Rate Lock

This occurs when a lender guarantees a specific interest rate for fixed amount of time with a specified cost to a borrower.

Real Estate agent

This is an individual licensed for negotiation and transactions involving the sale of real estate.

Real Estate Settlement Procedures Act ( RESPA )

This is a consumer protection law requiring lending institutions to notify a borrower, in advance, of closing costs.

Real Property

Land and anything attached to it, including all permanent structures, minerals, trees and the benefits, interest, and the inherent rights thereof.

Realtor

A real estate associate, agent, or a broker who has and active membership in an organization affiliated with the National Association of Realtors.

Recorder

A public official who maintains records of real property transactions within an area. This person is sometimes referred to as the "County Clerk" or "Registrar of Deeds."

Recording

The registration of documents in the registrar's office with details of a legal document like a mortgage note, deed, mortgage payoff, or mortgage extension. This process makes the document(s) public record.

Refinance Transaction

Paying off one loan with funds from another loan while using the same property as collateral.

Remaining Balance

This is the amount of the principal that is unpaid.

Remaining Term

This is the beginning amortization term with the number of payments applied subtracted from it.

Rent Loss Insurance

Insurance protecting a landlord loss of rental income from fire or other casualty that makes the property unavailable for occupancy or other use.

Repayment Plan

This is an agreement to repay delinquent payments.

Replacement Reserve Fund

This is money set aside for the replacement of common property in a PUD, condominium, or any cooperative real estate project, especially items having a short life usage, like furniture or carpeting.

Revolving Debt

This is a type of credit, allowing a customer to make purchases using a pre approved line of credit; an example is a credit card. The borrower receives a bill for the amount he owes and for any accrued interest due.

Right Of First Refusal

This is a provision in an agreement requiring a property owner to grant another party the first opportunity to lease or purchase the property prior to the owner placing the property for public lease or sale.

Right Of Ingress Or Egress

This is the right to enter or exit specified property.

Right Of survivorship

This is the right of survivors, in a joint tenancy, to acquire the property interest of a deceased joint tenant.