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range:
a strip of land six miles wide, extending north and south, and numbered east and
west according to its distance from the principal meridian in the rectangular
survey system of land description.
ready, willing, and able
buyer: one who is prepared to buy
property on the seller’s terms and is ready to take positive steps to consummate
the transaction.
Real Estate Center:
a research center located at Texas A&M University; broker and salesperson
licensees pay fees to the Center with each renewal.
real estate inspector:
a person who, under the indirect supervision of a professional inspector,
accepts employment for the purpose of performing a real property inspection for
a buyer or seller.
real estate investment
syndicate: See syndicate.
real estate investment
trust (REIT): trust ownership of real
estate by a group of at least 100 individuals who purchase certificated of
ownership in the trust, which in turn invests the money in real property.
real estate license law:
state laws enacted to protect the public from fraud and incompetence in the
purchase and sale of real estate.
real estate mortgage
investment conduit (REMIC): a tax
device that allows cash flows from and underlying block of mortgages to be
passes through to security holders without being subject to income taxes at the
level of trustee.
Realtist:
a person who is a member of the National Association of Real Estate Boards.
recorded plat:
a subdivision map filed in the country recorder’s office that shows the location
and boundaries of individual parcels of land.
recording:
the act of entering documents affecting or conveying interests in real estate in
the country clerk’s records.
recovery fund:
a fund established from real estate license revenues to cover claims of
aggrieved parties who have suffered monetary damage through the illegal actions
of a real estate or property inspection licensee.
rectangular survey system:
a system established in 1785 by the federal government providing for surveying
and describing land by reference to principal meridians and base lines.
redlining:
the illegal practice of a lending institutions denying loans or restricting
their number for certain areas of a community.
Regulation Z:
law requiring credit institutions to inform borrowers of the true cost of
obtaining credit.
release deed:
a document that transfers all rights given a trustee under a trust deed loan
back to the grantor after the loan has been fully repaid.
release of lien:
an instrument indicating that a previously existing lien has been released and
is on longer enforceable.
remainder interest: the future interest in an estate that takes effect after the
termination of another estate, such as a life estate.
renter’s insurance: the type of insurance that covers the personal property and household
goods of renters.
reservation:
something retained by the seller.
residential rental
locator: a person, other than the
owner of the property or an on-site manager, who offers, for consideration, to
locate a unit in an apartment complex for lease to a prospective tenant.
RESPA:
The Real Estate Settlement Procedures Act.
reverse annuity mortgage:
a form of mortgage that enables homeowners age 62 and older to borrow against
the equity in their homes.
reversion:
the remnant of an estate that the grantor holds after he or she has granted a
life estate to another person.
reversionary right: an owner’s right to regain possession of leased property on
termination of the lease agreement.
revocation:
termination of licensure privileges for cause.
riparian rights:
an owner’s rights in land that borders on or includes a stream, river, or lake.
risk management:
evaluation and selection of appropriate property and insurance coverage.
Rural Development: an agency within the US Department Agriculture that makes residential
loans in rural communities with populations of 10,000 or less.
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