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Real Estate Words Glossary Archive


Report of title

Document required before title insurance can be issued. It states the name of the owner, a legal description of the property, and the status of taxes, liens, and anything else that might affect the marketability of the title.


Replacement cost

The cost at today's prices and using today's construction methods, of building an improvement having the same usefulness as the one being appraised.


Rent control

Government-imposed restrictions on the amount of rent a property owner can charge.


Release of mortgage

Certificate from the lender stating that the loan has been repaid.


Refinance

To pay off one loan by taking out another on the same property.


Redlining

Practice of refusing to make loans in certain neighborhoods. Also applies to insurance companies that refuse to offer policies in certain neighborhoods.


Recording

Entering or recording documents affecting or conveying interests in real estate in the recorder's office; until recorded a deed or mortgage generally is not effective against subsequent purchases or mortgage liens.


Realtor

A real estate broker or agent who is a member of the National Association of Realtors, a professional real estate group that subscribes to a Code of Ethics. Not every broker or agent is a Realtor, a word that is a registered trademark and always capitalized.


Real property

Land and buildings and anything permanently attached to them.


Real estate tax

See property tax.


Real estate salesperson

Person who has passed a state examination for that position, and must work under the supervision of a broker.


Real estate investment trust (REIT)

Entity that allows a very large number of investors to pool their money in the purchase of real estate, but as passive investors. The investors do not buy directly. Instead, they purchase shares in the REIT that owns the real estate investment.


Real estate broker

Individual who has passed a state broker's test and represents others in realty transactions. Anyone having his or her own office must be a broker.


Real estate

The land itself and everything extending below and above it, including all things permanently attached, whether by nature or by man.


Quit-claim deed

A conveyance by which the grantor transfers whatever interest he or she has in the real estate without warranties or obligations.