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Glossary of Terms

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 R

RATE INDEX
An index used to adjust the interest rate of an adjustable mortgage loan. For example: the change in U.S. Treasury securities (T-Bills) with a 1-year maturity. The weekly average yield on said securities, adjusted to a constant maturity of one year, which is the result of weekly sales. may be obtained weekly from the Federal Reserve Statistical Release H.15 (519). This change n interest rates is the "index" for the change in the specific Adjustable Mortgage Loan.

RATE OF RETURN
The annual percentage of return on investment on income property.

RATIFICATION
Affirming a prior act, which was not legally binding: the affirmation gives the act legal effect. Occurs when an unauthorized agent acts, and the principal later affirms the action, giving authority retroactively.

REAL ESTATE
(1)     Land and anything permanently affixed to the land, such as buildings, fences, and those things attached to the buildings, such as light fixtures, plumbing and heating fixtures, or other such items, which would be personal property if not attached. The term is generally synonymous with real property, although in some states a fine distinction may be made.
(2)     May refer to rights in real property as well as the property itself.

 REBATE
A discount or reduction in pace of a product or interest, not given in advance, but handed back because of prompt payment or other reason. Many states regulate gifts and educational aids given to real estate brokers by supporting companies such as title companies, calling these in effect, a price discount (rebate).

RECAPTURE OF DEPRECIATION
Taxing as ordinary income, upon the sale of property. The amount of depreciation taken above straight-line depreciation.

REDEMPTION
The process of canceling a defeasible title to land, such as is created by a mortgage foreclosure or tax sale.

REDEMPTION PERIOD
A time period during which a mortgage, land contract, deed of trust, etc, can be redeemed. Usually set by statute. and after judicial foreclosure.

REFINANCE
(1)     The renewing of an existing loan with the same borrower and lender.
(2)     A loan on the same property by either the same lender or borrower.
(3)     The selling of loans by the original lender.

REINSTATEMENT
(1)     Payment of a note, mortgage, deed of trust, etc., to bring it from default to good standing.
(2)     Restoring the previously used entitlement of a veteran to enable the veteran to purchase property under a VA program. (Also called Restoration of Eligibility).

REINSURANCE
The transferring of a portion of the liability to other insurers. Example Insurer A insures for $200,000. A insures for $100.000 and reinsures the "second" $100,000 through B insurer. The "first" $100,000 is called primary liability.

RENEGOTIABLE RATE MORTGAGE
A real property loan calling for an adjustment in the interest rate at a given time. Example: A loan with a 15-year amortization is adjusted to current interest rates after 2 years. The lender agrees to make the adjusted loan at the new rate as long as the old loan is not in default. The Federal Reserve Board allows the original loan to be treated either as a balloon payment loan or a variable rate loan. However, points must be figured into the A.P.R. based on the time or renegotiation (2 years rather than 15).

 RESERVATION
(1)     A right created and retained by a grantor. The reservation may be temporary (such as a life estate) or permanent (such as an easement running with the land).
(2)     Public land reserved for a special purpose, such as an Indian reservation.

RESTRAINT OF ALIENATION
Restrictions placed against the transfer (vesting) or sale of property. Certain restrictions are allowed but must conform to the rule against perpetuities and free right of an owner to sell For example: Selling on the condition that the grantee could resell only to members of a certain family would be too restrictive and not valid.

RIGHT OF WAY
A strip of land, which is used as a roadbed, either for a street or railway. The land is set aside as an easement or in fee, either by agreement or condemnation. May also be used to describe the right itself to pass over the land of another.

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