REAL ESTATE GLOSSARY
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qualifying ratios
Calculations that are used in determining whether a borrower
can qualify for a mortgage. There are two ratios. The "top"
or "front" ratio is a calculation of the borrower's monthly
housing costs (principle, taxes, insurance, mortgage
insurance, homeowner’s association fees) as a percentage of
monthly income. The "back" or "bottom" ratio includes
housing costs as will as all other monthly debt.
quitclaim deed
A deed that transfers without warranty whatever interest or
title a grantor may have at the time the conveyance is made.
rate lock
A commitment issued by a lender to a borrower or other
mortgage originator guaranteeing a specified interest rate
for a specified period of time at a specific cost.
real estate agent
A person licensed to negotiate and transact the sale of real
estate.
Real Estate Settlement Procedures Act (RESPA)
A consumer protection law that requires lenders to give
borrowers advance notice of closing costs.
real property
Land and appurtenances, including anything of a permanent
nature such as structures, trees, minerals, and the
interest, benefits, and inherent rights thereof.
Realtor®
A real estate agent, broker or an associate who holds active
membership in a local real estate board that is affiliated
with the National Association of Realtors.
recorder
The public official who keeps records of transactions that
affect real property in the area. Sometimes known as a
"Registrar of Deeds" or "County Clerk."
recording
The noting in the registrar's office of the details of a
properly executed legal document, such as a deed, a mortgage
note, a satisfaction of mortgage, or an extension of
mortgage, thereby making it a part of the public record.
refinance transaction
The process of paying off one loan with the proceeds from a
new loan using the same property as security.
remaining balance
The amount of principal that has not yet been repaid. See
principal balance. remaining
term
The original amortization term minus the number of payments
that have been applied.
rent loss insurance
Insurance that protects a landlord against loss of rent or
rental value due to fire or other casualty that renders the
leased premises unavailable for use and as a result of which
the tenant is excused from paying rent.
repayment plan
An arrangement made to repay delinquent installments or
advances.
replacement reserve
fund
A fund set aside for replacement of common property in a
condominium, PUD, or cooperative project -- particularly
that which has a short life expectancy, such as carpeting,
furniture, etc.
revolving debt
A credit arrangement, such as a credit card, that allows a
customer to borrow against a preapproved line of credit when
purchasing goods and services. The borrower is billed for
the amount that is actually borrowed plus any interest due.
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.
right of ingress
or egress
The right to enter or leave designated premises.
right of survivorship
In joint tenancy, the right of survivors to acquire the
interest of a deceased joint tenant.
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