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The R’s Of Real Estate


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(Click A Letter Or Scroll Down To Find A Term Starting With That Letter)

Get to know the language of real estate to get better results when buying or selling a home in the Orlando area

Get To Know The “R’s” Of Real Estate

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Real Estate Settlement Procedures Act; a law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships.

+/- Radon

a radioactive gas found in some homes that, if occurring in strong enough concentrations, can cause health problems.

+/- Rate Cap

a limit on an ARM on how much the interest rate or mortgage payment may change. Rate caps limit how much the interest rates can rise or fall on the adjustment dates and over the life of the loan.

+/- Rate Lock

a commitment by a lender to a borrower guaranteeing a specific interest rate over a period of time at a set cost.

+/- Real Estate Agent

an individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker.

+/- Real Estate Mortgage Investment Conduit (REMIC)

a security representing an interest in a trust having multiple classes of securities. The securities of each class entitle investors to cash payments structured differently from the payments on the underlying mortgages.

+/- Real Estate Property Tax Deduction

a tax deductible expense reducing a taxpayer’s taxable income.

+/- Real Estate Settlement Procedures Act (RESPA)

a law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships.

+/- Real Property

land, including all the natural resources and permanent buildings on it.


a real estate agent or broker who is a member of the NATIONAL ASSOCIATION OF REALTORS, and its local and state associations.

+/- Reconstructed Operating Statement

A reconstructed operating statement is a statement of income that is revised from its original form with new information or that is reconstructed from relevant information after the fact.

A statement of property income and expenses formatted for the purposes of appraisal and investment analysis. Differs from typical management operating statement in the treatment of certain expenses: management, mortgage, vacancy, and collection loss.

+/- Recorder

the public official who keeps records of transactions concerning real property. Sometimes known as a “Registrar of Deeds” or “County Clerk..

+/- Recording

the recording in a registrar’s office of an executed legal document. These include deeds, mortgages, satisfaction of a mortgage, or an extension of a mortgage making it a part of the public record.

+/- Recording Fees

charges for recording a deed with the appropriate government agency.

+/- Refinancing

paying off one loan by obtaining another; refinancing is generally done to secure better loan terms (like a lower interest rate).

+/- Rehabilitation Mortgage

a mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages – like the FHA’s 203(k) – allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.

+/- Reinstatement Period

a phase of the foreclosure process where the homeowner has an opportunity to stop the foreclosure by paying money that is owed to the lender.

+/- Remaining Balance

the amount of principal that has not yet been repaid.

+/- Remaining Term

the original amortization term minus the number of payments that have been applied.

+/- Repayment plan

an agreement between a lender and a delinquent borrower where the borrower agrees to make additional payments to pay down past due amounts while making regularly scheduled payments.

+/- Return On Average Common Equity

net income available to common stockholders, as a percentage of average common stockholder equity.

+/- Reverse Mortgage (HECM)

the reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the FHA insured loan, commonly known as HECM.

+/- Right of First Refusal

a provision in an agreement that requires the owner of a property to give one party an opportunity to purchase or lease a property before it is offered for sale or lease to others.

+/- Risk Based Capital

an amount of capital needed to offset losses during a ten-year period with adverse circumstances.

+/- Risk Based Pricing

Fee structure used by creditors based on risks of granting credit to a borrower with a poor credit history.

+/- Risk Scoring

an automated way to analyze a credit report verses a manual review. It takes into account late payments, outstanding debt, credit experience, and number of inquiries in an unbiased manner.

Keep in mind that this is by no means a complete list of terms, but it does highlight most of the more common terms used in the industry and is a constant work in progress as time passes.

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Thank you for choosing MORE Realty Services LLC as an information source for your Central Florida real estate needs.

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