate brokers/agents, salespeople, which provides services to its members and maintains and operates a MLS® system in the community.
REALTOR® (Canada)
A real estate professional in Canada who is a member of The Canadian Real Estate Association and of a board.
REALTOR® (USA)
A registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.
Referral
A recommendation, a suggestion to a client of the value of the services of a person or firm. (i.e. a real estate agent may refer a purchaser to a particular banker or lawyer.)
Residence
The dwelling in which a person lives, may also refer to the country or state where a person lives.
Residential Property
Real estate that is occupied by the owner.
Reverse Annutity Mortgage(RAM)
A type of mortgage where the equity in the home serves as security for periodic payments made by the lender to the borrower. Mortgage is generally paid out upon the sale of the property
Rezoning
The amendment of the classification of a property under use and building by-laws or ordinances. A property may rezoned from industrial to residential to allow a warehouse to be converted into condominiums.
Right of first refusal
A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.
Roll-over Mortgage
A mortgage loan where the interest rate is established for a specific term. At the end of this term the mortgage is said to "roll over" and the borrower and lender may agree to extend to loan. If satisfactory terms cannot be agreed upon, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.
Rural
A term to describe something which is not of an urban center.
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