Business / Real Estate Glossary

Restricted License: A probationary real estate license granted after a license was revoked, suspended or denied.

Restrictive Covenants: A clause in a deed that limits the way the real estate ownership can be used.

Retail Property: Income-producing property from which various types of retail products are sold.

Retainer: Retainer is a professional relationship between an advisor and a client in which a client engages the services of a professional through payment of a fee. The professionals obligation is to . . . View Full Definition

Retaining Wall: A wall built to hold back or support a bank of earth.

Retaliatory Eviction: An eviction due to a tenants complaints to the landlord, a public agency or tenant association. It is illegal for a landlord to decrease services, increase rent or evict the tenant within 18 . . . View Full Definition

Retirement Communities: Many of them in temperate climates, are often structured as PUDs. They may provide shopping, recreational opportunities and health care facilities in addition to residential units.

Retroactive Liability: A liability is not limited to the current owner of a property, but includes people who have previously owned the property.

Return On Investment: The net annual income divided by the original cash investment equals a percentage return on investment.

Reverse-Annuity Mortgage (RAM): A loan under which the homeowner receives monthly payments based on his or her accumulated equity rather than a lump sum. The loan must be repaid at a prearranged date or upon the death of t . . . View Full Definition

Reversion: The right of future possession and use by the grantor of a life estate.

Reversionary Interest: The remnant of an estate that the grantor holds after granting a life estate to another person.

Reversionary Right: The return of the rights of possession and quiet enjoyment to the lessor at the expiration of a lease.

Revocation: An offeree may fail to accept the offer before it expires. The offeror may revoke the offer at any time before receiving the acceptance. This revocation must be communicated to the offeree b . . . View Full Definition

Right Of Correlative User: The right of a landowner to the reasonable use of underground percolating water.

Right Of First Refusal: The right to the first opportunity to lease or purchase real property. For example, apartment tenants might retain the right of first refusal when their units are being converted to condominiums.

Right Of Prior Appropriation: A water rights concept in California and other states that the first user of riparian water obtains priority over subsequent users.

Right Of Survivorship: The distinctive characteristics of a joint tenancy (also tenancy by entirety) by which the surviving joint tenant(s) succeeds to all right, title and interest of the deceased joint tenant wi . . . View Full Definition

Right-Of-Way: The right given by one landowner to another to pass over the land, construct a roadway or use as a pathway, without actually transferring ownership.

Riparian Rights: The rights of a landowner whose land borders on a stream or watercourse to use and enjoy the water which is adjacent to or flows over the owners land provided such use does not injure other . . . View Full Definition

Risk: The probability of getting your money back. High risk means low probability, low risk means high probability.

Risk Assessment: Qualitative and quantitative evaluation of the risk posed to human health and/or the environment by the actual or potential presence and/or use of specific pollutants.

Risk Management: Evaluation and selection of appropriate property and other Insurance.

Risk-Based Financing: When the lender sets loan terms based on potential risk. Borrowers that show little risk of default would be entitled to a better rate and terms than a borrower where a higher probablity of . . . View Full Definition

Rolled Roofing: An asphalt roofing material that is manufactured in rolls with granules on one side. Asphalt roofing is a relatively inexpensive and short-lived product, and should not be used as a roofing . . . View Full Definition

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